Multiple Choice 15 Items. Can you help me please, I need correct answers to these questions so that I can pass my exams. Thank you.

1. In the EMPLOYEES & PAYROLL Module, when posting a paycheque to the Employee Ledger and General Ledger, assuming the date information shown in parts a, b and c, what date will be used for the posting date:

a. The Session date: Jan 04

b. The Cheque date: Jan 03

c. The Payroll Ending date: Jan 02

d. None of the above

2. Making payments to the Receiver General for payroll amounts can be speeded up by using:

a. Payments using the Pay Purchase Invoice selection.

b. Make Other Payment selection.

c. Payments Cheque selection.

d. Pay Remittance selection.

3. Which of the following is true?

a. The income reimbursement field is used to record reimbursement of borrowed funds by the employee to the company.

b. The income reimbursement field is used to reimburse employees for monies they have spent on behalf of the company

c. The income reimbursement field is used to remit monies owing to the government for payroll taxes.

d. The income reimbursement field is used to correct prior payroll cheques issued to employees.

4. In Inventory, Services are:

a. Products sold to customers.

b. A sale not involving products.

c. A sale where the price is reduced due to the wrong goods being shipped.

d. The goods being purchased from a company going out of business.

5. Which of the following statements is false?

a. Services received and paid for require HST to be charged.

b. Products sold to the final consumer require HST to be charged.

c. Insurance products require only 8% HST to be charged to the final consumer.

d. All of the above are false.

6. Which of the following is true regarding the use of the INVENTORY & SERVICES Module for recording Service business activity:

a. Is mandatory if a periodic inventory system is used.

b. Is mandatory if a perpetual inventory system is used.

c. Can be used if 3 inventory accounts similar to these are available (#1060 Inventory, 5010 Beginning Inventory, 5090 Ending Inventory).

d. May be used if the owner's thinks that the module will help manage the service business.

7. The Build from Bill of Materials Journal is:

a. Used to record the purchase of material used to make products.

b. Used to record the making of a product/package from items in stock.

c. Like a Purchase Order, it is a bill for a future purchase of material.

8. Assume that you have completed Chapters 1-8 in the text. One step reversals can be completed in all modules except:

a. Inventory Adjustments, Reconciliation & Deposits Journals, Cash Receipts and Cash Payments Journals

b. Inventory Adjustments and Reconciliation & Deposits.

c. Inventory Adjustments.

d. Reconciliation & Deposits.

9. Which of the following is true. The adjusting entry for Depreciation is:

a. Always entered in the COMPANY module.

b. Always entered in the PAYABLES module.

c. Always entered in the RECEIVABLES module.

d. Often entered months in advance.

10. Which of the following is not true. Adjusting entries:

a. Are done to ensure the revenue recognition and matching principles are met.

b. Are usually done during the review of the companys accounts at month-end.

c. Can conveniently be set up as recurring entries to be modified and processed on a monthly basis.

d. Are completed on a random basis, depending on the manager of the business.

11. Which of the following is true: Depreciation

a. Is the yearly cost or expense, over time, of a capital asset.

b. Is the new reduced value of the capital asset.

c. Can not be recorded if the business has a Net Business Loss.

d. Is recorded in the PAYABLES module.

12.In the EMPLOYEE & PAYROLL module, the term retain vacation refers to:

a. An option to release vacation pay accumulated from prior periods.

b. An option to release vacation pay with each paycheque.

c. An option to keep vacation pay until the employee makes a written request to receive the vacation pay.

d. Accrued pay paid between payroll dates to terminated employees.

13. Regarding payroll, which of the following statements is false?

a. A T4 slip is prepared by the employer detailing employee's earnings and government deductions.

b. A TD1 form is prepared by employees to calculate their basic income exemption.

c. Sage 50 Accounting uses the call letters WCB to refer to the Workers Safety Insurance Board (WSIB).

d. Gross Pay is the amount of pay the employee takes home (amount of the cheque given to the employee).

14. Which of the following is true? An advance of salary/wages is:

a. The opposite of a release of pay.

b. Offered at the discretion of the employer to employees who meet management guidelines.

c. A government legislated requirement for businesses to provide to employees.

d. Is subject to payroll taxes (CPP, E.I., and not Income Taxes).

15. Regarding payroll, which of the following statements is false?

a. A T4 slip is prepared by the employer detailing employee's earnings and government deductions.

b. A TD1 form is prepared by employees to calculate their basic income exemption.

c. Sage 50 Accounting uses the call letters WCB to refer to the Workers Safety Insurance Board (WSIB).

d. Gross Pay is the amount of pay the employee takes home (amount of the cheque given to the employee).