CPP-REMOTE Online Practice Questions and Answers

The entry to record an employee's repayment of a salary advance is (employee repays advance by personal check):

A. Debit cash, credit accounts receivable

B. Debit cash, credit wages payable

C. Debit salary expense, credit accounts receivable

D. Debit accounts receivable, credit cash

An employer may accept a child support order directly served from another state without risk of liability under which of the following laws?

A. ERISA

B. URESA

C. OCSE

D. UIFSA

Which of the following is most likely to be included in expenses on an organization's financial statement?

A. Wages payable in subsequent month

B. Cash

C. Company-matched Social Security tax paid to IRS

D. Wages payable in subsequent year

The obligations of the common paymaster include:

A. Absorbing the salary expenses for the individuals employed concurrently by the related corporations

B. Deducting from its corporate tax return the salary and wage expenses for all of the individuals employed concurrently by the related corporations

C. Absorbing the employer tax expenses for the individuals employed concurrently by the related corporations

D. Depositing and reporting the taxes withheld from the individuals it pays who are concurrently employed by the related corporations

Form 5500 reporting would be required for which of the following stock plans?

A. ISO (incentive stock option)

B. ESOP (employee stock ownership plan)

C. Restricted stock

D. NSO (no incentive stock option)

Which of the following generally does NOT represent compensable time under the FLSA?

A. Time sent in break room waiting for job instructions

B. Time spent cleaning up work area after normal shift

C. Overtime hours not authorized by the employer

D. Travel to a convention after normal working hours

All of the following data elements are required to be maintained in the employee master file EXCEPT:

A. birth date

B. marital status

C. occupation

D. social security number

The proper handling of a stop payment includes all of the following steps EXCEPT:

A. notifying the bank account reconciliation employees

B. documenting the reason for the transaction

C. reversing the direct deposit

D. cancelling the payment in the payroll system

An accrual entry of $1,000 was made in 2008 for a bonus to be paid in January 2009. The bonus was paid in 2009 and federal income tax (using the supplemental rate) and FICA tax were paid by the employer. Which of the following is the correct entry to record the disbursement of the bonus in January 2009?

A. Debit salary expense $1484.78, credit taxes payable $484.78, credit cash $1,000

B. Debit salary expense $326.50, debit wages payable $1,000, credit cash $1,000, credit cash $1,000, credit taxes payable $326.50

C. Debit salary expense $484.78, debit wages payable $1,000, credit cash $1,000, credit taxes payable $484.78

D. Debit wages payable $1,326.50, debit taxes payable $326.50, credit cash $1, 00

An example of procedure is:

A. Employees receive their hourly rate of pay for hours spent in jury service

B. Overtime is paid at double time for work performed on Sundays

C. Employees may take unused vacation from the current year in the first quarter of the subsequent year

D. Time cards are filed by the cost center in the records room