25 MCQ 39002300

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Questions 1–25: Answer the questions based on the information in your worksheets.

1. Based on the bank reconciliation that you prepared, one of the adjusting entries needed as of September 30 is

A. Accounts Receivable 200.00
Cash 200.00
B. Cash 14.30
Service Charges 14.30
C. Cash 750.20
Accounts Receivable 750.20
D. Accounts Payable 357.20
Cash 357.20

2. From the bank reconciliation that you prepared, what are the total deductions from the balance per bank statement?

A. $357.20. C. $1,371.61.
B. $1,107.40. D. $1,728.81.

3. From the bank reconciliation that you prepared, what are the total additions to the balance per books?

A. $1,518.00. C. $4,232.30.
B. $4,018.00. D. $5,389.61.

4. From the bank reconciliation that you prepared, what is the adjusted cash balance?

A. $8,510.99. C. $9,260.79.
B. $8,903.59. D. $10,632.40.

5. Based on the Petty Cash Fund that you prepared, Cash Over or Short on May 28 is

A. over $2.20. C. short $2.20.

B. over $1.20. D. short $1.20.

6. From the Petty Cash Fund that you prepared, the correct May 28 journal entry is

A. Office Supplies 30.90
Postage 19.00
Transportation-in 41.23
Repairs Expense 53.47
Cash Over and Short 1.20
Petty Cash 145.80
B. Office Supplies 30.90
Postage 19.00
Transportation-in 41.23
Repairs Expense 53.47
Cash Over and Short 1.20
Cash 145.80
C. Office Supplies 30.90
Postage 19.00
Transportation-in 41.23
Repairs Expense 53.47
Cash Over and Short 2.20
Cash 146.80
D. Office Supplies 30.90
Postage 19.00
Transportation-in 41.23
Repairs Expense 53.47
Cash Over and Short 2.20
Petty Cash 146.80
7. The amount of overtime pay computed for M. Hyde is
A. $58.50 C. $141.75
B. $70.91 D. $20.25
8. The ending balance in the petty cash account on May 31 is
A. $54.20. C. $200.00.
B. $154.20. D. $300.00.
9. The amount of Federal Income Tax withheld from Dr. Jekyll is
A. $650 C. $393.26
B. $325 D. $32.50
10. The total deductions withheld from R. Louis are
A. $304.37 C. $209.99
B. $202.91 D. $538.01

11. The gross pay for M. Hyde is
A. $1022.66 C. $951.75
B. $1427.86 D. $1217.87
12. The net pay for R. Louis is
A. $867.75 C. $687.01
B. $838.50 D. $657.76
13. The total gross pay for the period is
A. $5,140.41 C. $2,664.65
B. $3,515.41 D. $3,415.25
14. The amount of U.I.C. withheld from Dr. Jekyll is
A. $85.38 C. $406.25
B. $81.25 D. $40.63
15. The net pay for M. Hyde is
A. $951.75 C. $1,022.63
B. $775.17 D. $704.27

16. The total amount of employer’s share remitted to the government for Provincial Health Insurance is

A. $63.27 C. $92.53
B. $6,327.68 D. $632.77

17. The total amount remitted to the federal and provincial governments for all deductions and employer payroll taxes is

A. $2,664.65 C. $3,723.17
B. $703.08 D. $1,603.81

18. The total amount (employer plus employee shares) remitted to the government for C.P.P. is

A. $59.76 C. $174.78
B. $175.58 D. $146.56
19. The amount of overtime pay computed for R. Louis is
A. $29.25 C. $39.25
B. $87.75 D. $58.50
20. The amount of U.I.C. withheld from M. Hyde is
A. $23.78 C. $173.85
B. $25.57 D. $161.80

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21. Which one of the following statements is true about a fiscal quarter for GST remittances?

A. It’s not less than 28 days.

B. It’s not more than 84 days.

C. It’s not more than 119 days.

D. It’s not more than 35 days.

22. What is the amount of GST in a product priced at $7.95 including GST?

A. $1.03 C. $0.56
B. $0.38 D. $0.07

23. The Cling-On Company is a manufacturer of bulk wrapping products for the food indus-try. Cling-On makes a sale for $357 and charges 7% GST. It also allows a 2% discount if the customer pays its bill within 10 days. When the customer pays within 10 days, how much cash will Cling-On collect?

A. $310.59 C. $374.85
B. $374.35 D. $381.40

24. The Hardluk Company makes a sale to a customer for $980 and charges 7% GST. Hardluk collects on $760 but the customer defaults on the remaining $220. What would be Hardluk’s GST rebate?

A. $14.41 C. $17.15
B. $15.40 D. $53.20

25. Which one of the following is a true statement concerning the GST?

A. The amount of GST remitted to the government is the net amount.

B. The GST is an expense account.

C. Businesses must retain GST supporting documents for two fiscal years.

D. To collect GST, businesses must first have a GST number.

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