APA APA Certifications FPC-REMOTE Questions & Answers

• Question 1:

  Would each of the following entries be posted in the account as a debit (DR) or credit (CR)?

  A. purchase of a desk in an asset account

  B. purchase of stationary in an expense account

  C. withdrawal from a payroll checking account

  D. employer contributions to a 401k plan in an expense account

  E. state income tax withheld but not deposited in a liability account

  F. federal income tax withheld but not paid in a liability account

  G. mortgage payment in a liability account

  Correct Answer: ABCDEFG

• Question 2:

  Which of the following events would require an employee to fill out an amended form w4 within 10 days of its occurrence?

  A. employee becomes legally separated from his or her spouse who was claimed as a dependent

  B. employees spouse quits job to stay home with a new baby

  C. death of a spouse

  D. adoption of a kid

  Correct Answer: A

• Question 3:

  Payroll documentation accomplishes all of the following EXCEPT:

  A. provide uniformity

  B. simplify training

  C. ensure procedures are followed

  D. provide a reference tool

  Correct Answer: C

• Question 4:

  A record of the daily transaction of a business is:

  A. balance sheet

  B. journal

  C. ledger

  D. chart of accounts

  Correct Answer: B

• Question 5:

  What advantages does a payroll checking account provide?

  A. prevents fraud

  B. facilitates reconciliations

  C. ensures that reconciliations are completed in a timely manner

  D. ensures that checks are issued correctly

  Correct Answer: B

• Question 6:

  All of the following regulate payments made by DD EXCEPT:

  A. consumer financial protection bureau

  B. NACHA

  C. State laws

  D. local laws

  Correct Answer: D

• Question 7:

  When should an employer remind employees to complete an amended Form W4 if their filing status or filing circumstances have changed?

  A. it is not the employers responsibility

  B. by december 31 of each year

  C. on an employees anniversary date with the employer

  D. by dec 1 of each year

  Correct Answer: D

• Question 8:

  All of the following issues are concerns of external auditors except:

  A. safeguarding of the firms financial assets

  B. risks to the companys financial well being

  C. efficiency of payroll procedures

  D. material misstatements of financial statements

  Correct Answer: C

• Question 9:

  Under what conditions can an employee claim exemption from withholding on form W4?

  A. receiving overtime pay

  B. had no tax liability last year and expects no tax liability this year

  C. anticipates receiving a bonus

  D. an employee takes her first job

  Correct Answer: B

• Question 10:

  which of the following plans applies only to employees of public schools, colleges and universities, and public charities?

  A. 401k

  B. 403b

  C. 457b

  D. both b and c

  Correct Answer: B