Bookkeeping Midterm Exam Questions
and Answers
8 internal control procedures - Answer -1. Competent, reliable and ethical personnel
2. Assignment of responsibilities
3. Separation of duties
4. Proper authorization
5. Audits
6. Use of documents and records
7. Use of electronic devices and computer controls
8. Other controls
A note receivable was given for the return of merchandise - Answer -G
A payment of cash was made on account - Answer -CR
A plan funded by employer that provides financial support for workers - Answer -
Workers' compensation
A set period during which the base rate is paid to an employee - Answer -Straight time
Abbreviated as ORPP - Answer -Ontario Retirement Pension Plan
All employees and self-employed persons in Canada between 18 and 70 years
contribute to this - Answer -Canada Pension Plan
An insurance fund that provides assistance to unemployed workers - Answer -
Employment insurance
An online tool provided by the CRA for calculating federal and provincial payroll
deductions - Answer -Payroll Online Deductions
Cash Payments Journal (CP) - Answer -A special journal used to record all cash
payments
Cash Receipts Journal (CR) - Answer -A special journal used to record all cash receipts
Compatibility - Answer -The accounting system works smoothly with the businesses
operations, personnel, and organizational structure of the business
and Answers
8 internal control procedures - Answer -1. Competent, reliable and ethical personnel
2. Assignment of responsibilities
3. Separation of duties
4. Proper authorization
5. Audits
6. Use of documents and records
7. Use of electronic devices and computer controls
8. Other controls
A note receivable was given for the return of merchandise - Answer -G
A payment of cash was made on account - Answer -CR
A plan funded by employer that provides financial support for workers - Answer -
Workers' compensation
A set period during which the base rate is paid to an employee - Answer -Straight time
Abbreviated as ORPP - Answer -Ontario Retirement Pension Plan
All employees and self-employed persons in Canada between 18 and 70 years
contribute to this - Answer -Canada Pension Plan
An insurance fund that provides assistance to unemployed workers - Answer -
Employment insurance
An online tool provided by the CRA for calculating federal and provincial payroll
deductions - Answer -Payroll Online Deductions
Cash Payments Journal (CP) - Answer -A special journal used to record all cash
payments
Cash Receipts Journal (CR) - Answer -A special journal used to record all cash receipts
Compatibility - Answer -The accounting system works smoothly with the businesses
operations, personnel, and organizational structure of the business
