How many hours prior to payday is it recommended that a direct deposit of wages be initiated with the ODFI?

• A.48 hours
• B.24 hours
• C.72 hours
• D.8 hours

Comment: *

Name: *

Email: *

Verification: *

Under IRS suggested guidelines, an employee should be allowed a maximum of how many days after receiving an expense advance to provide substantiation for the amount to the employer?

• A.30 days
• B.60 days
• C.45 days
• D.90 days

Comment: *

Name: *

Email: *

Verification: *

One reason many companies use a Zero Balance checking account is that:

• A.bank reconciliations are not required
• B.the company receives interest on the account
• C.cash is available for investment until items are presented for payment at the company's bank
• D.funds do not have to be deposited until the employee cashes the check

Comment: *

Name: *

Email: *

Verification: *

In the first monthly accounting period of a company's fiscal year, which of the following occurs?

• A.Underpaid debts are "forgiven"
• B.All liability accounts are reset to zero balances
• C.Asset and liability accounts reflect prior year ending balance
• D.Asset account balances are reclassified

Comment: *

Name: *

Email: *

Verification: *

When making the federal payroll tax deposit, the accounting entry to record an advance payment of EIC would be:

• A.Debit cash, credit EIC payable
• B.Debit EIC payable, credit cash
• C.Debit EIC payable, credit FICA payable
• D.Debit FIT payable, credit cash

Comment: *

Name: *

Email: *

Verification: *