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APA Certified Payroll Professional Sample Questions (Q53-Q58):
NEW QUESTION # 53
Choose the statement that represents the best implementation of internal control:
- A. Payroll master file changes are reviewed by human resources
- B. The bank is instructed to send canceled checks directly to the payroll manager
- C. Payroll computes cost-of-living increases for employees
- D. Supervisors input increases and new hires to the payroll master file
Answer: A
NEW QUESTION # 54
All state and local government employees are subject to both Social Security and Medicare withholding under Section:
- A. 0
- B. 1
- C. 2
- D. 3
Answer: C
Explanation:
Section 218 Agreementscover the voluntary inclusion ofstate and local government employeesin Social Security and Medicare. Not all such employees are automatically covered unless a 218 Agreement exists.
NEW QUESTION # 55
What document reflects the value of the assets of a corporation?
- A. Variance analysis
- B. Profit/loss statement
- C. Balance sheet
- D. Income statement
Answer: C
NEW QUESTION # 56
A company has a gross payroll of $120,589.36. Federal taxes withheld are $24,117.87; combined social security and Medicare taxes withheld are $6,502.50. What is the company's total tax liability for this pay period?
- A. $30.620.37
- B. $37,122.87
- C. $42,568.04
- D. $61,240.74
Answer: B
NEW QUESTION # 57
When auditing financial statements, an auditor will use all of the following documents to validate payroll calculations EXCEPT:
- A. Tax deposits
- B. Time cards
- C. Deduction enrollments
- D. Payroll registers
Answer: C
Explanation:
Auditors validate payroll usingsource records:
* Time cards (for hours)
* Payroll registers (summary)
* Tax deposits (compliance)
Deduction enrollmentsare administrative and not used for financial statement accuracy.
NEW QUESTION # 58
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