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CPP-Remote Exam Dumps : Certified Payroll Professional

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Certified Payroll Professional Questions and Answers

Question 1

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

Options:

A.

funds do not have to be deposited until the employee cashes the check

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.

bank reconciliations are not required

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Question 2

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

Options:

A.

Underpaid debts are "forgiven"

B.

Asset and liability accounts reflect prior year ending balance

C.

All liability accounts are reset to zero balances

D.

Asset account balances are reclassified

Question 3

What does it mean if, at the end of an accounting period, a company has a debit balance in a liability account?

Options:

A.

The company has not yet paid the third party

B.

The company has withheld too much from the employee

C.

The company has paid to a third party more than was withheld from the employee

D.

The company has under-deposited taxes withheld from employee wages