APA Updated FPC-Remote Exam Questions and Answers by amora

A journal is known as the "original entry" because transactions are first recorded here before posting to the ledger.

The general ledger is the final entry (B), not the journal.

References:

Payroll Accounting Standards (Payroll.org)

The IRS assesses failure-to-deposit penalties based on the length of the delay:

1-5 days late: 2% penalty

6-15 days late: 5% penalty (Correct Answer)

More than 15 days: 10% penalty

After delinquency notice: 15% penalty

References:

IRS Deposit Penalty Guidelines (Publication 15)

Wage assignmentsare voluntary deductions authorized by employees for things likeloan payments or union dues.

Garnishments, wage attachments, and medical support ordersarecourt-mandated deductions, making them involuntary.

References:

IRS Publication 15 (Employer’s Tax Guide)

Payroll Deduction Compliance Guide (Payroll.org)

Leasing companies (PEOs) handle payroll and wage reporting.

Employers still set rates (C) and supervise work (D).

References:

IRS PEO Tax Responsibilities