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APA FPC-Remote Exam - Topic 5 Question 10 Discussion
Topic #: 5
To reconcile a general ledger tax liability account balance, verify all of the following items EXCEPT:
Comprehensive and Detailed Explanation:
To properly reconcile payroll tax liability accounts, the following steps are performed:
Compare account entries against payroll registers (C) -- Ensures wages, deductions, and taxes are posted correctly.
Verify checks issued by accounts payable (B) -- Confirms tax payments were made.
Match account activity with quarterly tax returns (D) -- Ensures payroll taxes were reported correctly on Form 941.
Option A (Entries from company accountants) is incorrect because accountants do not create payroll entries; payroll is recorded based on actual payroll transactions, not estimates or adjustments from accountants.
GAAP Accounting Standards -- Payroll Tax Liability Reconciliation
Payroll.org -- Best Practices for Payroll Tax Account Reconciliation
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