Payroll Management, Finance And Accounting

Question: Of the following, which is the best safeguard against employees accessing the payroll system?
A
Don't allow employees to use the computer

B
Create password-protected payroll system user accounts

C
Make employees sign a form saying they won't violate company rules

D
Allow access to the payroll system only to the CEO

Note: Answer not sure
1. Report
Question: The term "workers compensation insurance" refers to ______________.
A
insurance paid for by employees to cover them in the event they lose their job due to an off-the-job accident

B
insurance paid for by the employees to cover them in the event they lose their job due to bad performance

C
government-issued health insurance

D
insurance paid for by employers that provides benefits to employees or their families for loss of wages due to job-related accidents, illness, or injuries

Note: Answer not sure
1. Report
Question: "Regular earnings" are considered earnings for how many hours of work?
A
55 per week

B
40 per week

C
27.5 per week

D
80 per week

Note: Answer not sure
1. Report
Question: On which of the following financial statements is Revenue reported?
A
Balance Sheet

B
Income Statement

C
Cash Flow Statement

D
Payroll Register

Note: Answer not sure
1. Report
Question: The term "the accounting process" refers to ______________.
A
the sequence of steps in accounting from transaction to financial report

B
the creation of financial reports

C
the internal controls set by Payroll

D
the interval between payroll checks

Note: Answer not sure
1. Report
Question: What is the purpose of accruing vacation expense?
A
To record vacation expense in the period earned

B
To build a savings account for vacations

C
To allow employers to pay employees for vacation time

D
To gain better tax write-offs

Note: Answer not sure
1. Report
Question: Employee B has an annual salary of $50,000 that is paid to him over 26 pay periods. He works 260 days per year. He retires after working 65 days, during which time he received 6 paychecks. Given this information, Employee B's gross wages for his final paycheck will be _____________.
A
$961.52

B
$1,203.42

C
$879.32

D
$343.54

Note: Answer not sure
1. Report
Question: What is the purpose of Form 941?
A
To report annual wages to employees

B
To report annual wages to the IRS

C
To reconcile taxes paid with tax liability for unemployment taxes

D
To reconcile, on a quarterly basis, taxes paid with tax liability for federal taxes

Note: Answer not sure
1. Report
Question: The term "internal control" refers to ______________.
A
a safe where petty cash is kept

B
a measure by which a company safeguards its accounting data

C
allowing employees access to the company credit card

D
a practice prohibited by the IRS

Note: Answer not sure
1. Report
Question: Which of the following should happen in the payroll system after an employee is terminated?
A
The employee should be given a one-time bonus.

B
The employee's hourly rate should be set to $99.

C
The employee's former employers should be contacted and notes made.

D
The employee should be flagged as terminated in the payroll system.

Note: Answer not sure
1. Report

First Prev 5 6 7 8 Next Last

Question: Of the following, which is the best safeguard against employees accessing the payroll system?

Question: The term "workers compensation insurance" refers to ______________.

Question: "Regular earnings" are considered earnings for how many hours of work?

Question: On which of the following financial statements is Revenue reported?

Question: The term "the accounting process" refers to ______________.

Question: What is the purpose of accruing vacation expense?

Question: Employee B has an annual salary of $50,000 that is paid to him over 26 pay periods. He works 260 days per year. He retires after working 65 days, during which time he received 6 paychecks. Given this information, Employee B's gross wages for his final paycheck will be _____________.

Question: What is the purpose of Form 941?

Question: The term "internal control" refers to ______________.

Question: Which of the following should happen in the payroll system after an employee is terminated?