Finance And Accounting

Question: Which of the following is an example of an internal control for payroll?
A
Giving employees cash instead of checks

B
Having the company CFO review all financial reports

C
Putting employee pay stubs and/or checks in sealed envelopes

D
Paying employees for the hours they report without review

Note: Answer not sure
1. Report
Question: The term "disability insurance" refers to ______________.
A
insurance paid by employers to cover on-the-job accidents only

B
insurance paid by employers and employees for protection of the employees against loss of wages due to non-job-related accidents

C
private insurance employees must take out when starting a new job

D
municipal-issued insurance

Note: Answer not sure
1. Report
Question: The term "oppressive child labor" refers to ____________.
A
the policy of not hiring willing child employees

B
hiring children from other countries

C
the employment of any child under the age of sixteen

D
paying a child for more than 40 hours a week

Note: Answer not sure
1. Report
Question: A W4 is ____________.
A
a tax return form

B
a form used to claim allowances for the purpose of requesting the withholding of an additional amount or of claiming an exempt status

C
a form independent contractors must file with the employer

D
the same as Form 941

Note: Answer not sure
1. Report
Question: The term "profit sharing" refers to ______________.
A
termination pay

B
extra compensation paid for services over and above those normally performed

C
extra compensation paid to employees based on the profits of the company

D
regular pay for 40 hours per week

Note: Answer not sure
1. Report
Question: The term "audit trail" refers to ______________.
A
evidence of a sequence of transactions that allows anyone to trace a transaction back through the accounting system

B
a written ledger of all checks written

C
the paperwork auditors will request during the annual audit

D
a report auditors provide post-audit

Note: Answer not sure
1. Report
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

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Question: Which of the following is an example of an internal control for payroll?

Question: The term "disability insurance" refers to ______________.

Question: The term "oppressive child labor" refers to ____________.

Question: A W4 is ____________.

Question: The term "profit sharing" refers to ______________.

Question: The term "audit trail" refers to ______________.

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?