Exam (elaborations)

payroll accounting exam CH 1-2 2024/2025 with 100% correct answers

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Payroll accounting e CH 1-2

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Payroll Accounting E CH 1-2

true correct answersPayroll data is only as accurate as the person who records it true correct answersEmployee retirement benefits are a recruiting and retention strategy used by businesses true correct answersContemporary payroll practices involve the use of cloud-based software false cor...

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Uploaded on September 18, 2024
Number of pages 6
Written in 2024/2025
Type Exam (elaborations)
Contains Questions & answers

payroll accounting exam ch 1 2

Institution Payroll accounting e CH 1-2
Course Payroll accounting e CH 1-2

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payroll accounting exam CH 1-2

true correct answersPayroll data is only as accurate as the person who records it

true correct answersEmployee retirement benefits are a recruiting and retention strategy used by
businesses

true correct answersContemporary payroll practices involve the use of cloud-based software

false correct answersThe use of payroll apps shifts the onus for payroll accuracy from the employer to
the employee.

FUTA correct answersWhich federal act assists workers who are displaced through no fault of their own?

FLSA correct answersWhich Act created the classification of workers as exempt or nonexempt?

workers compensation correct answersWhich of the following employer obligation is an insurance policy,
not legislation?

Civil rights act of 1991 correct answersWhich act adds monetary penalties for illegal discriminatory
employer actions?

16th amendment correct answersWhich Amendment to the U.S. Constitution mandated a federal
income tax for employees?

confidentiality correct answersEmerson is the payroll accountant for WexWorks, Incorporated, and uses
the on-site company exercise facilities. During one of the exercise sessions, a coworker asks about pay
rates for management at the company. Which ethical principle prevents Emerson from disclosing such
information?

, professionalism correct answersPeyton is an employee of Elite Engravings a family owned and operated
firm. Peyton's relative, Tatum, asks to postpone payroll processing due to an urgent family issue. Which
ethical principle might Tatum's request violate?

objectivity and independence correct answersMorgan is the payroll accountant for the family's company.
A sibling has asked Morgan to overlook their payroll tax liability for a pay period so they can have a little
extra cash in their paycheck. Which ethical principle would Morgan violate if they complied with their
brother's request?

professional competence and due care correct answersEmery is the owner of a motel franchise. When
the payroll accountant quit, Emery took over the payroll responsibilities. Emery has had no training in
payroll practices. Which ethical principle most closely describes Emery's takeover of the franchise's
payroll?

To protect the assets of the company and remit money owed to the government correct answersWhich
most closely identifies why it is important for payroll accountants to adhere to a Code of Ethics?

Payroll is a tool for a firm's strategic planning. correct answersWhat is a best practice for payroll
accountants?

W-4 correct answersWhich form does the Internal Revenue Service use to keep track of employees?

They must be available to answer questions and grant access to payroll records. correct answersOakley is
the CFO for Parsons Project Management. They have been notified of an impending audit of all
accounting records. What is Oakley's role in the audit?

They promote accurate time measurement. correct answersWhy do different methods of time collection
devices (e.g., time cards, biometric devices) exist among companies?

Availability of payroll-trained personnel correct answersWhat is the most significant payroll challenge for
small businesses?

quickbooks correct answersAn example of an accounting software package that fosters cloud-based
payroll processing is:

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Exam (elaborations)

payroll accounting exam CH 1-2 2024/2025 with 100% correct answers

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