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Acc 3304 Exam 2.
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Exam of 47 pages for the course ASE A1 Practice Test - Cumulative at ASE A1 Practice Test - Cumulative (Acc 3304 Exam 2.)
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Acc 3304 Exam 2Employee Onboarding
Process of establishing new employees in the company's systems and helping
them quickly adapt to their positions and the company
batch processing
type of processing that accumulates transactions into groups and processes
them at regular intervals
severance pay
Pay package for employees involved in layoffs not related to employee
performance
type of HR activity implemented to prevent wrongful termination lawsuits
Managers must complete an HR authorized employee termination checklist and
submit to HR
Employee termination analytics may lead to improvements in.buskness
processes and departmental operations. What type of analytics may identify
ongoing corporate issues?
Trend analysis of reasons provided during exit interviews for voluntary
terminations
Control Activities
Companies mitigate risks associated with employee onboarding by implementing
and enforcing what type of activities?
,Which is a human resources activity that is frequently outsourced?
Benefits Administration
Payroll for a business should be processed in which department?
Accounting
As a risk advisory consultant, you are asked to evaluate and recommend
improvements for the employee onboarding process for Swifty Tsch. During your
evaluation you discover that Swifty Tech's employee data was part.of a data
breach from a third- parry background check provider. What action do you
recommend Swifty Tech take?
Swify Tech should require background check providers to have their own internal
controls to ensure confidentiality and security of data.
Payroll
Business process that calculates wages to compensate employees with their
entitled pay
For which of the following reasons should HR be involved with the process of
firing an employee?
A. to ensure the situation is handled properly
B. to prevent the situation from escalation
C. to mitigate the risk of a retaliatory ex- employee filing a lawsuit
D. All answers are correct
Answer is D
,what are employee payroll deductions to a company?
liabilities until paid to 3rd parties
Which relationship between HR and payroll is best for business?
HR and payroll have distinctive functions and should be separate
Bid Rigging
Vendors collude with ine another and reach advance agreement as to the
winning bidder for a particular contract. The winning bidder agrees to
compensate the other vendors in some manner.
There are 5 modules in the ERP system cloud map that support the specific
purchasing and payment business processes
Inventory
Shippomg/Receiving
Purchasing
Fixed Assets
Accounts Payable
Numerous departments are involved in the purchases and payment processes.
Choose one of the departments that is involved in the purchases and payment
processes
Purchasing
, Numerous departments are involved in the fixed asset purchases and payment
processes. Choose one that is involved in the fixed assets purchases and
parents processes.
Receiving
The textbook discussed four of the stages of the Fixed acquisitions process.
Which stage corresponds to the following description? " In addition to the
purchasing and payment journal entries, the fixed asset accountant ensures the
fixed asset subsidiary ledger is updates"
Recording Assets
Julia's Cookies has identified the following B2B shipping control activity risk:
"Shipping incorrect products or quantities may result in customer dissatisfaction,
complaints, sales returns, and financial losses." Choose from the list of control
activities below one of the appropriate control activities for this risk statement.
The ERP system matches goods and quantities taken from the warehouse to
approved sales orders.
A(n) ________ is a P.O. box that can only be accessed by the company's bank.
The bank collects the checks daily, deposits them into the company bank
account, and sends source documents to the company.
lockbox
The Accounting Standards Codification 606 of the U.S. GAAP has five steps for
revenue recognition. Choose step 3 from the list below.
Determine the transaction price.
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