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Exam 2: Payroll System Procedures

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Question 21

True/False

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Only regular working hours are considered as the worked hours for overtime computation.

A) True
B) False

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Question 22

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Well-designed internal controls promote: (You may select more than one answer. Single click the box with the question mark to produce a check mark for a correct answer and double Click the box with the question mark to empty the box for a wrong answer. Any boxes left With a question mark will be automatically graded as incorrect.)

A) Audit trail support.
B) Protection against embezzlement.
C) Legal compliance and file integrity.
D) Opportunities for defalcation.

E) B) and D)
F) C) and D)

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Question 23

True/False

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Semimonthly payroll involves a pay cycle in which pay disbursements occur every two weeks.

Which of the following is a necessary element in an accounting system? (You may select more than one answer. Single click the box with the question mark to produce a check mark for a Correct answer and double click the box with the question mark to empty the box for a Wrong answer. Any boxes left with a question mark will be automatically graded as Incorrect.)

What is the difference in pay practices between salaried exempt and salaried nonexempt workers?

Stan works for a bakery for which part of his compensation is based on the decoration of wedding and other specialty cakes. His compensation has a ________ element.

A ___________ employee is eligible for company benefits whereas a ________ employee is not.

Pay rate is the first payroll system decision a company must make.

Which of the following are important decisions that an employer must make regarding its payroll procedures? (You may select more than one answer. Single click the box with the question Mark to produce a check mark for a correct answer and double click the box with the Question mark to empty the box for a wrong answer. Any boxes left with a question mark Will be automatically graded as incorrect.)

Jeremiah is a salaried exempt worker whose standard workday consists of eight-hour shifts. During a workweek, he exceeded eight hours of work on two separate days but did not exceed 40 hours During the work week. What is the FLSA provision for the time that he worked past eight hours in a Single day?

Which pay frequency has generally 26 pay periods per year?

Which aspect of internal controls for payroll relates to the Sarbanes-Oxley Act?

Which of the following is true about document retention requirements per the IRS statute of limitations?

Leased employees must have the following characteristics: (You may select more than one answer. Single click the box with the question mark to produce a check mark for a correct Answer and double click the box with the question mark to empty the box for a wrong Answer. Any boxes left with a question mark will be automatically graded as incorrect.)

Which of the following is a purpose of new hire reporting? (You may select more than one answer. Single click the box with the question mark to produce a check mark for a correct Answer and double click the box with the question mark to empty the box for a wrong Answer. Any boxes left with a question mark will be automatically graded as incorrect.)

If a firm pays its employees biweekly, how often does it disburse employee compensation?

Which of the following parties does not legally have access to a firm's payroll records?

Newly hired employees must be reported to governmental officials within 20 days of starting work for an employer.

U.S. workers in foreign subsidiaries are exempt from all income taxes.

Adrienne is a nonexempt employee who works for a firm that has an elected workweek composed of four 10-hour days and pays overtime after 40 hours worked per week. What is the rule about Overtime for her work situation?