Exam 1: Payroll Practices and System Fundamentals

In the event of an ethical breach by a payroll accountant, which entity is ultimately liable for any monetary damages due to stakeholders?

According to the Public Company Accounting Oversight Board, personal or family ownership in excess of five percent of a client's business may compromise an accountant's

Jonathan is the payroll accountant for Terrafirm Company. The company has experienced a rise in business that has increased Jonathan's workload to more than double his original amount. Because of the business increase, he has not been able to engage in the continuing professional education (CPE) that his payroll certification requires. When asked by his employer, Jonathan claims to be current with his CPE. According to the AICPA Code of Ethics, which of the following most closely describes the principle that Jonathan has violated?

Which of the following is true about independent contractors within the context of payroll?

Companies may use ________ and ________ to allow employees to have secure, rapid access to their compensation.

Payroll-related legislation often reflects emerging issues in societal evolution.

The IRS uses EINs to track employers for tax purposes.

If a company chooses to use computer-based accounting, which of the following is required?

Payroll accounting systems may involve an integrated software package that contains business-planning tools.

________ is required under the Davis-Bacon Act for companies who do business with the Federal government.

Why is outsourced payroll popular among accounting professionals?

Which law requires a company to use certified payroll?

Congress passed the ________ and ________ to assist displaced workers.

The largest challenge to companies that use manual payroll processing is:

The main purpose of the Federal Insurance Contributions Act (FICA) was to:

Which most closely identifies why it is important for payroll accountants to adhere to the AICPA Code of Ethics?

The ________ mandated that employers verify an employee's legal ability to work in the United States.

The Fair Labor Standards Act contains provisions for:

The Sarbanes-Oxley Act legislated penalties for violations of which Act?

Leslie is the accountant for a major movie production. She is approached by a group of people from the press who ask her questions about the salaries of the actors and actresses involved in the film. According to the AICPA Code of Ethics, which principle most closely governs the appropriate conduct in this situation?