Question 1

Which of the following is a payroll accountant's responsibility?

Accepted Answer

A) Wage negotiations with prospective employees. 
B) Construction contract negotiations with governmental entities. 
C) Preparation for corporate safety audits. 
D) Preparation of payroll tax returns. 
A) Wage negotiations with prospective employees. 
B) Construction contract negotiations with governmental entities. 
C) Preparation for corporate safety audits. 
D) Preparation of payroll tax returns.

Question 2

What is the most significant challenge pertaining to payroll that small businesses face?

Accepted Answer

A) Availability of payroll-trained personnel. 
B) Availability of accounting resources. 
C) Accessibility of free on-site payroll software. 
D) Accessibility of on-site payroll guidance. 
A) Availability of payroll-trained personnel. 
B) Availability of accounting resources. 
C) Accessibility of free on-site payroll software. 
D) Accessibility of on-site payroll guidance.

Question 3

________ is the state counterpart of the Federal Unemployment Tax Act.

Accepted Answer

A) Fair Labor Standards Act 
B) Worker's compensation insurance 
C) State Income Tax Act 
D) State Unemployment Tax Act 
A) Fair Labor Standards Act 
B) Worker's compensation insurance 
C) State Income Tax Act 
D) State Unemployment Tax Act

Question 4

Joel is the payroll accountant for a company.He has been notified of an impending audit of all accounting records.What is Joel's role in the audit?

Accepted Answer

A) He is required to be absent during the audit to avoid influencing the results. 
B) He must agree to serve on the audit staff for other companies. 
C) He must be available to answer questions and grant access to payroll records. 
D) He must prevent privacy breaches by disallowing access to payroll records. 
A) He is required to be absent during the audit to avoid influencing the results. 
B) He must agree to serve on the audit staff for other companies. 
C) He must be available to answer questions and grant access to payroll records. 
D) He must prevent privacy breaches by disallowing access to payroll records.

Question 5

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

Accepted Answer

A) The payroll accountant 
B) The company's CEO or president 
C) The governmental entity associated with company oversight 
D) The entity that issued the license to the accountant 
A) The payroll accountant 
B) The company's CEO or president 
C) The governmental entity associated with company oversight 
D) The entity that issued the license to the accountant

Question 6

An example of an accounting software package that fosters electronic payroll processing is:

Accepted Answer

A) SageBooks. 
B) Quick50. 
C) QuickBooks. 
D) GreatBooks. 
A) SageBooks. 
B) Quick50. 
C) QuickBooks. 
D) GreatBooks.

Question 7

Jonah is one of the payroll accountants in a company that specializes in custom work for each customer.His biggest payroll challenge is accurate allocation of labor to jobs.Which of the following represents the most accurate option to track the company's labor costs?

Accepted Answer

A) Handwritten time slips on which the employee documents the times worked on each job. 
B) Verbal reporting via telephone of time worked per job. 
C) Computer log-ins when employees change tasks. 
D) Radio-frequency time cards to track time allocations. 
A) Handwritten time slips on which the employee documents the times worked on each job. 
B) Verbal reporting via telephone of time worked per job. 
C) Computer log-ins when employees change tasks. 
D) Radio-frequency time cards to track time allocations.

Question 8

The Age Discrimination in Employment Act of 1967 prevented mandatory retirement for workers over the age of:

Accepted Answer

A) 55. 
B) 50. 
C) 45. 
D) 40. 
A) 55. 
B) 50. 
C) 45. 
D) 40.

Question 9

The payroll accountant for Candor,Inc.was found to have issued payroll checks in the name of several terminated employees.Upon investigation,the checks were all deposited to the same bank account,which was owned by the payroll accountant.Which ethical principle did the payroll accountant violate?

Accepted Answer

A) Responsibilities 
B) Public Interest 
C) Objectivity and Independence 
D) Integrity 
A) Responsibilities 
B) Public Interest 
C) Objectivity and Independence 
D) Integrity

Question 10

The Lilly Ledbetter Act of 2009 was the first act that mandated equal pay for men and women who perform identical tasks.

Accepted Answer

A) True 
 B)False

Question 11

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

Accepted Answer

A) HIPAA 
B) ERISA 
C) PRWOR 
D) DOMA 
A) HIPAA 
B) ERISA 
C) PRWOR 
D) DOMA

Question 12

The ________ prohibited discrimination based on race,creed,color,gender,or national origin.

Accepted Answer

A) Lilly Ledbetter Fair Pay Act of 2009 
B) Civil Rights Act of 1964 
C) Equal Pay Act of 1963 
D) Fair Labor Standards Act of 1935 
A) Lilly Ledbetter Fair Pay Act of 2009 
B) Civil Rights Act of 1964 
C) Equal Pay Act of 1963 
D) Fair Labor Standards Act of 1935

Question 13

Paycards represent a trend in employee compensation that alleviates the employee's need for:

Accepted Answer

A) Filing data about time worked. 
B) Bank account establishment. 
C) Functional literacy. 
D) Workplace competence. 
A) Filing data about time worked. 
B) Bank account establishment. 
C) Functional literacy. 
D) Workplace competence.

Question 14

The ethical principle of ________ concerns what is right and just for all parties involved.

Accepted Answer

A) Due Care 
B) Integrity 
C) Public Interest 
D) Objectivity and Independence 
A) Due Care 
B) Integrity 
C) Public Interest 
D) Objectivity and Independence

Question 15

The payroll volume tends to be greater for small companies than for large businesses.

Accepted Answer

A) True 
 B)False

Which of the following is a payroll accountant's responsibility?

What is the most significant challenge pertaining to payroll that small businesses face?

________ is the state counterpart of the Federal Unemployment Tax Act.

Joel is the payroll accountant for a company.He has been notified of an impending audit of all accounting records.What is Joel's role in the audit?

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

An example of an accounting software package that fosters electronic payroll processing is:

Jonah is one of the payroll accountants in a company that specializes in custom work for each customer.His biggest payroll challenge is accurate allocation of labor to jobs.Which of the following represents the most accurate option to track the company's labor costs?

The Age Discrimination in Employment Act of 1967 prevented mandatory retirement for workers over the age of:

The payroll accountant for Candor,Inc.was found to have issued payroll checks in the name of several terminated employees.Upon investigation,the checks were all deposited to the same bank account,which was owned by the payroll accountant.Which ethical principle did the payroll accountant violate?

The Lilly Ledbetter Act of 2009 was the first act that mandated equal pay for men and women who perform identical tasks.

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

The ________ prohibited discrimination based on race,creed,color,gender,or national origin.

Paycards represent a trend in employee compensation that alleviates the employee's need for:

The ethical principle of ________ concerns what is right and just for all parties involved.

The payroll volume tends to be greater for small companies than for large businesses.

Payroll System Procedures

Gross Pay Computation

Fringe Benefits and Voluntary Deductions

Employee Net Pay and Pay Methods

Employer Payroll Taxes and Labor Planning

The Payroll Register, employees Earnings Records, and Accounting System Entries

Filters

Exam 1: Payroll Practices and System Fundamentals

Which of the following is a payroll accountant's responsibility?

What is the most significant challenge pertaining to payroll that small businesses face?

________ is the state counterpart of the Federal Unemployment Tax Act.

Joel is the payroll accountant for a company.He has been notified of an impending audit of all accounting records.What is Joel's role in the audit?

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

An example of an accounting software package that fosters electronic payroll processing is:

Jonah is one of the payroll accountants in a company that specializes in custom work for each customer.His biggest payroll challenge is accurate allocation of labor to jobs.Which of the following represents the most accurate option to track the company's labor costs?

The Age Discrimination in Employment Act of 1967 prevented mandatory retirement for workers over the age of:

The payroll accountant for Candor,Inc.was found to have issued payroll checks in the name of several terminated employees.Upon investigation,the checks were all deposited to the same bank account,which was owned by the payroll accountant.Which ethical principle did the payroll accountant violate?

The Lilly Ledbetter Act of 2009 was the first act that mandated equal pay for men and women who perform identical tasks.

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

The ________ prohibited discrimination based on race,creed,color,gender,or national origin.

Paycards represent a trend in employee compensation that alleviates the employee's need for:

The ethical principle of ________ concerns what is right and just for all parties involved.

The payroll volume tends to be greater for small companies than for large businesses.

Payroll System Procedures

Gross Pay Computation

Fringe Benefits and Voluntary Deductions

Employee Net Pay and Pay Methods

Employer Payroll Taxes and Labor Planning

The Payroll Register, employees Earnings Records, and Accounting System Entries

Filters