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60 Test Bank for Payroll Accounting 1st Edition by Landin Multiple Choice Questions Which of the following is among the guidelines for the AICPA Code of Ethics? Company Interest Corporate Responsibility Due Care Interdependence The U.S v Windsor case repealed an Act and affected payroll tax withholdings for certain employees Which Act did Windsor repeal? OSHA ARRA ATRA DOMA Which of the following represents a payroll system privacy breach by Susan, a payroll accountant? Susan shares information about labor costs with company executives Susan alerts department managers about potential FLSA violations in their departments Susan discusses specific information about the company?s federal contracts with friends during lunch Susan places employee payroll files in a cabinet to which only she and her supervisor have access Which of the following is not payroll-related issue that is specific to large companies? Geographic dispersion Multiple departments Homogeneous workforce Increased task variation 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 tha Objectivity Due Care Responsibilities Public Interest According to FMLA, during the time that an employee is on family leave: The employer must respect the employee’s privacy by ceasing contact during the leave The employee is responsible for staying in touch with the employer The employer may make changes to the employee’s benefits The employer is responsible for alerting the employee to changes in processes and benefits The USERRA legislation provided the following: Military service members receive mandatory priority during the hiring process Military service members receive preferential treatment for promotions and raises during the normal course of business Military members must receive the same promotions and compensation that they would have received when they return from active duty Injured military veterans must be allowed to return to work, but their compensation may be adjusted based on their disability Which of the following is not an option available to payroll accountants? Payroll preparation through electronic accounting software Reduced responsibility for accuracy because of outsourcing services Increased use of paycards as a vehicle for paying employees Governmentally developed charts to streamline the payroll process In the event of an ethical breach by a payroll accountant, which entity is ultimately liable for any monetary damages due to stakeholders? The payroll accountant The company?s CEO or president The governmental entity associated with company oversight The entity that issued the license to the accountant Which form does the Internal Revenue Service use to keep track of employers? SS-4 ES-4 EIN W-4 The purpose of payroll legislation is to: Increase the complexity involved in compensating employees Protect the rights of employees by legislating workplace equity Generate increased tax revenue for governmental entities Promote governmental involvement in business activities The Sarbanes-Oxley Act legislated penalties for violations of which Act? HIPAA ERISA PRWOR DOMA 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? Responsibilities Due Care Integrity Public Interest What is the effect of payroll-related legislation on payroll practice? Legislation explicitly dictates the activities of payroll accountants Legislation has prescribed the format and delivery of a payroll system Legislation has alleviated the need for a company to design its own payroll system Legislation highlights the need for firms to create well-designed payroll systems Peter is the owner of a fast-food franchise When his payroll accountant quit, he hired his wife, Karen, to take over the payroll responsibilities Peter prefers to review the payroll records prior to disbursement and often asks Karen to add or subtract amount from employee pay Which ethical principle most closely describes Peter and Karen’s unethical actions? Objectivity and Independence Integrity Public Interest Responsibilities Which Act governs the minimum wage that must be paid to workers? FICA FLSA FUTA SSA The main purpose of the Federal Insurance Contribution Act (FICA) was to: Provide health insurance for all employees Mandate worker’s compensation insurance for employers Provide life insurance for all employees Provide benefits for workers who were unable to work because of age, disability, or death Payroll taxes were instituted by the 16th Amendment to the United States Constitution: To pay for governmental salaries To make money from businesses that had employees To fund infrastructure improvements of booming cities To penalize people who needed employment The Age Discrimination in Employment Act of 1967 prevented mandatory retirement for workers over the age of: 55 50 45 40 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? Responsibilities Public Interest Objectivity and Independence Integrity Worker’s compensation insurance premiums: Are the same amount for all employees of a company, regardless of employee task Are remitted in full at the end of the year to ensure accuracy 3 Are mandated by the Fair Labor Standards Act Are governed by state laws and vary according to worker job classification Which of the following is not a payroll accountant’s responsibility? Discussions of wages and hours with the employee and his or her manager Contract negotiations with governmental entities Preparation for accounting system audits Remittance of all payroll tax deposits Within how many days after initially commencing work must an employer report a new employee, according to PRWOR? 10 20 30 Employment legislation during the Great Depression included which of the following Acts: FLSA, FUTA, and FICA CTPA, Davis-Bacon Act, and FLSA Walsh-Healey Act, FICA, and ERISA FUTA, ADA, and FLSA Which of the following is not a privacy act related to payroll records? Community Property Act of 1990 Freedom of Information Act U.S Department of Labor OCFO-1 U.S Department of Health and Human Services Privacy Act 09-40-0006 The Current Tax Payment Act changed employer remittance of taxes by: Instituting the mandatory transfer of payroll tax liabilities Legislating the amounts of tax withheld from each employee Requiring employers to remit taxes during the year based on estimated liabilities Calling for employers to remit only the current portions of taxes due Contemporary payroll practices reflect: The increased use of manual payroll accounting systems The decrease in labor costs that reflects the effect of the economic recession The strategic use of payroll data as a company planning tool The replacement of accounting personnel with computerized systems Joel is the payroll accountant for a company He has been notified of an impending audit of all accounting records What is Joe?s role in the audit? He is required to be absent during the audit to avoid influencing the results He must agree to serve on the audit staff for other companies He must be available to answer questions and grant access to payroll records He must prevent privacy breaches by disallowing access to payroll records The Fair Labor Standards Act contains provisions for: Overtime pay, minimum wage, and working conditions Full-time workers, part-time workers, and independent contractors Minimum wage, maximum age, and overtime pay Pay periods, paid time off, and minimum age Why different methods of time collection devices (e.g., time cards, biometric devices) exist among companies? They replace personnel with computers, which prevents ethical issues They maintain precise tracking of employee whereabouts They promote compensation accuracy that matches company needs They alleviate the need for internal control Which Act extended medical benefits for certain terminated employees? ADEA COBRA OSHA ERISA Which most closely identifies why it is important for payroll accountants to adhere to the AICPA Code of Ethics? To avoid potential underpayments of employee compensation To prevent fraud by company officers To protect the assets of the company and remit money owed to the government To maintain personal and professional standards The classification of workers as exempt and nonexempt pertains to the provisions of the: Social Security Act Equal Pay Act Fair Labor Standards Act Federal insurance Contributions Act Michael is the payroll accountant for a non-profit In his personal life, he is also a single father of three young children On the day that payroll is supposed to be issued, his children are sick and he is unavailable to be at work The employee’s paychecks cannot be issued without his presence Which ethical principle most closely governs this situation? Responsibilities Objectivity and Independence Integrity Public Interest 60 Free Test Bank for Payroll Accounting 1st Edition by Landin Multiple Choice Questions - Page Many large companies have website portals in which employees may view and change payroll data Which of the following is the most significant concern about such websites? Accuracy of employee-entered data Employer oversight of stored data Employee website navigation issues Security of personnel data Prevailing local wages and wage classification strategies for government contractors were mandated by the _ Davis-Bacon Act Walsh-Healey Public Contracts Act Fair Labor Standards Act Equal Pay Act 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? Handwritten time slips on which the employee documents the times worked on each job Verbal reporting via telephone of time worked per job Computer log-ins when employees change tasks Radio-frequency time cards to track time allocations Why is outsourced payroll popular among accounting professionals? Ease of use Data accuracy Time reduction Records retention Which law requires a company to use certified payroll? Walsh-Healey Public Contracts Act Copeland Anti-Kickback Act Davis-Bacon Act Sarbanes-Oxley Act The _ prohibited discrimination based on race, creed, color, gender, or national origin.? Lilly Ledbetter Fair Pay Act of 2009 Civil Rights Act of 1964 Equal Pay Act of 1963 Fair Labor Standards Act of 1935 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 What is the FLSA provision for the time that he worked past eight hours in a single day? He must be compensated at overtime rates for any hours past eight in a single day He must reduce the time he works on subsequent days He must alert his manager of the extra time on the next business day He will receive no additional compensation for the extra time worked An accountant must remain current in his or her knowledge of current payroll practices, according to the ethical principle of Responsibilities Public Interest Due Care Integrity Ryan is an independent contractor for a firm His employer must: Dictate the amount of work he performs Control the amount and nature of his working hours Provide all tools and an appropriate workspace Control only deliverables and work content If a company chooses to use computer-based accounting, which of the following is required? A standalone system that is dedicated to payroll processing Annual software updates Certification by a CPA prior to use for payroll processing Certification and bonding of payroll personnel Adrienne is a nonexempt employee who works for a firm that has a workweek composed of four 10-hour days What is the rule about overtime for her work situation? She must be compensated for all hours worked past in a single day She will receive overtime pay when working more than 10 hours during a shift She only receives overtime if she works past 40 hours in any given week She is not eligible for overtime pay What is the difference in pay practices between salaried exempt and salaried nonexempt workers? Salaried exempt workers may only work eight hours per day Salaried nonexempt workers must not work overtime hours Salaried exempt workers must work between 45 and 50 hours per week Salaried nonexempt workers are eligible for overtime pay Companies may use _ and to allow employees to have secure, rapid access to their compensation Cash; Checks Cash; Direct Deposit Direct Deposit; Paycards Paycards; Checks The mandated that employers verify an employee’s legal ability to work in the United States Personal Responsibility and Work Opportunity Reconciliation Act of 1996 Health Insurance Portability and Accountability Act of 1996 American Reinvestment and Recovery Act of 2009 Immigration Reform and Control Act of 1986 Employers must request a(n) for the Internal Revenue Service to track a firm’s payroll tax obligations Social Security Number Employer Registration Number Tax Identification Number Employer Identification Number Which of the following is true about independent contractors? They receive more company benefits than other workers They are not subject to any provisions of payroll laws 3 They may not work any overtime hours They must provide proof of employment insurance before commencing work Congress passed the and _ were passed to assist displaced workers 16th Amendment; Fair Labor Standards Act Social Security Act; Medicare Act Federal Unemployment Tax Act; Social Security Act Federal Income Contributions Act; Federal Unemployment Tax Act _ is required under the Davis-Bacon Act for companies who business with the Federal government Manual payroll Certified payroll Outsourced payroll Computerized payroll The modified the statute of limitations imposed by the Equal Pay Act of 1963 Civil Rights Act of 1991 Family Medical Leave Act of 1993 Lilly Ledbetter Fair Pay Act of 2009 Consolidated Omnibus Budget Reformation Act of 1986 An example of an accounting software package that foster electronic payroll processing is: Sage Books Quick50 QuickBooks GreatBooks Which of the following is an example of a typical exempt salaried employee? Operations Manager Accounting Clerk Executive Assistant Machine Operator Paycards represent a trend in employee compensation that alleviates the employee’s need for: Filing data about time worked Bank account establishment Functional literacy Workplace competence What is the most significant challenge pertaining to payroll that small businesses face? Availability of trained personnel Availability of payroll resources Accessibility of computer programs Accessibility of payroll guidance The largest challenge to companies that use manual payroll processing is: The use of current tax tables Obtaining accurate employee data Maintaining accurate payroll records Filing appropriate governmental reports The ethical principle of _ concerns what is right and just for all parties involved Due Care Integrity Public Interest Objectivity and Independence According to the Fair Labor Standards Act, nonexempt workers receive overtime for: Hours worked in excess of per day and 30 per week Hours worked in excess of 40 per week Hours worked in excess of per day or 35 per week Hours worked in excess of employer-determined rules ... presence Which ethical principle most closely governs this situation? Responsibilities Objectivity and Independence Integrity Public Interest 60 Free Test Bank for Payroll Accounting 1st Edition by... to streamline the payroll process In the event of an ethical breach by a payroll accountant, which entity is ultimately liable for any monetary damages due to stakeholders? The payroll accountant... need for a company to design its own payroll system Legislation highlights the need for firms to create well-designed payroll systems Peter is the owner of a fast-food franchise When his payroll