Docsity
Docsity
Prepare for your exams
Prepare for your exams

Study with the several resources on Docsity

Earn points to download
Earn points to download

Earn points by helping other students or get them with a premium plan

Guidelines and tips
Guidelines and tips
Sell on Docsity
Sell on Docsity
Docsity AI
Docsity AI
Log inSign up

Prepare for your exams

Study with the several resources on Docsity

Find documents

Prepare for your exams with the study notes shared by other students like you on Docsity

Search for your university

Find the specific documents for your university's exams

Docsity AINEW

Summarize your documents, ask them questions, convert them into quizzes and concept maps

Explore questions

Clear up your doubts by reading the answers to questions asked by your fellow students

Earn points to download

Earn points by helping other students or get them with a premium plan

Share documents
download point icon20 Points

For each uploaded document

Answer questions
download point icon5 Points

For each given answer (max 1 per day)

All the ways to get free points
Get points immediately

Choose a premium plan with all the points you need

Study Opportunities

Choose your next study program

Get in touch with the best universities in the world. Search through thousands of universities and official partners

Community

Ask the community

Ask the community for help and clear up your study doubts

Free resources

Our save-the-student-ebooks!

Download our free guides on studying techniques, anxiety management strategies, and thesis advice from Docsity tutors

Payroll Accounting: Regulations, Ethics, and Practices, Exams of Business Systems

London Institute of Business and Technology (LIBT)Business Systems

A concise overview of key concepts in payroll accounting, focusing on regulations, ethics, and practical applications. It covers topics such as the irs's role, equal pay act, davis-bacon act, and the importance of integrity and objectivity in payroll practices. The document also includes questions and answers related to payroll processes, compliance, and ethical considerations, making it a useful resource for understanding the fundamentals of payroll accounting. It also touches on contemporary practices like direct deposit and electronic filing, as well as challenges faced by small businesses.

Typology: Exams

2024/2025

Available from 05/21/2025

locaz-turus-1
locaz-turus-1 🇺🇸

5

(1)

13K documents

1 / 6

Toggle sidebar

This page cannot be seen from the preview

Don't miss anything!

bg1
Payroll class Ch. 1
Internal Revenue Service (IRS) correct answer The branch of the U.S. Treasury Department in
charge of collecting taxes
The equal pay act of 1963 correct answer Federal legislation mandating that males and females
receive equal compensation for comparable work
Davis-Bacon Act of 1931 correct answer Federal legislation enacted in 1931 that requires
federal contractors to pay employees an amount of commensurate with the prevailing local
wage
Ethics correct answer an individuals definition of right and wrong (morals)
integrity correct answer possessing honesty and high moral principals
objectivity correct answer making decisions that are free from biased or subjectivity
independence correct answer the ability of an accountant to act professionally w/out external
pressures that would cause a third party to question the integrity of actions and decisions
Professional Competence correct answer the continuing capability to perform professional
duties with an agreed-upon standard of quality
Due care correct answer the caution that a reasonable person would exercise to avoid to avoid
being charged with negligence
publication 15 correct answer The employers tax guide published by the internal revenue
service
pf3
pf4
pf5

Partial preview of the text

Download Payroll Accounting: Regulations, Ethics, and Practices and more Exams Business Systems in PDF only on Docsity!

Payroll class Ch. 1

Internal Revenue Service (IRS) correct answer The branch of the U.S. Treasury Department in charge of collecting taxes The equal pay act of 1963 correct answer Federal legislation mandating that males and females receive equal compensation for comparable work Davis-Bacon Act of 1931 correct answer Federal legislation enacted in 1931 that requires federal contractors to pay employees an amount of commensurate with the prevailing local wage Ethics correct answer an individuals definition of right and wrong (morals) integrity correct answer possessing honesty and high moral principals objectivity correct answer making decisions that are free from biased or subjectivity independence correct answer the ability of an accountant to act professionally w/out external pressures that would cause a third party to question the integrity of actions and decisions Professional Competence correct answer the continuing capability to perform professional duties with an agreed-upon standard of quality Due care correct answer the caution that a reasonable person would exercise to avoid to avoid being charged with negligence publication 15 correct answer The employers tax guide published by the internal revenue service

certified payroll correct answer a report mandated for certain fellow government contracts that verifies the accuracy of labor expenses incurred during completion of contract-related activities Which of the following company employees does payroll affect? correct answer president/CEO manager production worker How do managers use internal payroll reports? correct answer -Managers use payroll reports to examine compensation trends. -Managers use payroll reports to monitor labor usage. The purpose of the Equal Pay Act of 1963 was to ensure that correct answer males and females would get paid the same The Davis-Bacon Act was enacted to create a standard of wages for governmental contracts in excess of correct answer $2, Payment of legally due payroll amounts becomes a mora____ between the______ and the recipients. correct answer contract company Within a business context, payroll affects _______(if not all) _____of the organization. correct answer most members Payroll errors may cause serious____ and_____ problems. correct answer internal external

Objectivity in accounting refers to which of the following correct answer Independence from personal or work-related pressures. Consideration of only the facts relevant to the task at hand. The federal government uses ________ _________ ________ to keep track of employees correct answer Employer identification number (EIN) An accountant must remain current with ________practices and legal_______ as part of the ethical principle of due care. correct answer accounting Which of the following are time-collection devices that generate specific data? correct answer Computer access Time sheets Biometrics Small companies may choose to explore_______ of_______ as the firm grows. correct answer outsourcing payroll Which of the following would not be a result of flawed payroll accounting? correct answer correct employee pay Which of the following is not a commercially available computerized accounting program used to prepare payroll? correct answer quicken In manual payroll processing, __________ ________is a highly important reference. correct answer publication 15 Which form does a company file to obtain an employer identification number? correct answer SS-

Why do companies outsource payroll functions? correct answer Strategic planning Time involved with payroll preparation Which of the following is not a reason for timekeeping practices for payroll accounting? correct answer Focus on employee behavior Which of the following is a challenge that small business face with payroll processing? correct answer Availability of trained personnel What are the purposes of computer-based payroll systems? correct answer Integration of tax withholding tables Integration of payroll with other accounting functions What IRS publication is used frequently in manual payroll preparation? correct answer publication 15 Which of the following is true about certified payroll? correct answer It maintains records about payroll payments for government contracts. Companies engaged in government payments under the Davis-Bacon Act must file a report delineating the payroll paid. Companies who use outsourced payroll processing are not responsible for the accuracy of their payroll. correct answer false Companies use_________ collection devices to collect time worked by hourly employees. correct answer time Why might a small company choose to outsource payroll processing? correct answer Unwieldy payroll tasks