ACCT 1130 FINAL EXAM STUDY GUIDE
QUESTIONS & ANSWERS GRADED A+
f Which of the following is NOT a privacy act specifically pertaining to payroll records?
A) Computer fraud and abuse act
B) U.S. department of labor OCFO-1
C) Freedom of information act
D) Community property act - C) Freedom of information act
Why is outsourced payroll popular among accounting professionals? - Time demands for payroll
processing decrease
Congress passed the _____ and _____ to assist displaced workers - Federal unemployment tax act, social
security insurance act
According to PCAOB, personal or family ownership in excess of five percent of a client's business may
compromise payroll accountant's _____ - Objectivity and independence
A provision of the _____ made managers and supervisors ineligible to participate in the tip pools, when
used for tipped employees - Consolidated appropriations act
Pay cards represent a trend in payroll disbursement that alleviates the employee's need for a _____ -
Bank account
The _____ mandated employer verification and reporting of an employee's legal ability to work in the
United States - Immigration reform and control act of 1986
Which of the following is true about independent contractors within the context of payroll?
,A) the worker controls hours worked and exercises judgement
B) they are employees of the company
C) a temporary working relationship must exist
D) tools and facilities are provided by the employer - A) the worker controls hours worked and exercises
judgment
Why do different methods of time collection devices exist among companies? - They promote accurate
time measurement
Contemporary payroll practices reflect _____ - The transition to internet- or cloud-based accounting
software
Which form does the Internal Revenue Service used to keep track of employees? - W-4
_____ is required under the Davis-Bacon act for employers who engage with federal contracts - Certified
payroll
Companies use _____ and _____ to allow employees to have rapid electronic access to their
compensation - Direct deposit, paycards
The _____ represented sweeping changes to the tax code, and reframed the computation of employee
income tax - Tax cuts and jobs act
An accountant must remain impartial in all dealings, according to the ethical principle of _____ -
Objectivity and independence
An example of an accounting software package that fosters cloud-based payroll processing is _____ -
QuickBooks
The _____ Prohibited discrimination based on race, creed, color, gender, or national origin - Civil rights
act of 1964
, Payment of prevailing local wages for government contractors was mandated by the _____ - Davis-Bacon
act
He consolidated appropriations act, included an increase in funding for the _____ program - E-verify
Employees may be classified as exempt or nonexempt, because of provisions of the _____ - Fair labor
standards act
What is the difference in pay practices between salaried exempt and salaried nonexempt workers? -
Salaried nonexempt workers may be eligible for overtime pay.
If a firm pays its employees semi monthly, how often does a dispersed employee compensation? - Twice
per month
Which pay frequency usually has 26 pay periods - Bi-weekly
A _____ employee is not eligible for company benefits whereas a _____ employee is eligible -
Temporary, leased
Roland is terminated by a company in Alabama according to state regulations, when must he received his
final pay? - No standardized state guidelines exist
According to the fair labor standards act, nonexempt workers receive overtime for _____ - Hours worked
in excess of 40 per week.
Payroll records that pertain to employees who have committed fraud or other legal actions must be
_____ - Retained indefinitely
Mira is a new employee of justice sports. to establish her identity and employment authorization, she
could present _____ - Her current United States passport
QUESTIONS & ANSWERS GRADED A+
f Which of the following is NOT a privacy act specifically pertaining to payroll records?
A) Computer fraud and abuse act
B) U.S. department of labor OCFO-1
C) Freedom of information act
D) Community property act - C) Freedom of information act
Why is outsourced payroll popular among accounting professionals? - Time demands for payroll
processing decrease
Congress passed the _____ and _____ to assist displaced workers - Federal unemployment tax act, social
security insurance act
According to PCAOB, personal or family ownership in excess of five percent of a client's business may
compromise payroll accountant's _____ - Objectivity and independence
A provision of the _____ made managers and supervisors ineligible to participate in the tip pools, when
used for tipped employees - Consolidated appropriations act
Pay cards represent a trend in payroll disbursement that alleviates the employee's need for a _____ -
Bank account
The _____ mandated employer verification and reporting of an employee's legal ability to work in the
United States - Immigration reform and control act of 1986
Which of the following is true about independent contractors within the context of payroll?
,A) the worker controls hours worked and exercises judgement
B) they are employees of the company
C) a temporary working relationship must exist
D) tools and facilities are provided by the employer - A) the worker controls hours worked and exercises
judgment
Why do different methods of time collection devices exist among companies? - They promote accurate
time measurement
Contemporary payroll practices reflect _____ - The transition to internet- or cloud-based accounting
software
Which form does the Internal Revenue Service used to keep track of employees? - W-4
_____ is required under the Davis-Bacon act for employers who engage with federal contracts - Certified
payroll
Companies use _____ and _____ to allow employees to have rapid electronic access to their
compensation - Direct deposit, paycards
The _____ represented sweeping changes to the tax code, and reframed the computation of employee
income tax - Tax cuts and jobs act
An accountant must remain impartial in all dealings, according to the ethical principle of _____ -
Objectivity and independence
An example of an accounting software package that fosters cloud-based payroll processing is _____ -
QuickBooks
The _____ Prohibited discrimination based on race, creed, color, gender, or national origin - Civil rights
act of 1964
, Payment of prevailing local wages for government contractors was mandated by the _____ - Davis-Bacon
act
He consolidated appropriations act, included an increase in funding for the _____ program - E-verify
Employees may be classified as exempt or nonexempt, because of provisions of the _____ - Fair labor
standards act
What is the difference in pay practices between salaried exempt and salaried nonexempt workers? -
Salaried nonexempt workers may be eligible for overtime pay.
If a firm pays its employees semi monthly, how often does a dispersed employee compensation? - Twice
per month
Which pay frequency usually has 26 pay periods - Bi-weekly
A _____ employee is not eligible for company benefits whereas a _____ employee is eligible -
Temporary, leased
Roland is terminated by a company in Alabama according to state regulations, when must he received his
final pay? - No standardized state guidelines exist
According to the fair labor standards act, nonexempt workers receive overtime for _____ - Hours worked
in excess of 40 per week.
Payroll records that pertain to employees who have committed fraud or other legal actions must be
_____ - Retained indefinitely
Mira is a new employee of justice sports. to establish her identity and employment authorization, she
could present _____ - Her current United States passport
