FPC Chapter 2 Exam Questions and
Answers
What are escheat laws? - Answer-how long an ER has to hold unclaimed wages and the process
What are the two Reconciliations they mention? - Answer-General Ledger Account Reconciliation
Reconciling to Third-party payments
both are just double checking payroll liability and 3rd party payments to make sure that they are
accurate and compliant!
A computerized payroll system can help a payroll department accomplish all of the following except:
a) compliance with laws and regulations
b) producing timely, accurate paychecks
c)record retention
d) recognize changes in laws and regulations - Answer-D
, If you need very rapid response time with minimal lag between input and output into your computer
system, look for what? - Answer-C Real time processing
Name 3 systems that commonly need to be interfaced with a payroll computer system - Answer-HR
Benefits
Timekeeping
Name two key advantages of automated interfacing - Answer-saves you time
makes it accurate
Name two features found in systems providing EE self-service - Answer-view and print W2
View and print pay statements
What does documentation do for the company? - Answer-Ensures Uniformity
simplifies training
provides a reference tool
What are advantages of using subtotals? - Answer-easier to compare portions of the database
easier to identify specific data
Answers
What are escheat laws? - Answer-how long an ER has to hold unclaimed wages and the process
What are the two Reconciliations they mention? - Answer-General Ledger Account Reconciliation
Reconciling to Third-party payments
both are just double checking payroll liability and 3rd party payments to make sure that they are
accurate and compliant!
A computerized payroll system can help a payroll department accomplish all of the following except:
a) compliance with laws and regulations
b) producing timely, accurate paychecks
c)record retention
d) recognize changes in laws and regulations - Answer-D
, If you need very rapid response time with minimal lag between input and output into your computer
system, look for what? - Answer-C Real time processing
Name 3 systems that commonly need to be interfaced with a payroll computer system - Answer-HR
Benefits
Timekeeping
Name two key advantages of automated interfacing - Answer-saves you time
makes it accurate
Name two features found in systems providing EE self-service - Answer-view and print W2
View and print pay statements
What does documentation do for the company? - Answer-Ensures Uniformity
simplifies training
provides a reference tool
What are advantages of using subtotals? - Answer-easier to compare portions of the database
easier to identify specific data
