Solved > 61) Which of the following is a reason:1886517 …

61) Which of the following is a reason why many companies require a photo ID when employees pick up their paychecks?

A) to make sure an employee’s work hours have been accurately reported

B) to avoid writing a paycheck to a fictitious person

C) to improve efficiency of the payroll disbursement process

D) to make sure all employees are legal adults

62) Which of the following is true of good internal controls over payroll?

A) Accounting for payroll should be separate from hiring and firing of employees.

B) Disbursement of paychecks should not be separate from the function of maintaining payroll records.

C) Hiring and firing employees should not be separated from accounting and from disbursing pay checks.

D) Cash receipts from customers should be separated from the accounting for accounts receivable.

63) Which of the following is a major control risk in the payroll area?

A) theft of inventory by staff

B) fictitious persons cashing paychecks

C) expenses being recorded as assets in order to manipulate earnings

D) contracts being awarded to relatives of employees

64) Which of the following is a control procedure to prevent fictitious persons from cashing paychecks?

A) having employees clock in and out of work

B) keeping computerized records of payroll data

C) serial numbering of paychecks

D) requiring photo IDs for employees picking up their paychecks

65) Which of the following is an important internal control over payroll?

A) separating the duties of the disbursement of paychecks from the recording of payroll transactions in the ledger

B) separating the duties of safeguarding property from record-keeping of property

C) separating the duties of approving invoices from signing disbursement checks

D) separating the duties of cash disbursement from bank reconciliations

66) ________ is a schedule that summarizes the earnings, withholdings, and net pay for each employee.

A) Payroll register

B) Bin card

C) Cash ledger

D) Bank reconciliation statement

67) Which of the following columns is included in a typical payroll register?

A) Direct labor hours worked

B) Warranties Payable

C) Current Period Earnings

D) Sales Tax

68) Statewide Sales Inc. has gross salaries and wages for March of $45,000. Provide the journal entry to record salaries and wages expense and payroll withholdings. (Assume a FICA—OASDI Tax of 4.2% and FICA—Medicare Tax of 1.45%.) Salaries and wages to date are under the OASDI limit. Assume no federal or state income taxes are due.

69) Lawrence, an employee of Light Inc., has gross salary for March of $4,000. The entire amount is under the OASDI limit of $110,100, and thus subject to FICA. He is also subject to federal income tax at a rate of 18%. Provide the journal entry to record salaries expense and payroll withholdings. (Assume a FICA—OASDI Tax of 4.2% and FICA—Medicare Tax of 1.45%.)

70) Lawrence, an employee of Light Inc., has gross salary for March of $4,000. The entire amount is under the OASDI limit of $110,100, and thus subject to FICA. He is also subject to federal income tax at a rate of 18%. Lawrence has a deduction of $320 for health insurance and $80 for United Way. Provide the journal entry to record salaries expense and payroll withholdings. (Assume a FICA—OASDI Tax of 4.2% and FICA—Medicare Tax of 1.45%.)

71) Lawrence, an employee of Light Inc., has gross salary for March of $4,000. The entire amount is under the OASDI limit of $110,100, and thus subject to FICA. His year-to-date pay has already exceeded the $7,000 cap for FUTA and SUTA. Provide the journal entry to record the employer’s payroll taxes. (Assume a FICA—OASDI Tax of 6.2% and FICA—Medicare Tax of 1.45%.)

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