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%.)
GraduateWriterHelp.com is an online academic writing platform that provides extensive assistance to graduate school students as they work through their research projects, papers and dissertations. GraduateWriterHelp.com gives students access to experienced professionals who can provide the help they need in a timely and efficient manner. The service offers a wide range of services, including editing, proofreading, formatting, researching and more that can give students the confidence they need to write the perfect paper or dissertation for their chosen subject matter.
Services Offered by GraduateWriterHelp.com
GraduateWriterHelp.com offers a wealth of different services designed to make research projects easier for graduate school students. These include editing, proofreading, formatting and researching services, all tailored specifically for graduate-level studies such as PhDs or Master’s degrees in any field from business administration to engineering or even psychology – all with the aim of helping busy students find success in their academics without having to sacrifice other important commitments like family time or work hours towards earning a living wage outside of college hours.
The Benefits of Using GraduateWriterHelp.com
Using GraduateWriterHelp.com gives you access to experts from all over the world who are highly qualified and experienced in helping graduate-level students to complete successful projects in various fields quickly and efficiently – something that would otherwise be difficult, if not impossible, given tight deadlines associated with most Ph.D./Master’s degree programs today. Moreover, using this platform makes it easier for students to keep up with multiple research tasks simultaneously since there are so many different experts available on tap at any one time – no longer will you have to put off studying one topic while focusing on another because of lack of resources! Additionally, having access to professional editors, proofreaders, but also formatters means that quality control standards aren’t sacrificed when finishing major pieces – since these individuals understand what makes up good academic writing better than anyone else and can offer guidance on how best one should go about making improvements along those lines. Finally, there is also an added cost-saving benefit associated with utilizing Graduate Writer Help compared to hiring an independent contractor (which could potentially run into thousands depending on length/complexity).
This service allows users only pay for what students need, which tends to be much lower overall because customers pay per hour rather than project basis, thus resulting to greater financial flexibility, especially for those just starting out postgraduate studies looking to conserve some pennies here there whenever possible!
Delivering a high-quality product at a reasonable price is not enough anymore.
That’s why we have developed 5 beneficial guarantees that will make your experience with our service enjoyable, easy, and safe.
You have to be 100% sure of the quality of your product to give a money-back guarantee. This describes us perfectly. Make sure that this guarantee is totally transparent.Read more
Each paper is composed from scratch, according to your instructions. It is then checked by our plagiarism-detection software. There is no gap where plagiarism could squeeze in.Read more
Thanks to our free revisions, there is no way for you to be unsatisfied. We will work on your paper until you are completely happy with the result.Read more
Your email is safe, as we store it according to international data protection rules. Your bank details are secure, as we use only reliable payment systems.Read more
By sending us your money, you buy the service we provide. Check out our terms and conditions if you prefer business talks to be laid out in official language.Read more