Question 1

Which of the following occurs nearest the start of the payroll cycle?

Accepted Answer

Updating the payroll master file occurs at the beginning of the payroll cycle to ensure that all employee information is current before processing payroll.

Question 2

Which of the following is a control that addresses the threat of payroll processing errors?

Accepted Answer

Batch totals ensure that the total amount of payroll is accurate and matches the sum of individual paychecks. This helps to detect and control processing errors. Field checks are used to ensure that data entered into a field is valid and properly formatted. Segregation of duties refers to separating responsibilities among different individuals to prevent fraud or errors. Sound hiring procedures are not directly related to addressing the threat of payroll processing errors.

Question 3

Which one of the following is most likely to be positively correlated with employee morale?

Accepted Answer

Profitability is most likely to be positively correlated with employee morale as it can lead to increased job security, better compensation, and opportunities for growth and development within the organization.

Question 4

The payroll cycle disburses checks to all of the following except

Accepted Answer

The payroll cycle is responsible for disbursing checks to employees for their wages, and may also involve payments to the government for taxes. Vendors are not part of the payroll cycle; they are paid through the accounts payable process.

Question 5

Which of the following accounting cycles is most likely to be outsourced by a small or midsized business?

Accepted Answer

HR/Payroll cycle is often outsourced by small or midsized businesses because it requires specific expertise, can be time-consuming, and involves sensitive employee information. Outsourcing allows businesses to focus on their core competencies and save costs on hiring and training specialized staff.

Question 6

Payroll processing efficiency can be increased by eliminating paper documents and replacing them with electronic recording devices.Which of the following documents would be likely to yield the greatest cost saving by this conversion?

Accepted Answer

Time cards are usually filled out by employees and contain information on hours worked, breaks taken, and overtime. If these time cards are replaced with electronic time clocks, there will be significant cost savings in terms of reduced paper usage, decreased storage needs, and less time spent on manual data entry. The other documents listed (payroll register, earnings statement, deduction register) may also benefit from electronic recording devices, but they are typically generated by the payroll system and may not result in as much cost savings as eliminating paper time cards.

Question 7

Which of the following will limit a firm's potential loss exposure from paycheck forgery?

Accepted Answer

The answer of Which of the following will limit a...

Question 8

Which of the following is a control that addresses the threat of unauthorized changes to the payroll master file?

Accepted Answer

Segregation of duties is the best control for addressing the threat of unauthorized changes to the payroll master file. This control ensures that no single employee has complete control over the payroll process and also helps to prevent errors and fraud. Field checks and batch totals are controls used to detect errors in data entry and processing, while sound hiring procedures are important for ensuring the integrity and reliability of employees, but they do not directly address the threat of unauthorized changes to the payroll master file.

Question 9

Which of the following forms is used to report a summary of all employees' wages and witholdings?

Accepted Answer

The W-3 form is used to transmit a summary of all W-2 forms, which report employees' wages and withholdings, to the Social Security Administration.

Question 10

Which of the following will contribute to the efficiency of a payroll system?

Accepted Answer

Direct deposit of checks can significantly contribute to the efficiency of a payroll system by automating the process and eliminating the need for physical checks to be printed and distributed, reducing the risk of human error and saving time and resources. Segregation of check distribution from payroll duties, a separate payroll bank account, and prompt redeposit of unclaimed paychecks can also improve the system's efficiency, but they may not have as significant of an impact as direct deposit.

Question 11

Which of the following occurs nearest the start of the payroll cycle?

Accepted Answer

The answer of Which of the following occurs nearest the...

Question 12

The average annual middle-management salary at Folding Squid Technologies is $60,000.If the average turnover rate for middle management is ten employees per year,what is the approximate average annual cost of turnover?

Accepted Answer

The answer of The average annual middle-management salary at Folding...

Question 13

List the various ways used to compensate employees.

Accepted Answer

The answer of List the various ways used to compensate...

Question 14

Which of the following forms is used to report an employee's wages and witholdings?

Accepted Answer

The W-2 form is used to report an employee's wages and withholdings for the purpose of filing their personal income tax return. The form is typically provided to the employee by their employer by January 31st of the following year. The form includes information such as the employee's total earnings, taxes withheld, and contributions to retirement plans. The employee then uses this information to file their personal income tax return with the IRS.

Question 15

Which of the following is a control that addresses the threat of accidental entry of inaccurate time data into the payroll system?

Accepted Answer

Field checks are controls that verify the accuracy of data entered into a system. In this case, field checks can be used to ensure that the time data entered into the payroll system is accurate and valid. This helps to mitigate the risk of accidental entry of inaccurate time data. Batch totals, segregation of duties, and sound hiring procedures may be important controls for other threats in the payroll system, but they do not specifically address the threat of accidental entry of inaccurate time data.

Question 16

Which of the following forms is used to report an employer's quarterly federal tax return?

Accepted Answer

Form 941 is used to report an employer's quarterly federal tax return, including information on federal income tax withheld, Social Security tax withheld, and Medicare tax withheld.

Question 17

The Jaded Palate,a gourmet restaurant in Sunnyville,Alaska,uses outsourcing to reduce the costs of payroll processing and employee benefit administration.A business that provides these services is called a(an)

Accepted Answer

The answer of The Jaded Palate,a gourmet restaurant in Sunnyville,Alaska,uses...

Question 18

Which of the following is the most important control for reducing the opportunity for fraud involving paycheck forgery?

Accepted Answer

Segregation of check distribution from payroll duties is the most important control for reducing the opportunity for fraud involving paycheck forgery. This ensures that the person who is responsible for approving and preparing payroll is separate from the person who distributes the checks, which reduces the opportunity for fraud. Prompt redeposit of unclaimed paychecks, a separate payroll bank account, and direct deposit of checks are also effective controls, but they are not as crucial as segregation of duties.

Question 19

Define an HRM/payroll cycle.What are the basic activities in an HRM/payroll cycle?

Accepted Answer

The answer of Define an HRM/payroll cycle.What are the basic...

Question 20

Which of the following forms is used to report an independent contractor's compensation?

Accepted Answer

Form 1099-Misc is used to report the compensation paid to independent contractors. Option A (form 941) is used to report employment tax withholding and payments. Option B (W-2) is used to report the wages paid to employees. Option C (W-3) is a transmittal form used to submit W-2 forms to the Social Security Administration.

Quiz 13: The Human Resources Managementpayroll Cycle

Which of the following occurs nearest the start of the payroll cycle?

Which of the following is a control that addresses the threat of payroll processing errors?

Which one of the following is most likely to be positively correlated with employee morale?

The payroll cycle disburses checks to all of the following except

Which of the following accounting cycles is most likely to be outsourced by a small or midsized business?

Payroll processing efficiency can be increased by eliminating paper documents and replacing them with electronic recording devices.Which of the following documents would be likely to yield the greatest cost saving by this conversion?

Which of the following will limit a firm's potential loss exposure from paycheck forgery?

Which of the following is a control that addresses the threat of unauthorized changes to the payroll master file?

Which of the following forms is used to report a summary of all employees' wages and witholdings?

Which of the following will contribute to the efficiency of a payroll system?

Which of the following occurs nearest the start of the payroll cycle?

The average annual middle-management salary at Folding Squid Technologies is $60,000.If the average turnover rate for middle management is ten employees per year,what is the approximate average annual cost of turnover?

List the various ways used to compensate employees.

Which of the following forms is used to report an employee's wages and witholdings?

Which of the following is a control that addresses the threat of accidental entry of inaccurate time data into the payroll system?

Which of the following forms is used to report an employer's quarterly federal tax return?

The Jaded Palate,a gourmet restaurant in Sunnyville,Alaska,uses outsourcing to reduce the costs of payroll processing and employee benefit administration.A business that provides these services is called a(an)

Which of the following is the most important control for reducing the opportunity for fraud involving paycheck forgery?

Define an HRM/payroll cycle.What are the basic activities in an HRM/payroll cycle?

Which of the following forms is used to report an independent contractor's compensation?