Question 1

Describe the basic activities in an HRM/payroll cycle.

Accepted Answer

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Question 2

Which of the following controls can minimize the threat of errors in processing payroll?

Accepted Answer

Issuing earnings statements to employees can help minimize the threat of errors by allowing employees to review their pay and alert management to any discrepancies or issues. Redepositing unclaimed paychecks and investigating causes, using biometric authentication, and conducting criminal background investigation checks can all have their own benefits but do not directly address the threat of errors in processing payroll.

Question 3

Which of the following documents would be likely to yield the greatest cost saving by converting from paper to electronic?

Accepted Answer

Time cards require frequent entry and updating, and electronic versions can automate this process, saving time and reducing errors. The other documents may also benefit from electronic conversion, but the potential cost savings may not be as significant.

Question 4

Which of the following controls can minimize the threat of theft or fraudulent distribution of paychecks?

Accepted Answer

Redepositing unclaimed paychecks and investigating the cause helps identify and address any discrepancies or fraudulent activities related to paycheck distribution.

Question 5

Discuss the various types and sources of input into the HRM/payroll cycle.

Accepted Answer

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Question 6

Which of the following controls can minimize the threat of inaccurate time and attendance data?

Accepted Answer

Using biometric authentication, such as fingerprint or facial recognition systems, can accurately track employee attendance without the need for manual input. This reduces the risk of inaccuracies, as there are no paper or electronic records to manipulate.

Question 7

Which of the following controls can minimize the threat of hiring unqualified or larcenous employees?

Accepted Answer

Conducting criminal background investigation checks of all applicants for finance related positions is the best control to minimize the threat of hiring unqualified or larcenous employees. This control will help to identify any criminal history that may indicate a risk of theft, fraud or other dishonest behavior. The other options (A, B, and C) may have some value in controlling certain risks but are not as effective as criminal background checks in preventing the hiring of unqualified or dishonest employees.

Question 8

Accountants can help executive compensation plan boards

Accepted Answer

Accountants can help executive compensation plan boards comply with legal and regulatory requirements by staying up-to-date with laws and regulations and ensuring that compensation plans align with them. This can prevent legal and financial issues in the future.

Question 9

A growing number of companies require some of their upper level executives to spend time performing job duties of rank-and-file employees.When the vice president of DaVita Inc. ,a major provider of dialysis treatment,spent three days working in one of the company's clinics,she understood

Accepted Answer

The article mentions that the vice president of DaVita Inc. spent time working in one of the company's clinics and gained an understanding of how responding to emergencies can result in delays in completing corporate-mandated reports. This suggests that option C is the best choice as it addresses a specific insight gained by the executive during her time working in the clinic. Options A, B, and D are not mentioned in the article and are therefore not supported as the best choice.

Question 10

Identify the following item that should contribute to the efficiency of a payroll system.

Accepted Answer

Direct deposit of checks contributes to the efficiency of a payroll system by eliminating the need to physically print, distribute, and deposit paper paychecks. This results in cost savings, time savings, and reduced potential for errors or fraud.

Question 11

Why are accurate cumulative earnings records important?

Accepted Answer

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Question 12

The HRM department should immediately delete records of employees who quit to prevent other employees from assuming their identities.

Accepted Answer

Deleting records of employees who quit from the HRM system without properly archiving them can result in loss of important data and can also hinder future reference. It is important to keep a record of all employees who have worked in the company for several reasons including compliance and legal purposes. Additionally, the assumption of identity by other employees is a rare occurrence and can be prevented through proper authentication and access control measures.

Question 13

Identify the two types of payroll deductions and give two examples of each type.

Accepted Answer

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Question 14

The sales department administrative assistant has been assigning phone order sales to her brother-in-law,a company sales person.Company policy is to pay commissions only on orders directly received by sales people,not on orders received over the phone.The resulting fraudulent commission payments might best have been prevented by requiring that

Accepted Answer

Requiring sales commission statements to be supported by sales order forms signed by the customer and approved by the sales manager would ensure that commissions are only paid on orders received directly by salespeople rather than orders received over the phone by someone else. This would provide a crucial control and prevention measure against fraudulent commission payments.

Question 15

The employer pays a portion of some payroll taxes and employee benefits.Both the employee and employer pay which benefit or tax listed below?

Accepted Answer

Both the employee and employer are responsible for paying Social Security taxes.

Question 16

Direct deposit of employee paychecks is one way an organization can improve efficiency and reduce payroll-processing costs.Which statement regarding direct deposit is false?

Accepted Answer

The cashier's role in the direct deposit process does not typically involve authorizing the transfer of funds from the organization's main checking account to a payroll checking account. This task is usually managed by other roles within the finance or payroll department to maintain internal controls and segregation of duties.

Question 17

Explain the functions of the payroll register,deduction register,and earnings statement.

Accepted Answer

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Question 18

Involving accountants in executive compensation plans is often especially helpful

Accepted Answer

Accountants can offer valuable insights and expertise in identifying relevant performance metrics that align with the goals of the organization and ensure the compensation plan is fair and justifiable. They can also provide guidance on regulatory compliance and financial implications of the compensation plan. While they may provide recommendations on the appropriate amount of compensation, ultimately it is up to management and the board of directors to decide on executive pay levels.

Question 19

A growing number of companies require some of their upper level executives to spend time performing job duties of rank-and-file employees.When the CEO of Loews Hotels assumed the role of bellman,he discovered

Accepted Answer

The CEO of Loews Hotels discovered that the company's polyester uniform caused him to sweat a great deal when he assumed the role of bellman.

Question 20

Executive immersion experiences are important because

Accepted Answer

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Quiz 15: The Human Resources Management and Payroll Cycle