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Test Bank for Payroll Accounting 2019 5th Edition By Landin

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By:  Landin

Edition: 5th Edition

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Resource Type: Test bank

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Test Bank for Payroll Accounting 2019 5th Edition By Landin

Payroll Accounting 2019, 5e (Landin)

Chapter 1   Payroll Practices and System Fundamentals

1) Internal payroll reports are used to inform a firm’s managers and decision-makers about labor costs.

Answer:  TRUE

Difficulty: 1 Easy

Topic:  Identify Legislation That Pertains to Payroll and Business

Learning Objective:  01-01 Identify Legislation That Pertains to Payroll and Business

Bloom’s:  Understand

AACSB:  Communication

Accessibility:  Keyboard Navigation

2) The Lilly Ledbetter Act of 2009 was the first act that mandated equal pay for men and women who perform identical tasks.

Answer:  FALSE

Explanation:  The Equal Pay Act of 1963 was the first legislation that addressed pay equity.

Difficulty: 1 Easy

Topic:  Identify Legislation That Pertains to Payroll and Business

Learning Objective:  01-01 Identify Legislation That Pertains to Payroll and Business

Bloom’s:  Remember

AACSB:  Reflective Thinking

Accessibility:  Keyboard Navigation

3) The Age Discrimination in Employment Act (ADEA) prohibits discrimination in employment practices for workers who are older than age 50.

Answer:  FALSE

Explanation:  ADEA protects workers who are older than age 40.

Difficulty: 1 Easy

Topic:  Identify Legislation That Pertains to Payroll and Business

Learning Objective:  01-01 Identify Legislation That Pertains to Payroll and Business

Bloom’s:  Remember

AACSB:  Diversity

Accessibility:  Keyboard Navigation

4) Payroll-related legislation often reflects emerging issues in societal evolution.

Answer:  TRUE

Difficulty: 2 Medium

Topic:  Identify Legislation That Pertains to Payroll and Business

Learning Objective:  01-01 Identify Legislation That Pertains to Payroll and Business

Bloom’s:  Analyze

AACSB:  Reflective Thinking

Accessibility:  Keyboard Navigation

5) The Worker’s Compensation Act of 1935 legislated the payment of worker’s compensation insurance.

Answer:  FALSE

Explanation:  No federal legislation exists regarding the payment of worker’s compensation insurance.

Difficulty: 1 Easy

Topic:  Discuss the Legal Framework Specific to Payroll Accounting

Learning Objective:  01-02 Discuss the Legal Framework Specific to Payroll Accounting

Bloom’s:  Understand

AACSB:  Communication

Accessibility:  Keyboard Navigation

6) The ethical principle of due care pertains to the upholding of rights and justice of stakeholders.

Answer:  FALSE

Explanation:  The principle of due care pertains to the accountant’s professional competence.

Difficulty: 2 Medium

Topic:  Discuss the Ethical Guidelines for Payroll Accounting

Learning Objective:  01-03 Discuss the Ethical Guidelines for Payroll Accounting

Bloom’s:  Apply

AACSB:  Ethics

Accessibility:  Keyboard Navigation

7) Payroll accounting systems may involve an integrated software package that contains business-planning tools.

Answer:  TRUE

Difficulty: 1 Easy

Topic:  Identify Contemporary Payroll Practices

Learning Objective:  01-04 Identify Contemporary Payroll Practices

Bloom’s:  Understand

AACSB:  Technology

Accessibility:  Keyboard Navigation

8) The IRS uses EINs to track employers for tax purposes.

Answer:  TRUE

Difficulty: 1 Easy

Topic:  Identify Contemporary Payroll Practices

Learning Objective:  01-04 Identify Contemporary Payroll Practices

Bloom’s:  Remember

AACSB:  Communication

Accessibility:  Keyboard Navigation

9) The payroll volume tends to be greater for small companies than for large businesses.

Answer:  FALSE

Explanation:  Payroll volume is lower for small companies because the number of employees is smaller, which leads to a lower number of payroll transaction.

Difficulty: 1 Easy

Topic:  Compare Payroll Processing Options for Different Businesses

Learning Objective:  01-05 Compare Payroll Processing Options for Different Businesses

Bloom’s:  Understand

AACSB:  Reflective Thinking

Accessibility:  Keyboard Navigation

10) The use of outsourced payroll relieves employers of the responsibility for payroll accuracy.

Answer:  FALSE

Explanation:  The employer is responsible for payroll accuracy regardless of who processes it.

Difficulty: 2 Medium

Topic:  Compare Payroll Processing Options for Different Businesses

Learning Objective:  01-05 Compare Payroll Processing Options for Different Businesses

Bloom’s:  Analyze

AACSB:  Reflective Thinking

Accessibility:  Keyboard Navigation

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DescriptionBy:  Landin Edition: 5th Edition Format: Downloadable ZIP Fille Resource Type: Test bank Duration: Unlimited downloads Delivery: Instant DownloadBy: Wild Edition: 8th Edition Format: Downloadable ZIP Fille Resource Type: Test bank Duration: Unlimited downloads Delivery: Instant DownloadBy: Landin Edition: 5th Edition Format: Downloadable ZIP Fille Resource Type: Solution manual Test bank Duration: Unlimited downloads Delivery: Instant DownloadEdition: 10th Edition Format: Downloadable ZIP Fille Resource Type: Solution manual Duration: Unlimited downloads Delivery: Instant DownloadEdition: 11th Edition Format: Downloadable ZIP Fille Resource Type: Solution manual Duration: Unlimited downloads Delivery: Instant DownloadEdition: 8th Edition Format: Downloadable ZIP Fille Resource Type: Solution manual Duration: Unlimited downloads Delivery: Instant Download
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Test Bank for Payroll Accounting 2019 5th Edition By Landin

Payroll Accounting 2019, 5e (Landin) Chapter 1   Payroll Practices and System Fundamentals 1) Internal payroll reports are used to inform a firm's managers and decision-makers about labor costs. Answer:  TRUE Difficulty: 1 Easy Topic:  Identify Legislation That Pertains to Payroll and Business Learning Objective:  01-01 Identify Legislation That Pertains to Payroll and Business Bloom's:  Understand AACSB:  Communication Accessibility:  Keyboard Navigation 2) The Lilly Ledbetter Act of 2009 was the first act that mandated equal pay for men and women who perform identical tasks. Answer:  FALSE Explanation:  The Equal Pay Act of 1963 was the first legislation that addressed pay equity. Difficulty: 1 Easy Topic:  Identify Legislation That Pertains to Payroll and Business Learning Objective:  01-01 Identify Legislation That Pertains to Payroll and Business Bloom's:  Remember AACSB:  Reflective Thinking Accessibility:  Keyboard Navigation 3) The Age Discrimination in Employment Act (ADEA) prohibits discrimination in employment practices for workers who are older than age 50. Answer:  FALSE Explanation:  ADEA protects workers who are older than age 40. Difficulty: 1 Easy Topic:  Identify Legislation That Pertains to Payroll and Business Learning Objective:  01-01 Identify Legislation That Pertains to Payroll and Business Bloom's:  Remember AACSB:  Diversity Accessibility:  Keyboard Navigation 4) Payroll-related legislation often reflects emerging issues in societal evolution. Answer:  TRUE Difficulty: 2 Medium Topic:  Identify Legislation That Pertains to Payroll and Business Learning Objective:  01-01 Identify Legislation That Pertains to Payroll and Business Bloom's:  Analyze AACSB:  Reflective Thinking Accessibility:  Keyboard Navigation 5) The Worker's Compensation Act of 1935 legislated the payment of worker's compensation insurance. Answer:  FALSE Explanation:  No federal legislation exists regarding the payment of worker's compensation insurance. Difficulty: 1 Easy Topic:  Discuss the Legal Framework Specific to Payroll Accounting Learning Objective:  01-02 Discuss the Legal Framework Specific to Payroll Accounting Bloom's:  Understand AACSB:  Communication Accessibility:  Keyboard Navigation 6) The ethical principle of due care pertains to the upholding of rights and justice of stakeholders. Answer:  FALSE Explanation:  The principle of due care pertains to the accountant's professional competence. Difficulty: 2 Medium Topic:  Discuss the Ethical Guidelines for Payroll Accounting Learning Objective:  01-03 Discuss the Ethical Guidelines for Payroll Accounting Bloom's:  Apply AACSB:  Ethics Accessibility:  Keyboard Navigation 7) Payroll accounting systems may involve an integrated software package that contains business-planning tools. Answer:  TRUE Difficulty: 1 Easy Topic:  Identify Contemporary Payroll Practices Learning Objective:  01-04 Identify Contemporary Payroll Practices Bloom's:  Understand AACSB:  Technology Accessibility:  Keyboard Navigation 8) The IRS uses EINs to track employers for tax purposes. Answer:  TRUE Difficulty: 1 Easy Topic:  Identify Contemporary Payroll Practices Learning Objective:  01-04 Identify Contemporary Payroll Practices Bloom's:  Remember AACSB:  Communication Accessibility:  Keyboard Navigation 9) The payroll volume tends to be greater for small companies than for large businesses. Answer:  FALSE Explanation:  Payroll volume is lower for small companies because the number of employees is smaller, which leads to a lower number of payroll transaction. Difficulty: 1 Easy Topic:  Compare Payroll Processing Options for Different Businesses Learning Objective:  01-05 Compare Payroll Processing Options for Different Businesses Bloom's:  Understand AACSB:  Reflective Thinking Accessibility:  Keyboard Navigation 10) The use of outsourced payroll relieves employers of the responsibility for payroll accuracy. Answer:  FALSE Explanation:  The employer is responsible for payroll accuracy regardless of who processes it. Difficulty: 2 Medium Topic:  Compare Payroll Processing Options for Different Businesses Learning Objective:  01-05 Compare Payroll Processing Options for Different Businesses Bloom's:  Analyze AACSB:  Reflective Thinking Accessibility:  Keyboard Navigation

Solution Manual for Financial and Managerial Accounting 8th Edition By Wild

Chapter 1

Accounting in Business QUESTION
  1. The purpose of accounting is to provide decision makers with relevant and reliable information to help them make better decisions. Examples include information for people making investments, loans, and business plans.
  2. Technology reduces the time, effort, and cost of recordkeeping. There is still a demand for people who can design accounting systems, supervise their operation, analyze complex transactions, and interpret reports. Demand also exists for people who can effectively use computers to prepare and analyze accounting reports. Technology will never substitute for qualified people with abilities to prepare, use, analyze, and interpret accounting information.
  3. External users and their uses of accounting information include: (a) lenders, to measure the risk and return of loans; (b) shareholders, to assess whether to buy, sell, or hold their shares; (c) directors, to oversee the organization; (d) employees and labor unions, to judge the fairness of wages and assess future employment opportunities; and (e) regulators, to determine whether the organization is complying with regulations. Other users are voters, legislators, governmentofficials, contributors to nonprofits, suppliers, and customers.
  4. Business owners and managers use accounting information to help answer questions such as: What resources does an organization own? What debts are owed? How much income is earned? Are expenses reasonable for the level of sales? Are customers’ accounts being promptly collected?
  5. Service businesses include: Standard and Poor’s, Dun & Bradstreet, Merrill Lynch, Southwest Airlines, CitiCorp, Humana, Charles Schwab, and Prudential.  Businesses offering products include Nike, Reebok, Gap, Apple, Ford Motor Co., Philip Morris, Coca-Cola, Best Buy, and WalMart.
  6. The internal role of accounting is to serve the organization’s internal operating functions. It does this by providing useful information for internal users in completing their tasks more effectively and efficiently. By providing this information, accounting helps the organization reach its overall goals.
  7. Accounting professionals offer many services including auditing, management advice, tax planning, business valuation, and money management.
  8. Marketing managers are likely interested in information such as sales volume, advertising costs, promotion costs, salaries of sales personnel, and sales commissions.
  9. Accounting is described as a service activity because it serves decision makers by providing information to help them make better business decisions.
  10. Some accounting-related professions include consultant, financial analyst, underwriter, financial planner, appraiser, FBI investigator, market researcher, and system designer.
QUICK STUDIES Quick Study 1-1 (10 minutes)
1. f    Technology
2. c    Recording
3. h    Recordkeeping (bookkeeping)
  Quick Study 1-2 (10 minutes)
a. E   External user g. E    External user
b. E   External user h. E    External user
c. E   External user i. I     Internal user
d. E   External user j. E    External user
e. I     Internal user k. E    External user
f. E   External user l. E    External user

Solution Manual for Payroll Accounting 2019 5th Edition By Landin

SOLUTIONS MANUAL: CHAPTER 1 END OF CHAPTER ANSWERS ANSWERS TO STOP AND CHECK EXERCISES   Which Law?  
  1. K
  2. H
  3. B
  4. F
  5. I
  6. J
  7. A
  8. D
  9. G
  10. C
  11. E
  Which Payroll Law?  
  1. D
  2. A
  3. F
  4. C
  5. G
  6. J
  7. B
  8. I
  9. H
  10. E
  What’s Ethical?  
  1. Answers will vary. Some concerns include data privacy and integrity in the software switchover, tax and employee pay integrity on the new software, and employee pay methods.
 
  1. Answers will vary. Liza could choose to ignore her sorority sister’s request, claiming professional responsibility. She could also discontinue active participation in the sorority. In any case, Liza must not consent to her sorority sister’s request for confidential information.
  Confidential Records As a payroll clerk, your task is to protect the privacy and confidentiality of the information you maintain for the company. If a student group—or any personnel aside from the company’s payroll employees and officers—wishes to review confidential records, you should deny their request. If needed, you should refer the group to your department’s manager to discuss the matter in more depth. The laws that apply to this situation are the Privacy Act of 1974, the Freedom of Information Act, and potentially HIPAA.   Large vs.Small
  1. Large companies face issues with multiple departments, employee access to online personnel portals, employee data security, and timekeeping accuracy.
  2. For small companies, the cost of outsourcing the payroll function needs to be considered. On one hand, a small company may not have personnel who are proficient with payroll regulations and tax reporting requirements, which leaves a company vulnerable to legal actions and stringent fines. However, engaging a payroll service company may be cost prohibitive. The decision to outsource the payroll for a small company should take into accountthe number of personnel, locations, and types of operations in which the company engages.

Solution Manual for Accounting Information Systems 10th Edition by Hall

Table of Contents Part I: OVERVIEW OF ACCOUNTING INFORMATION SYSTEMS. 1. The Information System: An Accountant’s Perspective. 2. Introduction to Transaction Processing. 3. Ethics, Fraud, and Internal Control. Part II: TRANSACTION CYCLES AND BUSINESS PROCESSES. 4. The Revenue Cycle. 5. The Expenditure Cycle Part I: Purchases and Cash Disbursements Procedures. 6. The Expenditure Cycle Part II: Payroll Processing and Fixed Asset Procedures. 7. The Conversion Cycle. 8. Financial Reporting and Management Reporting Systems. Part III: ADVANCED TECHNOLOGIES IN ACCOUNTING INFORMATION. 9. Database Management Systems. 10. The REA Approach to Business Process Modeling. 11. Enterprise Resource Planning Systems. 12. Electronic Commerce Systems. Part IV: SYSTEMS DEVELOPMENT ACTIVITIES. 13. Systems Development and Program Change Activities. Part V: COMPUTER CONTROLS AND AUDITING. 14. IT Controls Part I: Sarbanes-Oxley and IT Governance. 15. IT Controls Part II: Security and Access. 16. IT Controls Part III: Systems Development, Program Changes, Application Controls. Glossary. Subject Index.  

Solution Manual for Managerial Accounting 11th CANADIAN Edition by Garrison

Chapter 1 Managerial Accounting and the Business Environment Learning Objectives  
  • Describe the functions performed by managers.
  • Identify the major differences and similarities between financial and managerial accounting.
  • Explain the basic concepts of lean production and enterprise risk management.
  • Explain the nature and importance of ethics for accountants and the role of corporate social responsibility.
  • Explain how intrinsic motivation, extrinsic incentives, and cognitive biases affect employee behaviour.
  Chapter Overview   This chapter serves four main purposes:  
  • It explains the nature of managerial accounting in providing internal accounting information to support the work of management—planning, directing and motivating, and controlling.
  • It describes the nature of organizations and the role of management accountants in an organization.
  • It explains how companies are responding to a changing business environment by improving business process with the following four approaches:
    • Lean Production
    • Enterprise Risk Management
  • It discusses the importance of upholding ethical standards.
    Service-Related Examples   Company                                                                                                       Type of Business                           Text Reference Certified Professional Accountants     Accounting                                    Introduction Canadian Pacific                               Railway                                   In Business CIBC                                                 Bank                                             Ethics/Discussion Case     Assignment Topic Grid Chapter 1  
Problem Topic LO1: Functions of managers LO2: Financial vs. managerial accounting   LO3: Lean production and enterprise risk   management   LO4: Nature and importance of ethics for   accountants LO5: Intrinsic motivation, extrinsic incentives, and cognitive biases Service industry Writing component CPA adapted
E1-1 Functions Performed by Managers ü ?
E1-2 Financial and Managerial Accounting ü ?
E1-3 Enterprise Risk Management ü ?
P1-4 Cognitive Biases ü ?
P1-5 Planning and Control Activities ü J ?
P1-6 Ethics in Business ü ?
P1-7 Corporate Social Responsibility ü ?
P1-8 Intrinsic Motivation and Extrinsic Incentives ü ?
P1-9 Value Chain Analysis ü
 

Solution Manual for Management Accounting 8th Edition by Langfield-Smith

CHAPTER 1

Management Accounting: Information for Creating Value and Managing Resources ANSWERS TO REVIEW QUESTIONS   1.1    There are many possible answers to the question. Qantas, the national airline of Australia, has faced a number of changes in its business environment over the last 20 years, including deregulation of the domestic aviation industry. This resulted in increased competition as new companies attempted to enter the industry. The most notable of these was Compass, which madetwo failed attempts to succeed in the market and gain market share by savagely cutting prices. Qantas’major competitor, Ansett Australia, collapsed in 2001, resulting in Qantas having almost a monopoly for a short period. A powerful UK airline, Virgin, has also entered the market, with a history of taking legal action against market leaders who attempt to intimidate them using predatory pricing. Further, Impulse Airlines, a local airline, started operations, only to be eventually taken over by Qantas. On top of all this, the international terrorism crisis of 11 September 2001 saw a substantial contraction of international air travel for a period of many months, leading to the collapse of several United States airlines many times the size of Qantas. Other changes to the business environment have included:
  • unrest and war in the Middle East and speculation in oil,resulting in volatility and serious increases in fuel prices
  • bombings in Bali in 2002 and 2005
  • the outbreak of severe acute respiratory syndrome (SARS) in 2003
  • natural disasters, such as the Asian tsunami in 2004
  • the heavy subsidisation of competing national carriers, especially by Middle Eastern countries
  • the entry of Tiger Airways into Australia
  • extra capacity gained by Virgin Blue
  • the shifting of significant parts of engineering maintenance operations offshore
  • publicity surrounding a series of safety and engineering concerns, and an audit by the Civil Aviation Safety Authority(CASA) in 2008, finding that maintenance by Qantas was not up to its own standards, and
  • financial uncertainty arising from the 2008 credit crisis and share market collapse.
In more recent times, two different volcanoes have caused the cancellation of flights forseveral days, and the explosion of an engine in a new range of aircraft, the A380, in November 2010 caused the grounding of that fleet until January 2011 while the reason was explored and overcome (see the ‘Real life’ in ‘Comparing two alternative investment projects’ in Chapter 21). 1.2    The explosion in e-commerce will affect management accounting in significant ways.One effect will be a drastic reduction in paperwork.Millions of transactions between businesses will be conducted electronically with no hard-copy documentation.Along with this method of communicating for business transactions comes the very significant issue of information security.Businesses need to find ways to protect confidential information in their own computers, while at the same time sharing the information necessary to complete transactions.Another effect of e-commerce is the dramatically increased speed with which business transactions can be conducted.In addition to these business-to-business transactional issues, there will be dramatic changes in the way management accounting procedures are carried out, one example being e-budgeting,the enterprise-wide electronic completion of a company’s budgeting process. 1.3    Management accounting information prepared on a regular basis includes product costs, profitability reports, and also individual resource costs such as materials purchased and used, labour costs and the costs incurred in providing and managing facilities. On an ad hoc basis, management accounting reports may be prepared to estimate future cash flows relating to the impact of purchasing and operating a new piece of equipment and the expected outcome from changing the product mix. 1.4    Management accounting is defined as ‘processes and techniques that are focused on the effective and efficient use of organisational resources to support managers in their task of enhancing both customer value and shareholder value’. Value creation is a central focus for contemporary managers. Customer value refers to the value that a customer places on particular features of a good or service (and which is what leads to them purchase the product). Shareholder value is the value that shareholders, or owners, place on a business,usually expressed in the form of increased profitability, increased share prices or increased dividends. 1.5    The important differences between management accounting and financial accounting are listed below. (a)   Management accounting information is provided to managers and employees within the organisation, whereas financial accounting information is provided to interested parties outside the organisation. (b)   Management accounting reports are unregulated, whereas financial accounting reports are legally required and must conform to Australian accounting standards and corporations law. (c)   The primary source of data for management accounting information is the organisation’s basic accounting system, plus data from many other sources. These sources will yield data such as rates of defective products manufactured, physical quantities of material and labour used in production, occupancy rates in hotels and hospitals and average take-off delays in airlines. The primary source of data for financial accounting information is almost exclusively the organisation’s basic accounting system, which accumulates financial information. (d)   Management accounting reports often focus on sub-units within the organisation, such as departments, divisions, geographical regions or product lines. These reports are based on a combination of historical data, estimates and projections of future costs. The data may be subjective and there is a strong emphasis on reporting information that is relevant and timely. Financial accounting reports tend to focus on the enterprise in its entirety. These reports are based almost exclusively on verifiable transaction data. The focus is often on reliability rather than relevance and the reports are not timely. 1.6    The cost accounting system is one part of an organisation’s overall accounting system, the purpose of which is to estimate the cost of goods and services, as well as the cost of organisational units such as departments. Cost information accumulated by the cost accounting system is used for both management accounting and financial accounting purposes. Management accounting uses include setting prices, controlling operations and making product-related decisions. Financial accounting uses include valuation of inventory and cost of goods sold for the manufacturer’s balance sheet and income statement respectively. Management accounting is broader than just the preparation and reporting of financial
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