Explanation:
The value of a corporation's assets is shown on its balance sheet. The financial situation of a corporation at a given moment is depicted, together with its assets, liabilities, and shareholders' equity. It is an important financial statement that aids creditors, investors, and other stakeholders in evaluating the stability and health of a company's finances. A company's resources are represented by the value of its assets, which are listed on the balance sheet under different categories such as cash, accounts receivable, inventory, property, and equipment.
Explanation:
Employers are required by the Fair Labor Standards Act (FLSA) to keep records of their employees' job responsibilities for a period of three years. Ensuring compliance with the Act is crucial as it facilitates the assessment of whether employees are accurately classified and receiving the right compensation and benefits. Employers can prove, in the event of a dispute or audit, that they have appropriately determined and assigned work responsibilities by keeping these records.
Explanation:
All employees, regardless of income level, are eligible for tax-free fringe benefits related to transportation. This implies that these perks are tax-free for all employees, even if they are only offered to highly compensated workers. Benefits like employer-sponsored parking, transit passes, or commuter highway car transportation can fall under this category. The goal of transportation fringe benefits' tax-free status is to promote public transit use and lessen traffic.
Explanation:
An external auditor will not tolerate the payroll department's storage of blank payroll checks since it raises the possibility of fraud and unauthorized access. The best course of action is to keep blank checks in a safe place apart from the payroll processing department.
Explanation:
Municipal firefighters are allowed to take compensatory time off instead of receiving overtime pay under the Fair Labor Standards Act. This implies that firemen may receive more paid time off that they can use at a later time rather than getting overtime compensation for working longer than the required number of hours. This is permitted since firemen frequently have erratic schedules and might have to put in more overtime in an emergency.
Explanation:
When it comes to payroll system maintenance, change control refers to the processes that are used to plan and test changes before implementation or put into production. This guarantees that any upgrades or alterations to the system are extensively tested and validated prior to being implemented in a live environment. By adhering to change control methods, the payroll system's vulnerability to errors or disruptions is reduced, guaranteeing the system's continued accuracy and dependability.
Explanation:
Disability payments are subject to Social Security and Medicare taxes, thus the third-party payer withheld these taxes on $400 in each of the four months.
Explanation:
Exempt employees are required to get their entire compensation for each workweek in which they complete any work, regardless of the number of hours worked, as per the Fair Labor Standards Act (FLSA). In this instance, the employee is still entitled to their entire $500 weekly compensation even though office remodeling prevented them from working for two days.
Explanation:
An independent contractor is a person who works for a client or business as a temporary or project worker without holding an official job title. The repairman in this case meets this criteria because he gets called in on a regular basis to fix the dentist office's PCs. The repairman is not an employee; rather, he is engaged expressly for a certain task or service, unlike the retiree who is called back to work temporarily, the mail room employee who cleans the offices after hours, and the commissioned salesman who works from home.
Explanation:
A business model known as ""shared services"" consolidates customer service and back-office transaction-intensive operations into a single central unit. This makes it possible to save money, operate more efficiently, and provide higher-quality services. Organizations can improve internal and external customer support and expedite operations by standardizing procedures and pooling resources. A lot of industries, including banking, HR, IT, and procurement, employ this concept.
Explanation:
Cindy's employer reimbursed her $620 in 2025 for the meals she spent while moving. However, only 50% of meal expenses (the assumed amount) are often deductible for tax purposes. Taking into account the percentage that is not taxed, Cindy's taxable wages would be $310.
