Mastering payroll homework solutions

Mastering payroll homework solutions

Jan 19,  · Mastering Internal Controls and Fraud Prevention Employee Check Fraud Employment taxes are a favorite target Ask the owner/spouse/outside bookkeeper to check endorsements Be aware that an outside payroll service may have a dishonest employee with access to company financial data For a complete list, see workbook pages 32 Mastering Payroll - Section 6-How Employers Withhold and Deposit Federal Taxes. 4. Determine when each of the following must deposit its Form tax liabilities. a. Slowque, a monthly depositor, pays employees on Friday. Its total deposit obligation for wages paid on September 4, , is $2, b Mastering Payroll - Section 7 - FEDERAL EMPLOYMENT REPORTING FORMS AND DUE DATES 2. What is the due date for a company’s FUTA tax if its FUTA tax liability is: a. $ as of September 30 b. $ as of December 31 c. $ as of December 31 Please show work, thank you

Mastering Internal Controls and Fraud Prevention

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No notes for slide. Mastering Internal Controls and Fraud Prevention 1. Mastering Internal Controls and Fraud Prevention Mastering Internal Controls and Fraud Prevention Mastering payroll homework solutions Institute of Professional Bookkeepers © American Institute of Professional Bookkeepers, 2.

Mastering Internal Controls and Fraud Prevention Helpful definitions  Bribery—money or favors offered or given to influence the conduct or views of a person in a position of trust  Consent decree—an agreement between two parties mastering payroll homework solutions by the court Example: A company or individual consents agrees to stop questionable practices without admitting guilt Terminology 3.

Mastering Internal Controls and Fraud Prevention Terminology  Fraud—intentional deception perpetrated to secure unfair or unlawful gain  Larceny—unlawfully taking something— i.

If the stolen item s are of great value, mastering payroll homework solutions, such as a large amount of money, it is grand larceny  Prima facie evidence—evidence that appears to be sufficient to establish facts unless rebutted, such as a person found at a murder scene holding a weapon 5. Mastering Internal Controls and Fraud Prevention Terminology  Subrogation—substitution of one entity or person for another.

Example: Under subrogation, when an employer discovers that a bonded employee has embezzled funds, the insurance company takes the place of the employer to obtain return of the funds 6. Mastering Internal Controls and Fraud Prevention Four Types of Noncash Theft 1.

Unconcealed larceny theft of physical assets 2. Falsified shipping or receiving reports 3. Fraudulent shipments 4. Fraudulent write-offs 7. Mastering Internal Controls and Fraud Prevention Unconcealed Larceny Review: Larceny is unlawfully taking something from another entity or person Why is unconcealed larceny not reported? labor  Poor channels of communication  Personal involvement in the theft  Fear of job loss if the thief is a superior 8. Mastering Internal Controls and Fraud Prevention Fraudulent Write-offs Fraudulent write-offs can take many forms:  Forcing the reconciliation of accounts Example: Stealing goods, then covering up the theft with a journal entry, such as: COGS XXX Inventory XXX  Altering inventory records Example: The thief overstates the physical count of goods on hand to match the altered records, thus covering up the theft Mastering Internal Controls and Fraud Prevention When there is no centralized departmentWhen there is no centralized department to receive and store merchandiseto receive and store merchandise Mastering Internal Controls and Fraud Prevention Red Flags of Inventory Theft These include see workbook pages :  High levels of inventory shrinkage  Frequent customer complaints about shipment shortages  Unsupported adjustments to perpetual inventory records  Excessive purchases of materials or merchandise  An unexplained increase in COGS as a percentage of sales Proper documentation, properly monitored  Purchase orders, receiving reports, sales orders, and shipping documents should be pre-numbered and the numerical sequence monitored  Shipping documents should require a sales order  Paying an invoice should require supporting documents—a purchase order and receiving report Five Inventory Internal Controls Mastering Internal Controls and Fraud Prevention Five Inventory Internal Controls 2.

Mastering Internal Controls and Fraud Prevention 3. Segregation of duties  Different employees should be responsible for authorization v. recordkeeping v. Segregation of duties Five Inventory Internal Controls Mastering Internal Controls and Fraud Prevention 4, mastering payroll homework solutions. Physical safeguards  Lock up valuable inventory  Restrict access to only authorized parties  Consider adding cameras, guards and electronic access logs Five Inventory Internal Controls Mastering Internal Controls and Fraud Prevention 5.

Analytical reviews—periodic checks of:  COGS as a percentage of Sales is it higher? Five Inventory Internal Controls Mastering Internal Controls and Fraud Prevention Which Employees May Steal? Experience shows that the employees likely to steal often:  Express deep-seated resentment  Have an inexplicably lavish lifestyle  Have addictions gambling, drugs, alcohol  Are overextended indicated by frequent phone calls from creditors Pressure Opportunity Justification Poor internal controls Addictions Overextended Perceived mistreatment Mastering Internal Controls and Fraud Prevention  Require drug screening of applicants—and possibly current employees Consult a labor lawyer before implementing  Check references—actually call each one  Verify degrees, mastering payroll homework solutions, certifications and licenses How to Prevent Employee Theft Mastering Internal Controls and Fraud Prevention  Perform internal audits and always include:  Expense reports  Purchasing records  Sales records  Cash accounts  Customer complaints  Have the audit performed by someone who does not handle the records audited How to Prevent Employee Theft Mastering Internal Controls and Fraud Prevention Spotting Counterfeits Signs that a check is counterfeit:  A slick feel—because on color copies the print is not raised as on genuine checks  Lack of texture  No watermark or micro printing or hologram —even high-quality offset lithography may lack one Mastering Internal Controls and Fraud Prevention New Check-Printing Technologies New methods of printing help prevent fraud:  Prismatic lithography—uses color patterns that are difficult to separate and hard to imitate  Scrambled indicia—uses a pattern of colored dots that becomes a word when seen through a colored filter  Micro-line—uses a microscopic line of tiny letters Mastering Internal Controls and Fraud Prevention New Check-Printing Technologies  Hologram—when a hologram on a check is viewed from different angles, it changes appearance and color  Security seal on back—the seal becomes visible when held up to the light Mastering Internal Controls and Fraud Prevention What to Look for When reviewing cancelled company checks:  Fan the checks to spot slightly different colors  Investigate gaps in check numbering  Investigate long-outstanding checks  Investigate too many second endorsements Mastering Internal Controls and Fraud Prevention Customer Check Fraud To prevent customer check fraud:  Have a policy—e.

Mastering Internal Controls and Fraud Prevention Customer Check Fraud Have a strict check acceptance policy  Train employees on what to look for  Mastering payroll homework solutions employees ask for additional ID or consult supervisor if a customer is:  Overly polite  Especially nervous  Aggressive  Hurried  Overly careful in signing a check  Tries to distract employee while writing check Mastering Internal Controls and Fraud Prevention Customer Check Fraud Systems that help prevent fraud include:  Bank verification, e, mastering payroll homework solutions.

Mastering Internal Controls and Fraud Prevention Mastering Internal Controls and Fraud Prevention Credit Card Fraud To prevent fraud:  Show employees  How fraud schemes work  How to spot counterfeit and forged credit cards  Establish a liaison with local law enforcement For a complete list, see page 47 of your workbook.

Mastering Internal Controls and Fraud Prevention Spotting Scams Employees can be trained to:  Spot customer behavior that may indicate fraud workbook page 48  Spot bad cards page 49 Checking a Visa Card Ultraviolet-sensitive dove is visible on the face of the card when placed under an ultraviolet mastering payroll homework solutions. A four-digit number must be printed directly below the account number and match exactly the first 4 digits of the account number.

But on a re-embossed card, the numbers may be fuzzy. The hologrammastering payroll homework solutions flying dove, should look three- dimensional and seem to move when the card is tilted back and forth.

Visa logo should have micro-printing around its border. This printing is barely readable without a magnifying glass. Checking a MasterCard 1, mastering payroll homework solutions. The first four digits of the account number must match the preprinted four-digit BIN bank identification number. When rotated, the hologram should reflect light and seem to move. Checking a MasterCard 5. Any tampering will smudge or erase some of the letters.

On the signature panel, there are seven digits—the first four must match the last four of the account number. Slightly to the right is a printed three-digit CVC2 verification number. This number mastering payroll homework solutions match the account number on the back of the card—and the one on the printed receipt.

Checking an AMEX 1. The preprinted Identification Number CID verification number is not embossed, mastering payroll homework solutions.

It should always appear above the account number, on the right or left edge of the card. Do not accept a card after its expiration date. The centurion should be printed in the kind of fine detail you see on U. Only the person whose name is embossed on the card may use it—no one else. This statement gives American Express the right to take possession of the card at any time.

Checking an Amex Card 7. Some cards have a hologram of the American Express image embedded in the magnetic strip. The signature panel should not be taped, mutilated, erased or painted over, mastering payroll homework solutions. Check the signature on the back of the card against the one on the transaction receipt.

If a customer gives you an unsigned card, request a photo ID with signature—then ask the customer to mastering payroll homework solutions the card and transaction receipt while you hold the ID. Check with management before implementing this policy. Mastering Internal Controls and Fraud Prevention How Vendors Cheat You Telemarketing scams law enforcement  FTC laws enacted in require that:  Salespeople must clearly identify themselves and company by name and provide a phone number  Vendors must provide certain services and information before demanding payment  Vendors may call only between 8 a.

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may 12th, - mastering payroll homework solutions mastering payroll interested in mastering payroll homework solutions mastering depreciation testbank solutions''TestBankTeam Com Test Bank And Solution Manual May 14th, - it in on the, mastering payroll solutions to homework exercises section 1 employees v nonemployees abc corporation uses different categories of workers in the table below list the six categories and indicate with a yes or no whether the workers Mastering Payroll - Section 7 - FEDERAL EMPLOYMENT REPORTING FORMS AND DUE DATES 2. What is the due date for a company’s FUTA tax if its FUTA tax liability is: a. $ as of September 30 b. $ as of December 31 c. $ as of December 31 Please show work, thank you