Chapter 5 – Employee Earnings, Deductions, and Payroll

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Chapter 5 – Employee Earnings, Deductions, and Payroll
Chapter Summary: (Student Assignment)
Question 1: Who processes payroll for all employees?
Business Owner/Manager Answer 1:
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Question 2: How were employees categorized to determine their exempt or non-exempt status under Labor Law?
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Question 3: How many, if any, Independent Contractors are employed by the business?
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Question 4: Describe your procedure for hiring an employee? Is there an interview process? What type of paperwork is required to be filled out?
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Question 5: How are the paperwork and the human resource department managed? Do you have the required federal and NYS employment notices posted?
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Question 6: How are your employed paid? Is there a time slip or time clock? Who reviews and signs off on the hours worked?
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Question 7: (Student Assignment)
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Chapter 6 – Controlling Accounts Receivables
Chapter Summary: (Student Assignment)
Question 1: Are credit checks performed before terms are granted to customers? Describe the process.
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Question 2: What type of sale agreements do you have in place, which are signed before the sales takes place?
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Question 3: Does this agreement include a clause where the customer agrees to pay finance charges on an unpaid balance and legal fees should the unpaid balance become a litigated matter by a court of law?
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Question 4: What is the procedure to receive payments from customers including the receiving of the mail, opening the mail, recording the transactions, and making deposits into the bank?
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Question 5: Are all necessary documents verified before invoices are accepted and paid? Sales Order, Shipping Documents, Invoice and check?
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Question 6: Is there an aging process for all Accounts Receivables accounts to better control receipts from customers and to collect from overdue accounts?
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Question 7: (Student Assignment)
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Chapter Summary, Project Interview Questions, Answers and Explanation/Recommendation
Chapter 7 – Current Liabilities and Contingencies
Chapter Summary: (Student Assignment)
Question 1: What types of checks and balances do you have in place for approving Accounts Payables (current liabilities) and from preventing duplicate payment of invoices?
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Question 2: What type of sale agreements do you have in place, which are signed before the sales takes place?
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Question 3: Describe the process on how bills are paid.
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Question 4: What types of controls are in place to prevent fraud and misappropriation of funds?
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Question 5: Describe your method of recording coupons, warranty service or other promotional incentives when offered. What types of records are kept?
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Question 6: Is there an aging process for all Accounts Payables accounts to determine what whom the company is paying?
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Question 7: (Student Assignment)
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Chapter Summary, Project Interview Questions, Answers and Explanation/Recommendation
Chapter 8 – Analyzing Financial Statements
Chapter Summary: (Student Assignment)
Question 1: What Horizontal Ratios are calculated in this company?
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Question 2: Is there any Trend Analysis done in this company?
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Question 3: Is there any Vertical Analysis done in this company?
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Question 4: Is there any Ratio Analysis done in this company?
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Question 5: Is there any Current Ratio Analysis done in this company?
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Question 6: Is there any Solvency Analysis done in this company?
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Question 7: (Student Assignment)
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Chapter Summary, Project Interview Questions, Answers and Explanation/Recommendation
Chapter 9 – Forms of Organizations
Chapter Summary: (Student Assignment)
Question 1: What form of an organization does this company use?
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Question 2: As the owner did you evaluate the advantages and/or disadvantages of the form of organization you chose?
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Question 3: Have evaluated the tax implications of your decision?
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Question 4: If you chose a partnership do you have a written Partnership Agreement?
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Question 5: As a LLC or C-Corporation, in what state did you incorporate your business? What made you chose that state?
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Question 6: Have you received professional assistance when you created your chart of accounts?
Did this professional assist you in minimizing your tax liabilities?
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Question 7: (Student Assignment)
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Chapter Summary, Project Interview Questions, Answers and Explanation/Recommendation
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