Answer the following statements true (T) or false (F)
1) Fringe benefits are given to employees in return for their service to the company.
2) Fringe benefits and employee satisfaction have no correlation.
3) Fringe benefits are part of an employee's cash compensation package.
4) Premiums for insurance purchased through qualified cafeteria plans may be deducted from an employee's pay on a pre-tax basis.
5) All employee contributions to qualified Premium-Only Plans (POP) and Flexible Spending Arrangements (FSA) are deducted on a pre-tax basis.
1)TRUE
2)FALSE
3)FALSE
4)TRUE
5)FALSE
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Preston Sales, Inc. has gross salaries and wages for March of $45,000. Provide the journal entry to record salaries and wages expense and payroll withholdings. (Assume a FICA-OASDI Tax of 6.2% and FICA-Medicare Tax of 1.45%.) Salaries and wages to date are under the OASDI limit. Assume no federal or state income taxes are due. Salaries and wages will be paid at a later date. Omit explanation.
What will be an ideal response?
Discuss the steps in the accounting standard-setting process and explain why it may not be capable of dealing with the complex environment of the 2000s and beyond.
What will be an ideal response?
Which of the following are general components of motivation:
A) Individual differences, the actual job one does, and the organization B) The organization, the actual job one does, and personal values C) Being proactive, a challenging job, and the culture of the organization D) None of the above
Which of the following is a performance measure of internal business processes?
a. Number of new customers. b. Time taken to replace defective products. c. Percentage of employees trained in new processes. d. Revenue from new products.