Answer the following statements true (T) or false (F)
1) A worker who sells life insurance on a full-time basis is considered a statutory employee.
2) U.S. workers in foreign subsidiaries are exempt from all income taxes.
3) Pay rate is the first payroll system decision a company must make.
4) Only regular working hours are considered as the worked hours for overtime computation.
5) It is considered a best practice to assign one employee all payroll duties.
1)TRUE
2)FALSE
3)FALSE
4)TRUE
5)FALSE
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The receiving report is prepared by the vendor to provide evidence that the purchase order was received
Indicate whether the statement is true or false
Graystone Company's plant operates five days per week with a daily payroll of $100,000. Employees are paid every Tuesday for the prior week's work (Monday through Friday). The last day of the month is Tuesday, April 30. What effect does the accrual at April 30 have on Graystone's net income?
A) Increase by $200,000 B) Decrease by $300,000 C) Decrease by $200,000 D) Increase by $300,000
Which of the following is true of the call provision found in preferred stocks?
A. The call provision gives preferred stockholders the right to both elect the members of the board of directors and call for votes on corporate issues. B. The call provision gives preferred stockholders priority over common stockholders with regard to ownership of the assets of the firm. C. The call provision gives preferred stockholders the right to receive preferred dividends that were not paid in previous years before any common stock dividends can be paid. D. The call provision gives the issuing firm right to redeem its preferred stock by incorporating a maturity option in the issue. E. The call provision gives preferred stock the right to participate with the common stock in a firm's earnings.
Dirty data is erroneous or flawed data.
Answer the following statement true (T) or false (F)