Inventory is a balance sheet line item that includes all items used in the creation of products. Which of the following is classified as products ready to ship to customers?

Inventory is a balance sheet line item that includes all items used in the creation of products. Which of the following is classified as products ready to ship to customers?

Cash

Raw materials

Finished goods

Work in progress

 

The products that are ready to ship to customers are classified as "Finished goods".

 

Inventory is an asset account on the balance sheet that includes all items that a company intends to sell, such as raw materials, work-in-progress, and finished goods. Raw materials are the items that are used in the production of finished goods, while work-in-progress refers to products that are still in the production process and are not yet completed. Finished goods are the final products that are ready to be sold or shipped to customers. Therefore, finished goods are the inventory items that are classified as products ready to ship to customers.

The 3-way match takes documents from 3 Departments and matches them before paying a vendor invoice. Choose from the list below one of the departments a document should be received from by accounts payable to perform the match.

 The 3-way match takes documents from 3 Departments and matches them before paying a vendor invoice. Choose from the list below one of the departments a document should be received from by accounts payable to perform the match.

Operations

Receiving

Marketing

Sales

 

The correct department from which a document should be received by accounts payable to perform the 3-way match is "Receiving".

 

The 3-way match process involves matching three documents - purchase order, receiving report, and vendor invoice - to ensure that the goods or services ordered have been received and accepted, the invoice amount is accurate, and payment is made to the correct vendor. The receiving department is responsible for verifying that the goods or services have been received as per the purchase order, and they generate the receiving report, which is an essential document for the 3-way match process.

Inventory is a balance sheet line item that includes all items used in the creation of products. Which of the following is classified as products in the process of being manufactured?

 

Inventory is a balance sheet line item that includes all items used in the creation of products. Which of the following is classified as products in the process of being manufactured?

Cash

Raw materials

Work in progress

Finished goods

The correct answer is "Work in progress".

Numerous departments are involved in the fixed assets purchases and payment processes. Choose from the list below one of the departments that is involved in the fixed assets purchases and payment processes.

 Numerous departments are involved in the fixed assets purchases and payment processes. Choose from the list below one of the departments that is involved in the fixed assets purchases and payment processes.

Marketing

Receiving

Operations

Sales

 

The correct answer is "Receiving." The receiving department is responsible for physically receiving and inspecting fixed assets that are purchased, and for verifying that the assets match the purchase order and invoice. The receiving department also notifies accounts payable and fixed asset accounting when the assets are received, so that they can be properly recorded and paid for. Other departments involved in the fixed asset purchase and payment process may include procurement, finance, and IT.

Numerous departments are involved in the fixed assets purchases and payments processes. Choose from the list below one of the departments that is involved in the fixed assets purchases and payment processes.

 

Numerous departments are involved in the fixed assets purchases and payments processes. Choose from the list below one of the departments that is involved in the fixed assets purchases and payment processes.

Operations

Sales

Marketing

Fixed Asset Accounting

 

The correct answer is "Fixed Asset Accounting."

 

Fixed Asset Accounting is one of the departments that is typically involved in the fixed assets purchases and payment processes. This department is responsible for managing the organization's fixed assets, including the acquisition, disposal, and depreciation of these assets. They work closely with other departments, such as purchasing and accounts payable, to ensure that fixed assets are properly accounted for and that purchases and payments related to fixed assets are processed accurately and timely.

Vendors collude with one another and reach advance agreement as to the winning bidder for a particular contract. The winning bidder agrees to compensate the other vendors in some manner

 

Choose the best definition from the list below of bid rigging

An external document used to request a supplier to sell and deliver the products in the quantities and for the prices specified

A supplier generated document, which shows quantities and descriptions of items delivered to the receiving department at the specified warehouse location

A documents that shows the descriptions and quantities of goods received from vendors

Vendors collude with one another and reach advance agreement as to the winning bidder for a particular contract. The winning bidder agrees to compensate the other vendors in some manner

 

The correct answer is "Vendors collude with one another and reach advance agreement as to the winning bidder for a particular contract. The winning bidder agrees to compensate the other vendors in some manner."

 

Bid rigging is an illegal practice where vendors collude with each other to determine the winning bidder for a particular contract in advance. This may involve the submission of artificially high bids from competing vendors to make the pre-determined winning bid appear more competitive. In some cases, the winning bidder may agree to compensate the other vendors in some manner, such as by awarding them a separate contract or by providing them with subcontracts. Bid rigging is typically considered a violation of antitrust laws and can result in civil or criminal penalties.

At what phase of maturity would a company be that has implemented a HR and payroll module in a fully integrated enterprise resource planning system?

 

At what phase of maturity would a company be that has implemented a HR and payroll module in a fully integrated enterprise resource planning system?

Phase 3-Defined

Phase 1 -Limited

Phase 4-Optimized

Phase 2 -Informal

Answer

Phase 4-Optimized

Which of the following events constitutes an employee termination?

 Which of the following events constitutes an employee termination?

Retirement

Death

Layoff

All of these answers are correct

 

The correct answer is "All of these answers are correct."

 

An employee termination is any event that results in the end of an employment relationship between an employer and employee. This can include retirement, death, and layoff, as well as other events such as resignation, termination for cause, or the expiration of a contract. When an employee is terminated, their access to company resources and systems is typically revoked, and their final paycheck is calculated and paid out according to applicable laws and regulations.

What type of processing accumulates transaction into groups and processes them at regular intervals?

 

What type of processing accumulates transaction into groups and processes them at regular intervals?

Real-time

Journal

Batch

Group

 

The correct answer is "Batch."

 

Batch processing is a method of processing transactions where transactions are accumulated into groups and then processed at regular intervals. The processing of the transactions in the batch is done all at once, rather than individually in real-time. This is often used for tasks such as payroll processing, where it is more efficient to process all employee paychecks at once rather than individually.

 

Real-time processing, on the other hand, processes transactions as they occur, without any delay. This is often used in applications such as online transactions, where delays in processing can lead to issues with customer satisfaction.

 

A journal is a record of financial transactions that shows the debit and credit balances in each account. It is used in accounting to keep track of financial transactions.

 

"Group" is not a type of processing in the context of this question.

What department is responsible for the employee onboarding process?

What department is responsible for the employee onboarding process?

Human resources

Department manager

Payroll

All of these answer choices are correct

 

The correct answer is "Human resources."

 

The employee onboarding process typically falls under the responsibility of the human resources (HR) department. The HR department is responsible for managing an organization's workforce, including recruiting and hiring new employees, and ensuring that they are properly trained and integrated into the organization. The onboarding process typically involves a series of tasks and activities, including orientation sessions, completion of paperwork and documentation, and training on company policies and procedures. While department managers and payroll may be involved in some aspects of the onboarding process, the overall responsibility for managing the process typically falls under the HR department.

Human resources are one of the most important

 Human resources are one of the most important

Collection processes in a business

Inputs into a business

Outputs from a business

Conversion processes in a business

 

The correct answer is "Inputs into a business."

 

Human resources are one of the most important inputs into a business. They are the people who make up an organization's workforce and are responsible for carrying out the activities necessary for the organization to achieve its goals. Human resources are involved in many aspects of a business, including recruitment, training and development, performance evaluation, and employee relations. The effectiveness of an organization's human resources can have a significant impact on its success, as skilled and motivated employees can help the organization to achieve its goals and objectives.

The primary purpose of a company is to

 The primary purpose of a company is to

Please shareholders

Maximize profits

Pay their employees

Create products

 

The correct answer is "Maximize profits."

 

The primary purpose of a company is to maximize profits. A company is a business entity that is formed with the intention of making a profit by providing goods or services to customers. The shareholders, or owners, of a company invest capital in the business with the expectation of earning a return on their investment in the form of profits.

 

While paying employees and creating products are important aspects of a company's operations, the ultimate goal is to generate profits for the shareholders. This can be achieved by increasing revenue, reducing expenses, and managing resources efficiently. However, companies are also expected to operate ethically and in compliance with relevant laws and regulations.

 

Which of the following is the responsibility of HR during the employee termination process?

 Which of the following is the responsibility of HR during the employee termination process?

HR answers questions from the departing employee

HR answers questions from the departing employee’s managers

HR minimizes potential damage during the termination process

All of these answer choices are correct

The correct answer is "All of these answer choices are correct."

The HR department plays a critical role in the employee termination process. During the termination process, HR is responsible for:

Answering questions from the departing employee: HR should be available to answer any questions the employee may have about the termination process, such as final pay and benefits, COBRA continuation of health benefits, and unemployment compensation.

Answering questions from the departing employee's managers: HR should also be available to answer questions from the departing employee's managers, such as how to handle the employee's workload and how to communicate the termination to the team.

Minimizing potential damage during the termination process: HR should ensure that the termination process is handled in a professional and respectful manner to minimize potential damage to the company's reputation and employee morale.

Overall, HR should ensure that the termination process is handled in compliance with relevant employment laws and the company's policies and procedures. This includes preparing necessary paperwork, conducting exit interviews, and handling any legal issues that may arise during the termination process.

What is at the heart of a company’s payroll business process?

 

What is at the heart of a company’s payroll business process?

Accounting system

Payroll accounting

Human resources

Employees and their time worked

 

The correct answer is "Employees and their time worked."

 

At the heart of a company's payroll business process is the employees and their time worked. The payroll process involves calculating employee compensation based on the number of hours worked, deductions for taxes and benefits, and other factors such as overtime and vacation time. The payroll process typically begins with collecting time and attendance data from employees, which is then used to calculate their paychecks.

 

The payroll process is closely tied to the human resources function, as HR is responsible for managing employee records and ensuring that they are accurate and up to date. Payroll accounting and the company's accounting system are also important components of the payroll process, as they are used to track payroll expenses and ensure that they are properly recorded in the company's financial statements.

Which of the following activities would be a responsibility of the human resources business function?

 Which of the following activities would be a responsibility of the human resources business function?

Accounting for benefit withholdings

Financing of inputs

Performance evaluation

Processing payroll

 

The correct answer is "Performance evaluation."

 

The human resources (HR) business function is responsible for managing an organization's workforce, including employee recruitment, retention, training, and development. The following activities would be a responsibility of the HR function:

 

Performance evaluation: The HR function is responsible for assessing employee performance and providing feedback to help employees improve and grow in their roles.

 

Recruitment: HR is responsible for finding and hiring qualified candidates for open positions within the organization.

 

Retention: HR is responsible for developing programs and policies to help retain employees, including providing competitive salaries and benefits, opportunities for growth and development, and a positive work environment.

 

Training and development: HR is responsible for providing training and development programs to help employees improve their skills and knowledge.

 

Processing payroll and accounting for benefit withholdings are typically handled by the finance or accounting function, while financing of inputs is typically handled by the finance function.

What kind of human resource (HR) model allows for certain administrative tasks to be performed by third party

 

What kind of human resource (HR) model allows for certain administrative tasks to be performed by third party

Outsourced benefits administration

HR service sharing

Insourced benefits administration

HR benefits accounting

 

The correct answer is "Outsourced benefits administration."

 

Outsourcing is a human resource (HR) model that involves hiring a third-party company to handle certain administrative tasks, including benefits administration, payroll processing, and recruitment. Outsourcing benefits administration can help organizations reduce costs and improve the efficiency of their HR operations. In this model, the third-party company is responsible for managing employee benefits, including health insurance, retirement plans, and other employee benefits. The organization retains overall control of the benefits program, but the third-party provider takes care of day-to-day administration.