These questions and content may or may not be representative of questions you may see on any upcoming exams. 2006 AICPA Newly-Released Regulation Questions - 1 - Under the provisions of the Employee Retirement Income Security Act of 1974 (ERISA), which of the following statements is(are) correct regarding employee rights? I. Employers are required to establish either a contributory or noncontributory employee pension plan. II.
Task A-Short Answer questions Ai: The existing handbook, the latest Health & Safety requirements and changes in the law since the last update. Aii: a) Holidays and time off, my right at work and my working hours and contract. b) Training, minimum wages and Health & Safety policy. Aiii: * Fair wages * The workplace safety & standards * Employee benefits * Retirement & pensions The employment law deal with both the employer and employee’s actions, rights and responsibilities, as well as their relationship with one another. Task B Your work role Bi: Employment duration, place of work, hours of work, remuneration, holiday entitlement, public/bank holiday, sickness pay & conditions, disciplinary rules & procedures, disciplinary appeals procedures, grievance procedure, notice of termination to be given by employer, notice of termination to be given by employee, pension & pension scheme and collective agreements.
“The Harmonized Savings Plan at BP Amoco” (i) Compare the retirement plan offerings of BP America (prior to the merger) and Amoco and briefly summarize the differences [3 pt] Amoco’s plan emphasizes a low-cost, passive, focused approach and uses index funds with low expenses across key investment classes and styles - domestic bonds, large-cap, mid-cap, and small-cap, international equities, money market, plus a balanced fund, US Savings Bonds, and Amoco stock. Ex post allocation by employees includes 56% company stock, 19% S&P500, and 17% money market. BP’s options included company stock, a stable income fund, and a few mostly actively managed US and international stock mutual funds, plus two balanced funds. Employees allocated 51% stable income, 16% company ADRs, 15% equity fund, and 11% balanced fund. BP recently added 150 Fidelity mutual funds.
Real World Case 17-9- Pension amendment Requirement 1 Pension expense is part of a company’s compensation plan for an employee’s service just like wages and commissions. While wages and commissions get paid to the employee at regular intervals throughout their employment, the pension benefit is not paid until after many years of service to the company (Spiceland, Sepe, & Nelson, 2011). When figuring out the pension expense five components come into play: service cost, interest cost, return on plan assets, amortization of prior service cost, and amortization of a net loss or net gain. When General Motors Corp. modified its pension benefits, it affected the amortization of prior service cost. The prior service cost is the amount of increase
Some tests have to be properly administered to do so. The Sarbanes Oxley act of 2002, requires the CEO and CFO to certify in periodic filings with the SEC the accuracy of the financial statements and the effectiveness of the company’s internal controls over financial reporting. The outside auditor is required to audit certain companies internal controls over financial reporting on an annual basis. There are phased in compliance dates for these requirements for certain smaller company filers. Company’s in the IPO process and newly public companies are not required to provide either a management assessment or an auditor attestation report until they file their second annual report with the SEC.
Also, based on Target’s income statements, Target doesn’t have any revenues or expenses non-recurring in nature. Due to no change in accounting policy and no nonrecurring income items, Target doesn’t have much restated financials except certain reclassified amounts in prior years, which, however, can be negligible and doesn’t affect our analysis for comparability purpose. Target operates in three business segments: U.S. Retail, U.S. Credit Card, and Canadian. Target discloses detailed qualitative and quantitative information regarding these three segments in its report. Majority of Target’s current revenues are from its retail business in U.S. For the past several years, the retail sales amount and EBIT in retail segment increase steadily, and maintain a stable EBIT margin rate of around 7% each year.
Second, The Military have full health care coverage for free while Civilian Employment have to pay for their health benefits. In the Military you are able to get housing allowance provided through the Military but Civilian Employment has to pay for their house bills. The Military help with furthering your education by G.I Bill, Tuition Assistance and more, but Civilian
Although headquartered separately, the HIPP program is able to access the Welfare Departments database to determine eligibility. The HIPP program then contacts the individual to inform them of eligibility and will make arrangements with the employer for coverage. This program is financed through the State of Pennsylvania Medicaid program. There are no indications of any adverse interactions among the forgoing elements listed. The program seems to run smoothly and remains cost-effective for the state of
Will returns be deducted from sales in the month of the sale or the month of the return? Will sales be recorded for the KPI at list price or at the actual sales price? You also need to set targets for each Key Performance Indicator. A company goal to be the employer of choice might include a KPI of "Turnover Rate". After the Key Performance Indicator has been defined as "the number of voluntary resignations and terminations for performance, divided by the total number of employees at the beginning of the period" and a way to measure it has been set up by collecting the information,
Recruitment and Retention Case Study In order to keep up with company growth and meet staffing needs to effectively run the business, Doiturself Home Improvement Supply Store needs to see how the current compensation and benefits package is impacting our recruiting and retention. Currently the compensation and benefits package include base salary, 401k with a 5-year vesting cycle, two weeks vacation and insurance. The initial step I would take, is talk to the compensation team and determine what the going rate is for specific jobs are. This would be determined through salary surveys and doing some research of our competitors. I would then speak with HR Generalist and determine what kind of feedback they have received from others that have left the company as well as employees within the company.