Accountable Plans & T&E Policy (Chapter 7)
According to IRS Publication 463, what criteria must a business reimbursement plan meet so expenses are not taxed as employee income?
What is an Accountable Plan?
Although IRS rules only mandate receipts for expenditures over $75, most organizations require receipts once an expense equals or exceeds what dollar threshold?
What is $25?
According to IOFM white papers, approximately what percentage of all T&E spend falls outside of company policy?
What is 20 percent?
What cloud-based software delivery model allows users to access AP tools via a monthly subscription or lease fee over the internet?
What is Software-as-a-Service (SaaS)?
What are the three fundamental requirements for data security outlined in Chapter 8?
What are Privacy, Authentication, and Data Integrity?
T&E expenses typically account for what percentage or more of an average organization's total operating expense budget?
What is 10 percent?
What financial incentive offered by card issuers serves as an attractive source of cash that goes directly to an organization's bottom line?
What are rebates (or revenue share)?
What term describes combining a business trip with personal vacation time at company expense?
What is "Bleisure" travel?
Which technology uses virtual workstation software to replicate human keystrokes for repetitive data entry tasks?
What is Robotic Process Automation (RPA)?
What encryption method utilizes two distinct keys—a public key to encode messages and a private key to open them?
What is Asymmetric Encryption?
Under IRS accountable plan guidelines, within how many days must an employee adequately account for paid or incurred business expenses?
What is 60 days?
Which technology automatically captures text and figures from scanned receipts directly into an electronic expense reporting system?
What is Optical Character Recognition (OCR)?
According to the ACFE, what is the average annual percentage loss an organization suffers due to expense account fraud?
What is 5 percent per year?
What type of secure distributed ledger technology uses encrypted blocks and network nodes to record transactions permanently?
What is Blockchain?
What electronic package contains organizational identification, a public key, and server information to verify a user's identity online?
What is a Digital Certificate?
What flat-rate daily allowance method simplifies T&E paperwork without being reported as employee wages if kept within federal guidelines?
What is a Per Diem?
What type of credit card limits policy violations by preventing traveler reservations with blocked suppliers?
What is a Corporate T&E Card (or P-card)?
What tactic do organizations use to prevent employees from intentionally submitting fraudulent expenses just under known audit review limits?
What is randomly changing approval thresholds without notice?
What computer language uses customizable tags to structure data so it can be easily shared between different software systems?
What is XML (Extensible Markup Language)?
To prevent employees from sharing user IDs and passwords, companies frequently link system login credentials to what personal record?
What is employee payroll information?
What is the maximum number of days an employee has to return excess reimbursement or allowances to maintain an accountable plan under IRS rules?
What is 120 days?
Why is issuing reimbursements through payroll potentially disadvantageous for Accounts Payable, even if AP does not generate the payment?
What is because it introduces another department into the workflow and delays lead to employee inquiries and confusion that erode AP efficiency?
According to anti-fraud studies, how long does it take on average to detect expense account fraud within an organization?
What is two full years?
What enterprise system integrates real-time data flow across all major business functions, including procure-to-pay, order-to-cash, and general ledger?
What is an Enterprise Resource Planning (ERP) system?
What security process determines whether a user is who they claim to be before granting access to confidential system data?
What is Data Authentication?