Answered: Account balances for payroll and…

Business

Accounting

Account balances for payroll and personnel accounts are designed and tested.

Century 21 Accounting General Journal

11th Edition

ISBN:9781337680059

Author:Gilbertson

Publisher:Gilbertson

Chapter13: Accounting For Payroll And Payroll Taxes

Section13.1: Recording A Payroll

Problem 1AYU

See similar textbooks

Related questions

Q: Which of the following is Appraisal cost? A. Recalls and warranty repairs B. Line Inspection and…

A: Cost accounting:- Cost accounting helps to record overall cost of the firm including variable and…

Q: How to calculate FIT on payroll register? What is the equation or numbers I am supposed to use to…

A: Before calculating payroll taxes, the employees will need to complete these new employee documents,…

Q: Sales receipts, purchase orders, and payroll records are all examples of accounting transactions…

A: Book keeper is the employee of the company who is responsible to record the original transactions…

Q: The following are typical questions that might appear on an internal control questionnaire for…

A: The key Internal control activities are as follows:- Segregation of duties Authorization and…

Q: Describe a walkthrough of the payroll transaction flow from hiring authorization to payroll…

A: Payroll Cycle: The payroll cycle is commenced with the hiring and dismissal of an employee along…

Q: Explain audit for payroll

A: Transaction in statement of profit and loss is been audited by performing substantive analytical…

Q: Internal Control Questionnaire Items: Assertions, Tests of Controls, and PossibleErrors or Frauds.…

A: Are names of terminated employees reported in writing to the payroll department? Occurrence- Trace…

Q: What is the purpose of Financial Reporting Releases and Staff Accounting Bulletins?

Q: The following are typical questions that might appear on an internal control questionnaire for…

A: The key Internal control activities are as follows:- Segregation of duties Authorization and…

Q: Required: a. Assess the transaction-related audit objective in the payroll and personnel system of…

A: Auditing: Auditing can be defined as the process of evaluating the accuracy of the information…

Q: In quickbooks, What is the process for setting up the payroll system?

A: QuickBooks: QuickBooks are accounting software that provides various types of tools to manage your…

Q: What can be understood by Staff Accounting Bulletins?

A: International Financial Reporting Standards (IFRS): International Financial Reporting Standards is…

Q: Major Risks in Payroll Cycle. Prepare a schedule of the major risks in the payroll cycle. Identify…

A: Payroll cycle: The payroll cycle is commenced with the hiring and dismissal of an employee along…

Q: List the supporting documents and records the auditorwill examine in a typical payroll audit in…

A: Audit: Audit is the process of verification of the compliance of the financial statements.

Q: Describe the uses of payroll register in business.

Q: Prepare a trial balance for the selected general ledger accounts and prove the accuracy of…

A: Trial Balance -:A trial balance is a simple schedule of all the common ledger accounts (both income…

Q: Define the term payroll register.

Q: Design and perform tests ofdetails of balances for accounts inthe payroll and personnel cycle.

A: Step 1 Identification of transactions and accounts in personnel and payroll cycle. Initially, the…

Q: How do companies account for and record payroll, and what journal entries do they use ?

A: Payroll Accounting is the branch study of accountancy in which the transactions related to payroll…

Q: Describe the responsibilities of an accounts payables specialist.

A: Accounts payable specialists ensures vendors get paid for services and products rendered. They play…

Q: hich of the following is managed by an accounting department's dministrator? O A. bills and expense…

A: Accounting department refers to the corporate overhead group part of the firm and this department is…

Q: Analytical procedures involve: Watching physical inventory counts and distribution of wages. Getting…

A: The analytical procedures are used by experienced auditors at every stage in auditing. These involve…

Q: Which control activity is the entity implementing when the system verifies that all payrol payments…

A: Payroll processing is an important function in an organization that involves net pay to the employee…

Q: Payroll Processed by a Service Organization. Assume that you are the audit senior conducting a…

A: Payroll: Payroll refers to the list of employees in a company and the amount paid to them in the…

Q: For each of the following records, indicate the appropriate related file structure: master file,…

Q: An audit team would most likely examine the detail support for charges to which of the following…

A: Audit Procedures: A specific procedure undertaken by an auditor to procure evidence in a particular…

Q: Auditors ordinarily ascertain whether payroll checks are properly endorsed during the auditofa.…

A: Payroll: Payroll refers to the list of employees in a company and the amount paid to them in the…

Q: Describe the payroll cycle including risks,source documents, and controls (Appendix 8C).

A: Payroll is often processed by service bureaus, balance sheet accounts usually small and rely on the…

Q: Describe the cost and basic accounting activities related to payroll ?

A: Payroll accounting is just recording the payroll expenses of a business into the final ledger.

Q: What document is the source for (a) debiting the accounts in the materials ledger and (b) crediting…

A: a.

Q: How might a business use a payroll register?

A: Definition: Payroll register: A schedule that is maintained by the company to record the earnings,…

Q: Understand the disclosures required for revenue recognition, accounts receivable,contract assets,…

A: Much disclosure is required for revenue recognition. For example, a seller recognises contract…

Q: V

A: trainee in an audit firm and you have been assigned to Sales

Q: Which function should distribute paychecks?a. personnelb. timekeepingc. paymasterd. payroll

Q: Describe the costs and the basic accounting activities relationg to payroll

A: Payroll:- Payrolll may be a list of workers who get paid by the corporate. Payroll also refers to…

Q: Describe TWO (2) audit procedures to be performed in the audit of payroll transactions in addressing…

A: AUDIT:- Audit is an examination of books of accounts of the enterprise by the auditor.. An auditor…

Q: All records in a file must be uniquely identifiable in at least one attribute, which is its primary…

A: The primary key is unique and cannot be the same in a table. It is a basis through which every…

Q: Using the flowchart structure presented in Figure 2- in the text, prepare a system flowchart of the…

A: Data flow Diagram : The graphical representation of flow of data is known as data flow diagram .…

Q: Are any time lags in recording economic events typically experienced in payroll systems? If so, what…

Q: Explain Staff Accounting Bulletins.

A: Securities Exchange Commission (SEC): This is the government agency governs the working of financial…

Q: Typical accounting tasks include all of the following tasks except ________.A. auditingB. recording…

A: Every company must keep accurate books of accounts in order to assess and analyse results at the…

Q: hat is the essentiality of knowing the com

A: Introduction : Payroll can be understood as the remuneration that a company must pay to its workers…

Q: How do you find and calculate FUTA and SUTA on payroll register?

A: Solution- Lets take a example- Question- Merger company has 10 employees each of whom earns $2000…

Question

Account balances for payroll and personnel accounts are designed and tested.

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Step 3

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 3 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

A payroll register is a multi-column form used to assemble the data required at the end of each payroll period.
Design and perform tests ofdetails of balances for accounts inthe payroll and personnel cycle.
Payroll: Risks and Controls Below are some of the processes that are typically executed before, during, and after a payroll cycle: Employees record their hours worked. The supervisor reviews and approves each employee's time records with their signature. An officer from the Human Resources department updates employee files after receiving authorized records of overtime and leaves (vacations, illness, etc.) from the supervisor. Afterward, approved records are sent to the payroll officer in the accounting department. The payroll officer calculates the gross payment, applies deductions, and calculates the net payment. Subsequently, the final payroll is sent for the controller's approval. Payments are issued to employees using their preferred delivery method (check or direct deposit). Entries are generated for the corresponding payroll transactions. Withholdings for payroll taxes, Social Security, and Medicare are respectively remitted to the Department of Treasury and the Internal…
Describe a walkthrough of the payroll transaction flow from hiring authorization to payroll checkdisbursement. (a) What document copies would be collected? (b) What controls should be noted?
Prepare a data flow diagram that reflects the activites presented in the payroll process outlined in Problem 3.
Describe a minimum of three ways Accounting Iinformation System can help minimize or eliminate inaccurate time and attendance data in a typical company's payroll activity.
describe the substantive audit procedures you will perform on a) payroll transactions in the profit and loss account
The purpose of separating the duties of hiring personnel and distributing payroll checks is toseparate thea. Authorization of transactions from the custody of related assets.b. Operational responsibility from the record-keeping responsibility.c. Human resources function from the controllership function.d. Administrative controls from the internal accounting controls.
Identify five general ledger accounts that are likely to be affectedby the payroll and personnel cycle in most audits
Match the four functions of payroll activities with their related internal controls: a. An independent employee should sign and distribute the prenumbered checks. select a function Hiring EmployeesPaying the PayrollPreparing the PayrollTimekeeping b. Supervisors should monitor hours worked through time reports. select a function Hiring EmployeesPaying the PayrollPreparing the PayrollTimekeeping c. Human Resources department should authorize employment. select a function Hiring EmployeesPaying the PayrollPreparing the PayrollTimekeeping d. Two or more employees should verify payroll amounts. select a function
In quickbooks, What is the process for setting up the payroll system?
what are the examples of independent verification controls in a payroll accounting system