ARE YOU RIGHT OR WRONG? 1. Ideally, each salary check was handed to the employee, who signs a receipt for it. 2. The total revenue taxes deducted from an employee's gross compensation is a business expenditure. 3. The Task in Process account is debited for the amount of direct labour (at normal rate) invoiced to the various works in progress

ARE YOU RIGHT OR WRONG? 1. Ideally, each salary check was handed to the employee, who signs a receipt for it. 2. The total revenue taxes deducted from an employee's gross compensation is a business expenditure. 3. The Task in Process account is debited for the amount of direct labour (at normal rate) invoiced to the various works in progress

Pkg Acc Infor Systems MS VISIO CD

10th Edition

ISBN:9781133935940

Author:Ulric J. Gelinas

Publisher:Ulric J. Gelinas

Chapter14: The Human Resources (hr) Management And Payroll Processes

Section: Chapter Questions

Problem 5DQ

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Indicate whether the statement describes reporting by the financial accounting function or the managerial accounting function of an organization. The users of the report are managers who need a daily summary of work done each shift. The report is a job cost sheet for jobs completed in a 24-hour period. The annual report is released each year on the companys website. The report is audited by the companys certified public accountant firm. The report is prepared every day because the customer service manager needs information about inventory ready to be shipped to customers.
What factors would you consider in deciding whether to use direct labor dollars or direct labor hours in charging overhead to jobs in a service firm?
TRUE OR FALSE 1. In ideal circumstances, each payroll check is delivered personally to the employee who signs a receipt for it. 2. The amount of income taxes withheld from employee gross pay is an expense to the employer. 3. The amount debited to the Work in Process account represents the amount of direct labor (at regular rate) charged to the different jobs in process.
Following items belong to the revenue, expenditure, human resources/payroll, production, or financing cycle. Classify each item based on the cycle it belongs to. a. Pay pay-as-you-earn (PAYE) payroll taxes b. Send material requisition to inventory c. Issue stock to investors d. Borrow money from the bank to purchase a new factory e. Complete receiving report f. Appoint replacement purchasing clerk g. Measure employee performance using a performance management system h. Choose suitable supplier of raw materials i. Ensure employees are up to date with the latest tax provisions j. Record personal and tax information for new employees
An important reconciliation in the payroll system is whena. the general ledger department compares the labor distribution summary from cost accounting to the disbursement voucher from accounts payable.b. the personnel department compares the number of employees authorized to receive a pay check to the number of paychecks prepared.c. the production department compares the number of hours reported on job tickets to the number of hours reported on time cards.d. the payroll department compares the labor distribution summary to the hours reported on time cards.
As you learned in the previous chapter, Kipley Company is a small manufacturing firm located in Pittsburgh, Pennsylvania. The company has a workforce of both hourly and salaried employees. In the last chapter, gross wages were computed for each employee. Adjacent to their name, each employee's gross wages are shown in the Payroll Register. The next task is computing the FICA withholding for each employee and the employer's liability. Requirements: Compute the OASDI for each employee. Compute the HI for each employee. On the Employer Register, compute the employer FICA liability.
Categorize each of the following activities into the expenditure, conversion, or revenue cycles, and identify the applicable subsystem and give examples of each subsystem . a. Preparing the weekly payroll for manufacturing personnel b. Releasing raw materials for use in the manufacturing cycle c. Recording the receipt of payment for goods sold d. Recording the order placed by a customer e. Ordering raw materials f. Determining the amount of raw materials to order?
1) How much total cash will be paid to employees for the last week of November? 2) How much is Work in Process-Direct Labor? 3) How much will be charged to Factory Overhead Control in recording all employer contribution?
Wages paid to laborers working in the manufacturing department is treated as an expense of? Cost of goods sold Administrative expenses Selling expenses Marketing expenses
Question 3 Categorize each of the following activities into the expenditure, conversion, or revenuecycles and identify the applicable subsystem: preparing the weekly payroll for manufacturing personnel releasing raw materials for use in the manufacturing cycle recording the receipt of payment for goods sold recording the order placed by a customer ordering raw materials determining the amount of raw materials to order
Please help me answer the problem attached in the photo and please provide me a clear step by step solutions and explanation. This problem requires us to determine the amount of total payroll and distribute the total payroll to work in process and factory overhead. It also asks us to refer to PD442 for the late shift premium and overtime rate. Thank you!
Gross earnings is______________________. An amount of money paid to an employee at a specified rate per hour worked A fixed amount of money paid to an employee for each pay period The total amount of money an employee earns in a pay period; also called gross pay A record of the time an employee arrives at work, leaves work, and the total number of hours worked each day