Describe the cost and basic accounting activities related to payroll ?

Q: Define Income and Business Taxation

A: Income is the money which is earned by the individual or any person during the year. Like for the…

Q: Who among the following uses accounting information to know the possible wage increments? O a.…

A: The main purpose of accounting information is to circulate the information to the relevant…

Q: Who among the following uses accounting information to know the possible wage increments? O a.…

A: Employees use the accounting information to know the possible wage increments because they are…

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: Explain audit for payroll

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

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: Which entity is most likely to be part of both the payroll cycle Pand the expenditure cycle اختواحد…

A: Cash disbursement represents the distribution of cash from one party to another. It is the cash…

Q: Describe the uses of payroll register in business.

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Q: Define the term payroll register.

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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: purchase discount is relevant into the followings cycles: a. payroll and personnel O b. sales and…

A: Accounting is essential to operating a company since it allows businesses to track income and…

Q: WHAT ARE THE MAIN DOCUMENTS USED FOR PAYDAYLOAN ?

A: A payday loan is a high-cost unsecured loan that can be availed at the time of a short-term…

Q: What are the two main controls for payroll? Provide an example of each.

A: Payroll: The total payment that a company is required to pay to its employee for the services…

Q: Identify and explain the different types of retained earnings appropriations.

A: Retained earnings is the amount of earnings accumulated over the period of time. This is an…

Q: Which transaction cycle includes interactions between an organization and its suppliers? Select one:…

A: Transaction cycle is set of various business transactions which can be aggregated to small number of…

Q: Assume the payroll and personnel cycle will have an impact on five general ledger accounts

A: Introduction: This question  deals with the payroll and personnel cycle will have an impact on five…

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: 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: How do you find and calculate FICA-Med on a payroll register?

A: FICA represents the tax amount charged on the paycheck of the employee for social security (SS) and…

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: Contribution income statements vary from typical income statements in that they take the company's…

A: The question is about contribution income statements vary from typical income statements

Q: A seller reports accounts receivable, “contract liabilities,” and “contract assets” on separate…

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Q: Outline the accounting procedures involved in applyingthe operating method by a lessor.

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

A: Introduction: Identification of transactions and accounts in personnel and payroll cycle. Initially,…

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

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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 the accounting for contributions.

A: Contribution: It usually refers to the earnings that can be calculated by subtracting all direct…

Q: what is the relationship between accounting and financial disclosure and company's budget?

A: Accounting cycle can be defined as the entire process of recording a single business transaction in…

Q: Who among the following uses accounting information to know the possible wage increments? Bankers b.…

A: Employees use the accounting information to know about the wage increments about the business…

Q: A company's expected receipts from sales and planned disbursements to pay bills is commonly called…

A: Here Is The Answer :

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

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Q: Under what type of responsibility would cost accounting go under? managerial accounting, tax…

A: Cost accounting is a branch of accounting which is used to determine the costs of different…

Q: Make the journal entry (debit and credits) for recording the payroll.

A: Payroll accounting is known as the recording of all the payroll transactions in the books of the…

Q: The payroll information for a pay period is recorded in the general ledger.   True   False

A: General ledger means the ledger where all the information of business is kept like account…

Q: Preparing the Payroll Register

A: Chris German has worked more than 40 hours, so his hourly rate for 1 hour overtime is 1.5 times…

Q: c. Failure to Record Payroll Companies having difficulty meeting profit targets or not-for- profit…

A: The analytical procedure means evaluation using both reasonable financial and non-financial data to…

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…

Q: What is the basic sequence of activities and accounting in a revenue and collection cycle?

A: Revenue Collection Cycle:   A collection cycle is a process that begins when a customer approaches…