Explain audit for payroll

Q: What documents are included in the audit trail for payroll?

A: Payroll System:   Payroll system is a system within an organization that manages the payment of…

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: Account for accountspayable and analyzeaccounts payableturnover

A: Accounts payable:   It refers to the money owed by the organization to their suppliers which is…

Q: Which of the following accounts would most likely be audited in connection with a related…

A: A balance sheet is a budget summary that reports an organization's benefits, liabilities and…

Q: How would you go about detecting and preventing Payroll and Expense Reimbursement Schemes ?

A: Prevention of Payroll and Expenses Reimbursement Scheme There are many ways the frauds which are…

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.

A:

Q: Briefly describe the guidelines provided by GAAP for the recognition of revenue by a franchisor for…

A: Franchise arrangement and performance obligation:   In a franchise transaction, the franchisor has…

Q: Define the term payroll register.

A:

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: Required 1. Prepare a flowchart of the Sherman's payroll system. 2. Discuss the risks for payroll…

A: Payroll System: Payroll system is an arrangement within an organization that manages the payment of…

Q: Evaluate the difficulties associated with preventing and detecting payroll fraud.

A: Payroll is the compensation that a firm must pay to its employees on a given day and for a specific…

Q: sses and exampl

A: Here are some of the common risks to be aware of and  payroll processes can help in them: Overtime…

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: 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: Describe a minimum of three ways Accounting Iinformation System can help minimize or eliminate…

A: Following are the three ways that helps to minimize and eliminate inaccurate time and attendance…

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: What are the risks prevalent in a payroll system?

A: Payroll system is generally the system used in an organization to manage the salary and wages…

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: 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: 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

A:

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: 1. How do organizations account for their fixed assets in MYOB?

A: "Since you have asked multiple questions, we will solve the first question for you. If you…

Q: ayroll records serve as backup for

A: Payroll refers to the desired dum of money a company or an employer pays to its employees for the…

Q: Identify significant accounts and relevantassertions related to the revenue andcollection cycle.

A: Revenue and collection cycle: Under this procedure, the collection period from the customer is to be…

Q: Describe presentation and disclosure regarding revenue.

A: The core principle of IFRS 15 is that revenue is recognised when the goods or services are…

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

A:

Q: Understand the reporting of accounting changes and errors.

A: Accounting Changes and Errors: Meaning: Error Correction and Accounting changes are guidance that…

Q: compliance requirements in terms of documenting transactions and reporting .you should list the…

A: Tax invoice refers to the invoice which is vital document as it is not only evidence of supplying…

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: what is the most critical risks in your payroll process? What should be the internal control to…

A: Payroll process is the most important process in any organization as it would be a critical factor…

Q: fy types of errors that may cau

A: Payroll records is maintained by the employer which include number of working hours, average pay…

Q: How is independent verification carried out in a manual revenue system?

A: SOLUTION- Independent verification occurs in several departments as part of the sales order…

Q: Discuss the difference between the financial reporting system and general ledger system.

A: A general ledger, or GL, is a system for recording all of a company's financial transactions.…

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…