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Q: Payroll Authorization in a Computerized System. Two accountants were discussing control activities…

A: Computerized Payroll System:   A system that stores and maintains all the information related to…

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: below presents the payroll procedures of XYZ Limited. We discussed various aspects of such payroll…

A: Payroll In a simple word payroll means the compensation which are provided by the companies to its…

Q: Which of the following payroll control activities would most effectively ensure that payment is made…

A: Payroll: Payroll refers to the total amount that is required to be paid by the company to its…

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: (a) the payment of an unauthorized employee and (b) omission of payments to an employee may be…

A: Introduction: Payroll is a term that refers to a company's roster of employees and the money sent to…

Q: What is the purpose of the following control procedures (i.e., what threats is it designed to…

A: Control procedures are designed with a view to prevent the frauds and errors from occurring in the…

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: In determining the effectiveness of an entity’s policies and procedures relating to the occurrence…

A: Management Assertion: Management assertion refers to the claim made by management assuring about…

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: The purpose of separating the duties of hiring personnel and distributing payroll checks is…

A: Operational responsibility forms part of the record-keeping responsibility. Hence authorization of…

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

A: a.

Q: ich of the following services cannot be performed for a no O Signing payroll checks. O Preparing…

A: Nonissuer client refers to the person or the client or companies who cannot issue securities nor…

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: 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: 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: 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: 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 is NOT an example of internal control procedures that help prevent payroll fraud? a.Outsource…

A: Internal control is a technique used by internal management to analyse the efficiency and…

Q: Describe a minimum of three ways AIS can help minimize or eliminate inaccurate time and attendance…

A: Payroll: Payroll refers to the total amount that is required to be paid by the company to its…

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: What is the purpose of the following control procedures (i.e., what threats is it designed to…

A: CONTROL PROCEDURES ARE THE SPECIFIC ACTIONS THAT MANAGEMENT TAKES TO MAINTAIN CONTROL AND TO ENSURE…

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: 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: An audit team most likely would assess control risk at the maximum if the payroll department…

A: An audit team most likely would assess control risk at the maximum if the payroll department…

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: When control risk is assessed as low for assertions related to payroll, substantive tests of payroll…

A: Solution Concept Control risk It is a risk that the company’s internal control will not be able to…

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: An audit client has engaged a third-party service organization tohost its payroll software package…

A: Given: The engagement of the third-party for hosting the payroll software package.

Q: Match the four functions of payroll activities with their related internal controls: a.   An…

A: Payroll: Payroll refers to the total amount that is required to be paid by the company to its…

Q: The Accounting Iinformation System may assist to decrease or eliminate erroneous time and attendance…

A: Accounting information system: It refers to an information system used in different accounting…

Q: Give suggestions to avoid payroll related fraud in companies

A: Payroll fraud is the most common and costliest forms of asset defalcation. Falsified wages, Ghost…

Q: billing

A: Billing fraud- It aims to have a business make a payment to the employee and record that payment as…

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

A:

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: 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: 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: Which preventive, detective, and/or corrective controls would best mitigate the following threat,…

A: The preventive controls made the management follow up procedures that protect the control system…