Why would a company have a separate bank account designated for paying payroll-related expenses?

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

A: Payroll Checking Account:-It is a separate bank account of a business that is only used 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: Which of the following should be recorded in Accounts Receivable? Select the correct response:…

A: Accounts Receivable (AR) seem to be the revenues or payments received by the firm from consumers who…

Q: Bank accounts to administer payroll are often on an imprest basis, as in they are usually at zero…

A:

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: 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: Outstanding checks refer to checks that have been: Multiple Choice Written, recorded, sent to…

A: Outstanding checks : These are the checks which are written and sent to the bank but which are not…

Q: Requiring an employee who does not handle accounting records to open the mail is an example of…

A: Accounting is the process of recording, classifying and summarising accounting information. After…

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: 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: Which of the following activities most likely would be considered a weakness in an entity’s internal…

A: Answer:   Option c

Q: Explain audit for payroll

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

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: Why should cash receipts be deposited on the day of receipt?

A: Cash receipts refers to the money received in the form of cash on a specific date or during a…

Q: Effective control over the cash payroll function would mandate which of the following?a. The payroll…

A: Internal controls are the systems, rules, and strategies executed by an organization to guarantee…

Q: Describe the uses of payroll register in business.

A:

Q: Which of the following entries would be required to account for a reimbursement to the petty cash…

A: Petty cash funds are those funds which are established for small petty expenses in the business.…

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: If a company has accounts receivable from ordinary customers and from related parties, can they…

A: International Financial Reporting Standards are known as the accounting standards which is issued by…

Q: From a company’s point of view, which of the following statements best describes an “outstanding…

A: Outstanding check: When company issue the check to the vendor/creditors but they do not present the…

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: The companies dispose their accounts receivable because

A: The Companies in the normal course usually dispose their accounts receivables because it relieves…

Q: Prepare a general journal entry to record the payroll. The firm's general ledger contains a Wages…

A: Journal entry  to record the payroll wages. Reason of debit and credit of accounts.   Payroll is…

Q: What adjustment is required when a check written in a prior month appears on the bank statement for…

A: A bank statement is just a monthly document sent by a bank to its customers that lists the…

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: What are solutions a company can take to protect itself against any employees committing fraud…

A: Payroll theft or fraud is the misusing of the company's funds to issue wrong payments or salaries.…

Q: How can you tell whether the amount on a check was altered after it was paid by a bank?

A:

Q: what are the examples of independent verification controls in a payroll accounting system

A: Payroll accounting involves recording of Employee related data including: gross wages, salaries,…

Q: Match each item to a bank statement adjustment, a company books adjustment, or either.

A: These are related to bank reconciliation statements .

Q: 2. Prepare a general journal entry to record the payroll. The firm's general ledger contains a Wages…

A: Payroll Journal Entry It is mandatory for the business entity to prepare the payroll expenses which…

Q: A written order for a bank or other financialinstitution to pay a stated dollar amountto a specified…

A: A written order for a bank or other financialinstitution to pay a stated dollar amountto a specified…

Q: What are the principal reasons for using a special payroll bank account?

A: Definition:

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: Why should employee paychecks be drawn against a special checking account?

A:

Q: What are the principal reasons for using a special payroll bank account

A: A payroll account is a separate bank account for your business that is exclusively used to pay…

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: Uncredited cheques are O Cheques issued by a business but not yet cashed out by creditors. Cheques…

A: Given: The definition of uncredited cheques is asked.

Q: What documentation should an auditor inspect when a client has paid off a bank note? How could an…

A: Definition: Bank statement: This is a periodic or monthly statement issued by the bank reporting the…

Q: Which of the following does not belong to the group?   Petty cash fund Accounts Receivable…

A: Assets- Assets are any items of economic value that will provide future benefit and can be converted…

Q: A bank statement a. is a bill from the bank for services rendered b. is a credit reference letter…

A: Bank statement: Bank statement refers to a printed record of the bank account balance. It consists…

Q: 1. In ideal circumstances, each payroll check is delivered personally to the employee who signs a…

A: Payroll checks are related to salaries and wages of the employees. Income taxes are amount of dues…

Q: hich of the following should be recorded in Accounts Receivable? Group of answer choices Receivables…

A: Accounts Receivable means the amount to be received from customers in respect of sales effected or…

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…