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

Q: Customer payments received in advance of the product or service being provided is recorded in which…

A: The company can collect advance from the customer before sale of the goods. This method of…

Q: What is the difference between Accounts Payable and Accounts Receivable? Explain each in generic…

A: Financial Management: Financial management comprises of two words i.e. Finance and management.…

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: 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: Describe about the Accounts payable.

A: Accounts payable: A liability which is payable within a short period is termed accounts payable and…

Q: For each account, indicate whether it appears in the general ledger or the subsidiary ledger…

A: General ledger: General ledger is a record of all accounts of assets, liabilities, and stockholders’…

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: Define Accounts payable.

A: Accounts payable refer to money owed by a entity to its creditors or suppliers from whom the entity…

Q: What is the invoice total (in $)?

A: Insurance on the invoice is $32.99

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: Describe the responsibilities of an accounts payables specialist.

A: Accounts payable specialists ensures vendors get paid for services and products rendered. They play…

Q: Define the ECL model for accounts receivable. How does it differ from the CECL model?

A: Accounts receivable (AR) is the amount of cash yet to be received by a firm for products or services…

Q: What is a schedule for accounts receiveable?

A: AR stands for Accounts Receivable which is defined as the balance of amount due to the company for…

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: Are purchasing and receiving functions separate from invoiceprocessing, accounts payable, and…

A: Invoice processing: It is a procedure to maintain the invoices of the organisation to ensure timely…

Q: How does Dropbox apply GAAP to revenue recognition? Explain and give examples.

A: Generally Accepted Accounting(GAAP) GAAP are a set of rules the encompass the details, complexities…

Q: What is the:  Accounts Receivable   =                                     =     Accounts…

A: Accounts Receivable Accounts receivable which is treated as one of the main source of liquidity…

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: 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: 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: The Sum of all the accounts in the accounts receivable subsidiary ledger should?

A: Accounts Receivable means amount due from customers on account of credit sales.  General ledger…

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: Explain the difference between contract assets, contract liabilities, and accounts receivable.

A: Account receivable: The amount of money to be received by a company for the sale of goods and…

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: what is example of payroll report for project?

A: A payroll report is a document prepared and processed at every month end which clearly shows the…

Q: xample of Payroll re

A: A payroll withholding statement is notification from an employer to an employee or tax office…

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

A:

Q: How is independent verification carried out in a manual revenue system, and give an example?

A: Verification is a process under which the confirmation is made by the auditor related to the actual…

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: 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…

A:

Q: how are accounts receivable measured and what are the control measures on accounts receivable?

A: Account receivable measured by using account receivable to sales ratio. Account receivable turnover…

Q: What is the normal procedure for handling the collectionof accounts receivable previously written…

A: Accounts receivable:  Accounts receivable refers to the amount to be received within a short period…

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: Define payroll.

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

Q: Which of the following is not a function of accounting? Interpreting Bookkeeping Budgeting Od…

A: The function of accounting are enumerated as below:

Q: For each account, indicate whether it appears in the general ledger or the subsidiary ledger…

A: The general ledger records all the financial accounts of a company. The general ledger includes…

Q: How do you get the total for accounts recievable turnover

A: Accounts Receivables Turnover Ratio represents the rate at which cash is accounts receivable is…

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…

Q: What are the four different approaches to implementing expense recognition? Give an example of an…

A: