Refer to the flowchart.a. What risks are associated with the payroll procedures depicted in the flowchart?b. Discuss two control techniques that will reduce or eliminate the risks. PayrollDepartmentEmployeeSupervisorTimeTimeTimeCardCardCardSupervisor Approvesand Signs Time CardsPreparePaychecksPaycheckPaycheckPaycheckSupervisor DistributesPaychecks to Employees

Definition: Payroll control: A payroll fund is an amount which is used to pay the salary of…

Payroll Department Employee Supervisor Time Time Time Card Card Card Supervisor Approves and Signs Time Cards Prepare Paychecks Paycheck Paycheck Paycheck Supervisor Distributes Paychecks to Employees

Payroll Department Employee Supervisor Time Time Time Card Card Card Supervisor Approves and Signs Time Cards Prepare Paychecks Paycheck Paycheck Paycheck Supervisor Distributes Paychecks to Employees

Pkg Acc Infor Systems MS VISIO CD

10th Edition

ISBN:9781133935940

Author:Ulric J. Gelinas

Publisher:Ulric J. Gelinas

Chapter14: The Human Resources (hr) Management And Payroll Processes

Section: Chapter Questions

Problem 5DQ

See similar textbooks

Related questions

Q: There are three employees in the accounting department: payroll clerk, accounts payable clerk,…

A: Payroll clerk is the person who keeps records of payroll data of all the employees and issues them…

Q: Upon receipt of customers’ checks in the mail room, a responsible employee should prepare a…

A: Accounts receivable is the amount due to be received from customers on account of credit sales.

Q: Describe the internal control weakness in Two Symbols’ cash disbursements system and discuss the…

A: Internal Control: Internal control is an internal and independent assurance of objectives of an…

Q: The following is the description of cash disbursements system of Two Symbols Limited: Upon receipt…

A: Internal control: Internal control is a process which ensures continuous reliability of…

Q: The following is the description of cash disbursements system of Two Symbols Limited: Upon receipt…

A: Internal control is an internal and independent assurance of objectives of an organization in…

Q: A list of terms and another list of definitions and examples are presented below. Match the directly…

Q: PAYROLL FLOWCHART ANALYSIS Discuss the risks depicted by the payroll system flowchart for this…

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

Q: often distracted by other duties. Every Friday, the shop foremen collects the time cards for their…

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

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: Credit is granted by a credit department. Once shipment occurs and is recorded in the sales journal,…

Q: The following is the description of cash disbursements system of Two symbols limites: Upon receipt…

A: Internal control: Internal control is a process which ensures continuous reliability of…

Q: Describe the internal control weakness in Two Symbols’ cash disbursements system and discuss the…

A: Internal control: Internal Control Weakness refers to failure in the implementation or…

Q: Leon Jones worked in the warehouse of a large building supply company. One day he unexpected left…

A: Definition: Payroll fraud: A payroll fund is an amount that is used to pay the salary of…

Q: Prepare a payroll check for Janice burns for the week ending March 23,20

A: Fill each blank as follows. Date : March 23 Pay to the order of : Burns, Janice…

Q: olly employees use a time clock in an unsupervised area to record their time on the job. The…

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

Q: Discuss the risks depicted by the payroll system flowchart. Describe the internal control…

Q: A bill of lading, an invoice, a credit note, a remittance advise, and a monthly statement to clients…

A: Bill of Lading: The contract between seller and carrier for receipt and shipping of goods is…

Q: Payroll Internal Control Procedures Big Howie's Hot Dog Stand is a fast-food restaurant…

A: This issue involves the separation of duties and internal control procedure is not very strong.

Q: Describe two control techniques to prevent or detect this fraud scheme.

A: Payroll Fraud: A payroll fund is an amount which is used to pay the salary of employees. Many…

Q: Discuss any control weaknesses found in the flowchart. Recommend any necessary changes.

Q: Upon receipt of the documents from accounts payable department, the cash disbursements clerk files…

A: Internal Control: Internal control is an internal and independent assurance of objectives of an…

Q: The following is the description of cash disbursements system of Two Symbols Limited:Upon receipt of…

A: Internal control: Internal control is an internal and independent assurance of objectives of an…

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: Discuss the internal control weaknesses in the expenditure cycle flowchart Structure your answer in…

A: Expenditure Cycle Flowchart: Expenditure cycle shows the expenditure which occurs because of making…

Q: Journalize the February payroll and the payment of the payroll. (Credit account titles are…

A: A journal entry is used in an organization's financial records to document commercial transactions.…

Q: Automated Application Controls. The following provides a brief description of the computerized…

A: 1) It should have data entry and formatting control. This control is related to the design of the…

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: An important reconciliation in the payroll system is whena. the general ledger department compares…

Q: a. Prepare a payroll sheet for January 16 to 31 and make an entry to record the payroll. b. Compute…

A: Federal tax is computed @12% on gross salary. FICA Tax is due @6.2% on gross salary. Medicare Tax is…

Q: Employees at the Sagerod Manufacturing Company record their hours worked on paper time cards that…

A: a.

Q: Every 2 weeks, employees for a manufacturing firm submit their time cards to the supervisor, who…

A: REA Model: REA model establishes the relation between resource, event and agents. REA model serves…

Q: Payroll accounting 2020 by Landin Question: What are the forms of identification that establish…

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

Q: The following describes the payroll procedures for a hypothetical company.Every Thursday, the…

A: Transaction Process System: Transaction process system refers to as a system designed to process…

Q: Payroll Audit Procedures, Computers, and Sampling. You are the senior auditor in charge of the…

A: a. Audit Procedure: A specific procedure undertaken by an auditor to procure evidence in a…

Q: mines it for correctness and files it in a temp0- until it is due to be paid. The clerk reviews the…

A: Flowchart: A flowchart can be defined as a diagram which characterizes the process, workflow or an…

Q: When employees arrive for work at Harlan Manufacturing, they punch their time cards at a time clock…

A: Analyze the internal control weaknesses in the system as per control activities specified in SAS 78/…

Q: The following is the description of cash disbursements system of Two Symbols Limited:Upon receipt of…

A: Internal control: Internal control is an internal and independent assurance of objectives of an…

Q: You’ve just started your first accounting job, as the accounts payable and payroll clerk for…

Q: Home Depot Kenya ltd employees use a time clock in an unsupervised area to record theirtime on the…

A: Payroll System: The system covers the payment of employment taxes to the government and related…

Q: maintaining the appropriate separation of duties. The duties that have to be assigned are: а.…

A: Separation of Duties It is important for the business entity to allocate the work to their employees…

Q: Journal entry Complete the following Prepare the journal entries as of January 12 to record the…

A: Journal entries as of January 12 to record the payroll and the payroll taxes: Date Account…

Q: Week 4The following is the description of cash disbursements system of Two Symbols Limited:Upon…

A: Internal control: Internal control is a process which ensures continuous reliability of…

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: Describe the internal control weakness in Two Symbols’ cash disbursements system and discuss the…

Q: PROBLEM: ON JANUARY 16, 2021, THE PAYROLL DEPARTMENT PROCESSED PAYROLL CHECKS FOR 300 EMPLOYEES…

A: The journal entries are prepared to record day to day transactions of the business.

Question

Refer to the flowchart.
a. What risks are associated with the payroll procedures depicted in the flowchart?
b. Discuss two control techniques that will reduce or eliminate the risks.

Payroll
Department
Employee
Supervisor
Time
Time
Time
Card
Card
Card
Supervisor Approves
and Signs Time Cards
Prepare
Paychecks
Paycheck
Paycheck
Paycheck
Supervisor Distributes
Paychecks to Employees

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Step 3

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 3 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

Which function should distribute paychecks?a. personnelb. timekeepingc. paymasterd. payroll
Match the four functions of payroll activities with their related internal controls: a. An independent employee should sign and distribute the prenumbered checks. select a function Hiring EmployeesPaying the PayrollPreparing the PayrollTimekeeping b. Supervisors should monitor hours worked through time reports. select a function Hiring EmployeesPaying the PayrollPreparing the PayrollTimekeeping c. Human Resources department should authorize employment. select a function Hiring EmployeesPaying the PayrollPreparing the PayrollTimekeeping d. Two or more employees should verify payroll amounts. select a function
Describe a walkthrough of the payroll transaction flow from hiring authorization to payroll checkdisbursement. (a) What document copies would be collected? (b) What controls should be noted?
Payroll: Risks and Controls Below are some of the processes that are typically executed before, during, and after a payroll cycle: Employees record their hours worked. The supervisor reviews and approves each employee's time records with their signature. An officer from the Human Resources department updates employee files after receiving authorized records of overtime and leaves (vacations, illness, etc.) from the supervisor. Afterward, approved records are sent to the payroll officer in the accounting department. The payroll officer calculates the gross payment, applies deductions, and calculates the net payment. Subsequently, the final payroll is sent for the controller's approval. Payments are issued to employees using their preferred delivery method (check or direct deposit). Entries are generated for the corresponding payroll transactions. Withholdings for payroll taxes, Social Security, and Medicare are respectively remitted to the Department of Treasury and the Internal…
Which internal control is not an important part of the payroll system? a. supervisors verify the accuracy of employee time cards b. paychecks are distributed by an independent paymaster c. the accounts payable department verifies the accuracy of the payroll register before transfer-ring payroll funds to the general checking account d. the general ledger department reconciles the labor distribution summary and the payroll disbursement voucher
Discuss the importance of employee timekeeping in preparing the payroll? Discuss the different technologies used for employee timekeeping that improves the accuracy of the information gathered?
Payroll Accounting What information appears on the payroll register? What records are needed for an employer to prepare an employee's W-2? When should postings be made to employee's earnings record?
The deparment that should pay the payroll is the: a. payroll deparment b. human resources deparment c. trasures's department d. timekeeping department
Swenson Company has the following payroll procedures.Identify the payroll function to which each procedure pertains. Payroll Procedures Payroll Function (a) Supervisor approves overtime work. Hiring EmployeesPaying the PayrollPreparing the PayrollTimekeeping (b) The human resources department prepares hiring authorization forms for new hires. Hiring EmployeesPaying the PayrollPreparing the PayrollTimekeeping (c) A second payroll department employee verifies payroll calculations. Hiring EmployeesPaying the PayrollPreparing the PayrollTimekeeping (d) The treasurer’s department pays employees. Hiring EmployeesPaying the PayrollPreparing the PayrollTimekeeping
Topic: Payroll and Promissory Notes
In quickbooks, What is the process for setting up the payroll system?
For what reason are distribution columns sometimes provided in the payroll register?