Describe the uses of payroll register in business.

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: 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: Which of the following activities performed by a department supervisor most likely would help to…

A: The departmental supervisor approves payroll. If the departmental supervisor distributed paychecks…

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: 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: Explain audit for payroll

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

Q: Required: a. Assess the transaction-related audit objective in the payroll and personnel system of…

A: Auditing: Auditing can be defined as the process of evaluating the accuracy of the information…

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: Match the following form (transaction type) with the appropriate transaction description: Рayment…

A: Transactions: A business transaction is a financial transaction that takes place between two or more…

Q: What can be understood by Staff Accounting Bulletins?

A: International Financial Reporting Standards (IFRS):  International Financial Reporting Standards is…

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: 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: How assets, liabilities, provisions and foreign exchange transactions are recorded in the books of…

A: Accounting is the process of recording a company's financial transactions. Summarizing, analyzing,…

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: Which control activity is the entity implementing when the system verifies that all payrol payments…

A: Payroll processing is an important function in an organization that involves net pay to the employee…

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 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: For each of the following records, indicate the appropriate related file structure: master file,…

A:

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: 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: 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: 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: 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: All records in a file must be uniquely identifiable in at least one attribute, which is its primary…

A: The primary key is unique and cannot be the same in a table. It is a basis through which every…

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

A:

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: 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: 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: 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: Describe the responsibilities of an accounts payables specialist in a freight forwarding company.

A: Accounts payable specialist is the person who has the responsibility of financial processing of…

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…

Q: Which of the following best describes the activities of the accounting function? a. inventory…

A: