The test of controls for payroll includes the following audit procedures. Next to each of the procedures, indicate the related
management assertion about transactions.
1. Trace payroll information to management reports and to general ledger account postings.
2. Obtain control of a periodic payroll and conduct a surprise distribution of paychecks.
3. Select a sample of personnel files and trace pay rate and deduction information to payroll department files.
4. Trace cost accounting labor cost distributions to management reports and postings in general ledger accounts.
5. Select a sample of payroll register entries and recalculate gross pay, deductions, and net pay.
6. Select a sample of cost accounting analyses of payroll and vouch to time records.
7. Select a sample of clock time cards and trace to payroll register.
S. Select a sample of personnel files and trace pay rate to union contracts.
Answers
The test of controls for payroll involves several audit procedures to assess the effectiveness of controls and ensure the accuracy and reliability of payroll transactions.
Each procedure is related to a specific management assertion about transactions, which helps auditors evaluate the completeness, accuracy, and validity of payroll records and processes.
1 Tracing payroll information to management reports and general ledger account postings relates to the management assertion of completeness. This procedure ensures that all payroll information is accurately recorded in management reports and properly posted to the general ledger.
2 Conducting a surprise distribution of paychecks provides evidence for the management assertion of occurrence. By verifying that paychecks are distributed only to valid employees, auditors can ensure that payroll transactions are actually taking place.
3 Tracing pay rate and deduction information from selected personnel files to payroll department files relates to the management assertion of accuracy. This procedure helps confirm that the recorded pay rates and deductions align with the information in personnel files.
4 Tracing cost accounting labor cost distributions to management reports and general ledger accounts relates to the management assertion of completeness. It ensures that labor costs are accurately allocated and recorded in both management reports and the general ledger.
5 Recalculating gross pay, deductions, and net pay from a sample of payroll register entries relates to the management assertion of accuracy. This procedure helps auditors verify the correctness of calculations and ensure that employees' gross pay, deductions, and net pay are accurately recorded.
6 Vouching cost accounting analyses of payroll to time records connects to the management assertion of completeness. It ensures that the cost accounting analyses are based on accurate and complete time records, supporting the proper allocation of labor costs.
7 Tracing clock time cards to the payroll register is related to the management assertion of occurrence. This procedure verifies that employees' clock time entries are accurately captured in the payroll register.
8 Tracing pay rates from selected personnel files to union contracts corresponds to the management assertion of accuracy. It ensures that the pay rates recorded in personnel files are consistent with the agreed-upon rates in union contracts.
By performing these audit procedures, auditors can assess the effectiveness of controls over payroll transactions and gain assurance about the accuracy, completeness, and validity of the recorded payroll information.
To learn more about payroll, click here:
brainly.com/question/29186374
#SPJ11
Related Questions
factorise the following3x^2-18 +24
Answers
Answer:
it's 3(x^2-2) bcoz -18-24= -6 and 3 is divisible into 6 twice
Which one of the following could not be called income?
Answers
Answer: where is the question
Explanation:
Inkamva Lethu was established to offer counseling service for drug addicts and raise substance abuse awareness at no cost, identify form of ownership for this statement
Answers
Answer: Nonprofit Corporation
Explanation:
A Nonprofit corporation is one where the organization works to promote the good of the public in general either through charity, education, science, health and the like. These organizations provide their services at no cost and therefore rely on donations from benefactors to keep them going.
Inkamva Lethu is a Nonprofit corporation as it works for the public good by counseling drug addicts and raising awareness of substance abuse. They do this at no cost as well so they are a nonprofit corporation.
How a researcher knows what is topical within his or her subject and why it is important to know that
Answers
The research topic that the researcher finds is interesting and hence, he becomes anxious to complete the research work to add value to existing gap.
The research's "what," or the subject to be examined, is provided by the topic. The researcher can locate the research in the literature by defining and identifying the "what" of the study. The drive to pursue an interest is personally generated by curiosity. You can concentrate interest by concentrating on accuracy and clarity.
You must select one study topic that can be thoroughly studied. Clearly define your bounds. Take into account this illustration of topic concentration. Try this question instead of "I am interested in why children are not succeeding": "What effect does comprehending specialised academic language have on accomplishment in the natural sciences for third-grade Hispanic second-language learners?"
To learn more about topic in a research here,
https://brainly.com/question/10541763
#SPJ1
list 3 features of the trial balance
Answers
Answer:
ur mom ur dad and........STEP BRO
Explanation:
It is a summary of debit and credit balances which are extracted from various ledger accounts.
It is a summary of debit and credit balances.
The motive behind the preparation of Trial balance is to establish arithmetical accuracy of the transactions recorded in the Books of Accounts.
Please help wit this. It is worth a lot of points.
Answers
The Social Security tax on office salaries is $1,659.12 and the Social Security tax on sales salaries is $4,392.88
How to calculate the valueFICA Social Security taxes:
The rate for FICA Social Security taxes is 6.2%. We'll calculate this tax separately for office salaries and sales salaries.
Office salaries:
Social Security tax on office salaries = $26,760 * 6.2% = $1,659.12
Sales salaries:
Social Security tax on sales salaries = $70,840 * 6.2% = $4,392.88
FICA Medicare taxes:
The rate for FICA Medicare taxes is 1.45%. Similar to Social Security taxes, we'll calculate this tax separately for office salaries and sales salaries.
Office salaries:
Medicare tax on office salaries = $26,760 * 1.45% = $388.32
Sales salaries:
Medicare tax on sales salaries = $70,840 * 1.45% = $1,027.48
Federal income taxes:
The federal income tax withholding is a fixed amount of $12,760.
Medical insurance deductions:
The medical insurance deductions amount to $1,360.
Union dues:
The union dues amount to $880.
Now, let's calculate the employer payroll taxes:
State and federal unemployment taxes:
Regis Company's state unemployment tax rate is 5.4% of the first $7,000 paid to each employee. The federal unemployment tax rate is 0.6%.
State unemployment tax:
State unemployment tax = $7,000 * 5.4% = $378
Federal unemployment tax:
Federal unemployment tax = Total salaries * 0.6% = ($26,760 + $70,840) * 0.6% = $594.24
Now, let's prepare the journal entries:
1-b. Journal entry to record Regis Company's January 8 employee payroll expenses and liabilities:
Debit:
Office Salaries Expense: $26,760
Sales Salaries Expense: $70,840
FICA Social Security Taxes Payable: $1,659.12
FICA Medicare Taxes Payable: $388.32
Federal Income Taxes Payable: $12,760
Medical Insurance Deductions Payable: $1,360
Union Dues Payable: $880
Credit:
Cash (or Salaries Payable): $113,080.44 (Total of all salaries minus withholdings)
Journal entry to record Regis's employer payroll taxes resulting from the January 8 payroll:
Debit:
Payroll Tax Expense: $972.24 (Sum of State and Federal unemployment taxes)
Credit:
FICA Social Security Taxes Payable: $6,052 (Sum of Social Security taxes on office and sales salaries)
FICA Medicare Taxes Payable: $1,416.76 (Sum of Medicare taxes on office and sales salaries)
State Unemployment Taxes Payable: $378
Federal Unemployment Taxes Payable: $594.24
Learn more about tax on
https://brainly.com/question/25783927
#SPJ1
SAMU BED & BREAKFAST (SBB)
Samu is a successful young entrepreneur who
owns many bread & breakfast businesses in
different areas. Samu gives people equal job opportunities without discriminating them
based on age, race and gender. She also values the differences between people and
encourages diversity in the workplace. Some of the SBB employees have disclosed that
they are HIV positive.
1.4.1
Quote from the scenario above TWO ways in which Samu achieves inclusivity in
the workplace.
(2
1.4.2
Outline any THREE purposes of inclusivity in the workplace.
(3
1.4.3 Advise Samu on the negative impact of HIV/Aids in the workplace.
(5
Answers
Explanation:
1. Samu achieves inclusivity by giving people equal opportunity without discrimination at the workplace, she also also encourages diversity in the work place as this helps foster unity amongst the employees.
2. Inclusion produces happier employees, who are more committed to their work because they know they are been appreciated.
Productivity increases.
Improved problem solving.
3. HIV and AIDS has a huge impact on the world of work place as it reduces the supply of labour and available skills, it also increase labour costs, reduces productivity, it’s a threat to the livelihoods of workers and employers, and it also creates an environments which destroys the rights of workers.
an increase in the demand for a product will cause the
Answers
An increase in the demand for a product will cause the Increase in price because there is a supply that has to be met.
According to the laws of demand and supply, when there is a demand for a particular product, then the price will increase and when there is a decrease in the demand of a product, then the price will reduce.
With this law in mind, we can see that if there is an increase in the price of a particular product, then there will an increase in the price of the product too. This simply obeys the economic law.
Therefore, the correct answer is Increase in price
Read more here:
https://brainly.com/question/19151286
Restricting the choices of buyers or applicants of protected classes by showing them only certain units or encouraging them to look elsewhere is called?
Answers
A protected category refers to positive agencies of humans protected via anti-discrimination laws, such as women, older workers, human beings with disabilities, minorities and others. For more information, see Managing Equal Employment Opportunity.
What are the included classes?
Under federal law, employers cannot discriminate on the basis of race, color, country wide origin, religion, sex, age, or disability.
Why are covered training important?Essentially, when you belong to a included class, that capacity the law protects you towards both discrimination and harassment in the workplace—which is no longer the same component as presenting unique treatment. These legal guidelines additionally shield towards retaliation for reporting discriminatory or otherwise unlawful conduct.
Learn more about protected classes here:
https://brainly.com/question/16953145#SPJ4Here's something easy for you!
No questions, just do it. Look up pictures of this boy named Lee Haechan and give them to me. It's totally for my research. 5 points for 5 pictures. I mark brainliest and 5 starts and give thank you's.
Answers
brainly only allows one photo
I chose my fav photoshoot from boom era
Just Tomoeudagawa others stay away
Answers
Answer:
huh
Explanation:
Answer:
Oh okay thx for the points
Workplace CrossWord Help:
Engineering solution for keeping workers safe while operating equipment words
(13 Letter Word) —2(words)
Answers
Answer:
Hazard Control
Explanation:
Hazard control can be defined as the a worldwide accepted system that is setup by industries or companies to ensure the reduction or elimination of work hazards.
It is usually passed across to managers through training and the managers in turn ensure that the employees are trained as well thus ensuring that the practices become standard practices in the organization.
cheers
A management information system is typically used by
• A. middle-level managers
• B. all levels of employees
• C. company executives
• D. upper-level managers
Answers
Answer:
. Option D
Explanation:
Upper-level managers, is more specific and accurate in terms of the primary users of a management information system (MIS).
Why?
Upper-level managers are responsible for strategic decision-making, and they require detailed and comprehensive information to make informed decisions.
What Is a MIS?
A management information system (MIS) is typically used by all levels of employees, including middle-level managers, upper-level managers, and company executives. MIS is a computer-based system that provides timely and relevant information to support decision-making and management activities in an organization. It is designed to collect, process, store, and disseminate information to different levels of the organization to help them in making informed decisions.
Therefore, Option D is correct.
Answer:
Option A
Explanation:
Middle-level managers, such as department heads, team leaders, and supervisors, are responsible for implementing the strategies and policies set by upper-level managers. They require accurate and up-to-date information about their department's performance, employee productivity, and other critical data to make informed decisions. An MIS provides this information to middle-level managers in a timely and efficient manner, allowing them to monitor their department's performance, identify trends and patterns, and make informed decisions to achieve their departmental goals.
Middle-level managers also use MIS to identify and solve problems within their department, monitor employee productivity, and manage resources effectively. They use the system to generate reports, track key performance indicators (KPIs), and identify areas that require improvement. Overall, an MIS is a valuable tool for middle-level managers as it helps them make data-driven decisions that can improve their department's performance and contribute to achieving organizational goals.
Therefore, while upper-level managers also use MIS, middle-level managers can also benefit significantly from it, making Option A a valid answer to the question of who typically uses a management information system.
I LOVE YOU ALL!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! HOPE U R DOING BEYOND AMAZING REMEMBER TO NEVER CHANGE WHO U R FOR ANYONE OR ANYTHING UR PERFECT JUST THE WAY U R LOVE YA MAH BABIES!!!!!!
Answers
Answer:
awww thank you sooo much <3
Explanation:
shareholder primacy is the idea that a business' managers are obliged to focus their efforts on making decisions that benefit the firm's owners and not other stakeholders. question 2 options: true false
Answers
The given statement "according to the principle of "shareholder primacy," managers of a company must prioritize making decisions that will only benefit the company's owners" is FALSE.
What is shareholder primacy?A shareholder-centric form of corporate governance called shareholder primacy prioritizes the interests of shareholders over those of other company stakeholders like society, the community, customers, and employees.
In the current economic period, shareholders' wealth is regarded as the main determinant of the firm.
The priority of shareholders is currently unregulated by law.
In most of the world, there is a belief in the supremacy of shareholders.
The majority of the time, rather than "law," shareholder primacy is referred to as the "norm."
Thus, CSR may lead to disputes between various shareholders. Insiders gain personally from their affiliation with companies that have a high CSR rating in this dispute.
The conflict is lessened if insiders own a sizable portion of the company.
Debt also acts as a method for reducing conflict.
Therefore, the given statement "according to the principle of "shareholder primacy," managers of a company must prioritize making decisions that will only benefit the company's owners" is FALSE.
Know more about shareholders here:
https://brainly.com/question/28452798
#SPJ4
Your brother has asked you to help him with choosing an investment. He has $5,000 to invest today for a period of two years. You identify a bank term deposit that pays an interest rate of 4.25 percent with the interest being paid quarterly. What will be the value of the investment in two years?
Answers
How to Apply the Rule of 72. According to the Rule of 72, $1 invested at a 10% yearly constant interest rate would increase to $2 after 7.2 years ((72/10) = 7.2). In reality, a 10% investment will double in 7.3 years ((1.107.3 = 2)).
How much entertainment, compounded annually, would it take to double a fund in six years?You may also calculate it backwards: divide 6 by 72 to get that a hobby charge of roughly 12 percent will be needed if you want to quadruple your money in six years.
What hobby costs how much per year if you want to double your money in three years?How to Apply the Rule of 72. For instance, the Rule of 72 stipulates If you want to double your money in three years, your investments must provide annual returns of between 21% and 24% (72/3 years). Similar to this, if you want to double your money in five years, your assets must grow at a rate of about 14.4% per year (72/5).
Learn more about investment here;
brainly.com/question/27717275
#SPJ1
The statement of cash flows is designed to fulfill all the following purposes EXCEPT to:
A) show the relationship of net income to changes in the company's cash.
B) assess the collectability of accounts receivable.
C) evaluate management decisions.
D) help predict future cash flows.
Answers
The statement of cash flows is designed to fulfill all the following purposes except to assess the collectability of accounts receivable. The Option B is correct.
What is the statement of cash flows?In financial account, statement of cash flows is a financial statements issued by a business which describes the cash flows into and out of the organization. The statement focus is on types of activities that create and use cash which are operations, investments, and financing. Smaller organization may be unable to release a statement of cash flows for internal use, preferring to only issue an income statement and balance sheet.
The purpose of cash flow statement is to provide detailed picture of what happened to a business's cash during a specified period known as the accounting period. The statement also demonstrates an organization's ability to operate in the short and long term based on how much cash is flowing into and out of the business.
In this context, the statement of cash flows are designed to show the relationship of net income to changes in the company's cash, evaluate management decisions and help predict future cash flows.
Read more about cash flow statement
brainly.com/question/735261
#SPJ1
a company recorded 2 days of accrued salaries of $1,500 for its employees on january 31. on february 9, it paid its employees $7,200 for these accrued salaries and for other salaries earned through february 9. the january 31 and february 9 journal entries are:
Answers
Now that the salary payable account has been cleared, the amount of the payment is deducted from the cash account. The financial accounts of the company show a net increase in costs and a drop in cash.
The entry in the journal for January 31 is:
Salary Payable: $1,500 Debit: Salaries Expense: $1,500
At the end of the month, this documents the company's accrual of salary expenditure for two days.
The February 9 entry in the journal reads:
Cash - $7,200 Debit: Salary Expense - $7,200 Credit:
The payment of the previously accumulated salary ($1,500) and the other payments ($5,700) received through February 9 are also included in this entry. Now that the salary payable account has been cleared, the amount of the payment is deducted from the cash account. The financial accounts of the corporation show a net increase in costs and a drop in cash.
learn more about company here:
https://brainly.com/question/30532251
#SPJ4
One of the drawbacks of satellites is: Group of answer choices the cost of creating a high quality ad for satellite television. the limited market penetration of satellite television. the number of intermediaries required for satellite service transmission. the government regulations placed on satellite advertising. their ability to span a wide geographical region.
Answers
Answer: their ability to span a wide geographical region.
Explanation:
The ability of satellites to cover a wide geographical area is both a good thing and a bad thing. It is good because it can increase the viewership of an advert. It however can be bad because companies would be unable to customize their ads for various locations.
This means that they would be unable to charge different prices as people in different regions would be able to see prices offered to other regions as well. It also means that the values expressed in the ads in one country could be shown in another country where it might be considered offensive.
What are the positive and negative aspects of taxation?
Answers
Answer:
Explanation:
For negative
But all taxes adversely affect ability to save. Since rich people save more than the poor, progressive rate of taxation reduces savings potentiality. This means low level of investment. Lower rate of investment has a dampening effect on economic growth of a country.
Positive
The positive effects of tax rate cuts on the size of the economy arise because lower tax rates raise the after-tax reward to working, saving, and investing. ... But pure rate cuts may also provide positive income (or wealth) effects, which reduce the need to work, save, and invest.
Information Type
Top managers need information that is mostly
Operational managers need information that is mostly
Two Justifications (Why?)
Internal/External
Detailed/Summarized
Answers
Top managers typically need information that is mostly strategic and decision-oriented. They require high-level information that helps them make critical decisions for the organization's overall direction, setting goals and objectives, and allocating resources. This includes information on market trends, competitive analysis, financial performance, long-term planning, and strategic initiatives.
Operational managers, on the other hand, need information that is mostly operational and task-oriented. They require detailed information related to day-to-day activities and processes that help them monitor and control operations, ensure efficient resource allocation, track performance, and address operational issues. This includes information on production schedules, inventory levels, sales data, employee productivity, and quality control.
Two justifications for the information needs of top managers and operational managers are:
Decision-making: Top managers make strategic decisions that shape the organization's future, and they need high-level information to analyze trends, assess risks, and evaluate opportunities. Operational managers, on the other hand, make decisions related to daily operations, resource allocation, and problem-solving, and they need detailed information to effectively execute their tasks.
Focus and scope: Top managers have a broader perspective and are concerned with the organization as a whole. They require information that is summarized and aggregated to get an overview of the business. Operational managers, however, are focused on specific processes, tasks, and departments. They need detailed information to monitor performance, identify bottlenecks, and make operational improvements.
Internal/external distinction refers to the source of information. Internal information is generated within the organization, such as financial reports, sales data, and employee performance records. External information, on the other hand, comes from sources outside the organization, such as market research reports, industry benchmarks, and customer feedback.
Detailed/summarized refers to the level of detail in the information provided. Detailed information includes granular data and specific metrics, enabling a deeper understanding of operations or performance. Summarized information presents a condensed version of the data, providing a high-level overview or key insights for decision-making. The choice between detailed or summarized information depends on the specific needs and preferences of managers in different situations.
To know more about Top managers click this link -
brainly.com/question/3352289
#SPJ11
What is the full form of (GAAP)
Answers
Explaination .: hope this is what you were looking for
Answer:
General Accepted Accounting Principles
True or false: Employers pay the same amount of social security and Medicare taxes as the employee pays.
O True
O False
Answers
I hope I have helped you I don't know much about that
Which of the following is an indirect competitor for a company that makes chocolate chip cookies? A. Another company that makes chocolate chip cookies B. A company that makes potato chips C. A company that makes baking pans D. A company that makes brownies
Answers
Answer:
The indirect competitor for a company that makes chocolate chip cookies is;
D. A company that makes brownies
Explanation:
Where two companies or vendors produces or supplies entirely different products that however work to satisfy the same customer need then the two companies or vendors are in indirect competition
In the question, we have;
The product of the company = Chocolate chip cookies
Therefore, an indirect competitor of the company will be make a maker of a different product of the same utility as the chocolate chip cookies, which gives;
The indirect company = A company that makes brownies
This is so because, a brownie, which is also known as a chocolate brownie, consists of a rectangular or square shaped baked chocolate that can include a variety of ingredients, including chocolate chips, cheese and nuts.
Answer:
D A company that makes brownies
Explanation:
im smart :) like this now
what is the role of the entrepreneur in the modern economy? A. to create jobs B. to take big risks C.to preserve natural resources D.to generate wealth
Answers
Answer:
D
Explanation:
They invest and risk their money--and other people's money--to produce a product or service that can be sold at a profit
Describe the strategic management process and list the four components of he strategic management process
Answers
The strategic management process means illustrating the company's strategy which involves planning, setting and direction of goals in order to achieve goals within a given period of time to make a company more competitive.
The four components of the strategic management process:-
Collecting Information - It involves gathering of information of internal and external factors that can influence a company.Strategy Formulation - This step involves what action should be taken to achieve goals.Strategy Implementation - In this the actions which have decided are executed swiftly for achieving goals.Strategy Evaluation - After implementation of strategy, it should be monitor and corrective actions should be taken if there are issues.Read more about Strategy Evaluation on brainly:-
https://brainly.com/question/24112782
#SPJ4
With what generation did you start to see this educational gap widen? What factors do you think might have caused this to happen?
Answers
The educational gap widen became prevalent between baby boomers generation X
What is generation gap?The difference in values and viewpoints between older and younger people is referred to as the generation gap. People from different generations frequently hold different beliefs and behaviors.
A generation gap is a difference between younger and older generations in terms of behaviors, viewpoints, and preferences.
There are numerous causes. Obstacles to girls' education include gender-based violence, child marriage, and poverty.
Learn more about the generation gap here:
https://brainly.com/question/19652556
#SPJ1
Which of the following is used to calculate income elasticity of demand? O A. % change in quantity of labor supplied % change in the wage rate O B. % change in quantity demanded % change in income OC. % change in quantity of Y demanded % change in price of X OD. % change in quantity supplied % change in price
Answers
B. % change in quantity demanded % change in income
Income elasticity of demand measures the responsiveness of the quantity demanded of a product to changes in consumer income. It is calculated by dividing the percentage change in quantity demanded by the percentage change in income.To calculate income elasticity of demand, the percentage change in quantity demanded is divided by the percentage change in income. This ratio provides a measure of how much the quantity demanded changes in response to a change in income.By analyzing income elasticity of demand, businesses and economists can determine whether a product is a normal good (positive income elasticity) or an inferior good (negative income elasticity). It also helps in predicting consumer behavior and making informed decisions regarding pricing, marketing, and product development strategies based on income fluctuations and income levels of target markets.
Therefore, option B) % change in quantity demanded % change in income is used to calculate income elasticity of demand.
learn more about quantity demanded here:
https://brainly.com/question/1346670
#SPJ11
the principle that more will be offered for sale at higher prices than at lower prices.
Answers
The principle that more will be offered for sale at higher prices than at lower prices is the law of supply.
This law states that when the price of a good or service increases, the quantity supplied will also increase. On the other hand, when the price of a good or service decreases, the quantity supplied will decrease as well.This law applies to all goods and services, regardless of the industry or sector. It is one of the most fundamental principles of economics and is used to explain many economic phenomena, including the behavior of producers in markets.
The supply curve is determined by the cost of production, technological progress, and the availability of resources. When the cost of production increases, the supply curve shifts to the left, and when the cost of production decreases, the supply curve shifts to the right.The availability of resources also affects the supply curve. When there are more resources available, the supply curve will shift to the right, and when there are fewer resources available, the supply curve will shift to the left.
Learn more about economic phenomena here:https://brainly.com/question/5782161
#SPJ11
What is one reason to keep detailed patient records?
• A. To justify a breach of duty when it is called for
•
B. To have proof that the patient consents to treatment
•
C. To share them publicly if the patient becomes problematic
•
D. To help protect against malpractice cases and damages
Answers
The one reason to keep detailed patient records is To have proof that the patient consents to treatment. Thus the correct option is B.
In cases of medical negligence, the records of the patient give a precise and understandable description of a patient's medical history, treatments, and progress. This act is evidence that the given treatment is with the consent of the patient.
By serving as a foundation for ongoing assessments, planning, and evaluations of patient's health status, thorough records can guarantee that patients receive the best care available.
Therefore, option B is appropriate
Read more on patients' records, here:
brainly.com/question/1561727
#SPJ1