18 Questions
What is a major component of the AIS in the HR and payroll cycle?
Calculate employee compensation
What is an example of time-based wage determination according to the text?
Biometric readers
What is a typical activity performed in the key payroll activities of the HR and payroll cycle?
Prepare payroll
What HR management issue is highlighted in the text regarding employee records?
Changing status to inactive for terminated employees
What is the definition of goodwill according to AASB 3 Business Combinations?
Goodwill is an asset representing the future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognised.
Under what condition can goodwill be recognized as an asset?
When it is acquired externally as part of purchasing another business.
Which entity can recognize externally acquired goodwill?
Only the acquiring entity.
In the context of business combinations, what is goodwill?
Excess cost paid to purchase net assets over their fair value.
What is the main difference between amortisation of intangible assets with finite useful life and indefinite useful life?
Intangible assets with finite useful life are amortised while those with indefinite useful life are not.
What was the impact of Australia's adoption of IFRS in 2005 on research expenditure accounting?
Many items of research expenditure were capitalised prior to 2005, but not after.
What is the significance of choosing between the cost or revaluation measurement model for PPE?
It has economic consequences for asset revaluations.
What is the definition of fair value in the context of asset measurement?
The price that would be received to sell an asset in an orderly transaction between market participants at the measurement date.
What is the key role of the Payroll Department?
Collecting and processing payroll information
Which of the following is NOT a step in preparing payroll according to the text?
Disbursing employee bonuses
What is the purpose of updating year-to-date (YTD) fields in the Payroll process?
To track total earnings and deductions for the year
Which department uses Payroll Register to authorize payments?
Accounts Payable Department
What is the purpose of Cloud-based Payroll according to the text?
To provide analytics in Payroll processing
In the Reporting Cycle, what is the main function of General Ledger?
Collecting and processing transactions data
Learn about AASB 3 guidelines for recognizing goodwill as an asset in business combinations, and the definition of goodwill in terms of future economic benefits. Explore the concept of internally generated goodwill related to customer base, management efficiency, location, suppliers, and employees' skills.
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