Expenditure Cycle Activities and Payroll Processing Quiz

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Which of the following is NOT an activity in the expenditure cycle?

Logistical tasks (correct)

Fixed asset system

Payroll processing

Flow of key documents

What is the purpose of a separate payroll imprest account?

To submit the general account to risk

To maintain a zero or small balance (correct)

To reconcile payroll and detect paycheck forgery

To guard against checks being presented for more than the stated amount

Which of the following is true about payroll procedures?

They are standardized across organizations

They differ greatly among classes of employees (correct)

They are the same for all classes of employees

They can only be weekly or monthly

What is the purpose of segregating payroll checks from general trade transactions?

To reduce the risk of fraud Signup and view all the answers

Why are payroll checks generally drawn upon a separate payroll imprest account?

To guard against checks being presented for more than the stated amount Signup and view all the answers

Which department is responsible for recording information for time and attendance?

Payroll Department Signup and view all the answers

Who prepares the employee paychecks or direct deposits?

Payroll Department Signup and view all the answers

What does the employee's paycheck usually include?

Earnings statement Signup and view all the answers

Who is responsible for calculating employer payroll taxes?

Payroll Department Signup and view all the answers

What does the Payroll Department submit to AP?

Voucher package Signup and view all the answers

Expenditure Cycle Activities and Payroll Processing Quiz

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Questions and Answers

Which of the following is NOT an activity in the expenditure cycle?

What is the purpose of a separate payroll imprest account?

Which of the following is true about payroll procedures?

What is the purpose of segregating payroll checks from general trade transactions?

Why are payroll checks generally drawn upon a separate payroll imprest account?

Which department is responsible for recording information for time and attendance?

Who prepares the employee paychecks or direct deposits?

What does the employee's paycheck usually include?

Who is responsible for calculating employer payroll taxes?

What does the Payroll Department submit to AP?

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