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Questions and Answers
Which of the following is NOT an activity in the expenditure cycle?
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?
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?
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?
What is the purpose of segregating payroll checks from general trade transactions?
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Why are payroll checks generally drawn upon a separate payroll imprest account?
Why are payroll checks generally drawn upon a separate payroll imprest account?
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Which department is responsible for recording information for time and attendance?
Which department is responsible for recording information for time and attendance?
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Who prepares the employee paychecks or direct deposits?
Who prepares the employee paychecks or direct deposits?
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What does the employee's paycheck usually include?
What does the employee's paycheck usually include?
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Who is responsible for calculating employer payroll taxes?
Who is responsible for calculating employer payroll taxes?
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What does the Payroll Department submit to AP?
What does the Payroll Department submit to AP?
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