Podcast
Questions and Answers
What is the primary objective of the HR Department?
What is the primary objective of the HR Department?
- To ensure accurate processing of payroll
- To ensure employees included in the payroll are rendering services to the entity (correct)
- To monitor and approve daily time records
- To summarize transactions recorded during the day
Which department forwards payroll related information to the payroll department?
Which department forwards payroll related information to the payroll department?
- General Accounting Department
- Inventory Accounting Department
- Treasury Department
- HR Department (correct)
What does the Labor Cost Summary by Payroll Department to Inventory Accounting Department show?
What does the Labor Cost Summary by Payroll Department to Inventory Accounting Department show?
- Transactions recorded during the day by different departments
- Cumulative year-to-date summary of earnings and deductions of every employee
- Summary of actual hours worked during a pay period
- Payroll information which is inventoriable or can be attributed to a particular job or customer order (correct)
What is a possible control for the HR Department?
What is a possible control for the HR Department?
Which department provides Daily Summaries to the General Accounting Department?
Which department provides Daily Summaries to the General Accounting Department?
What does the Employee Earnings Record show?
What does the Employee Earnings Record show?
What is the purpose of having a separate bank account exclusively for payroll disbursements?
What is the purpose of having a separate bank account exclusively for payroll disbursements?
Why might an employee independent from payroll and user departments distribute paychecks on a surprise basis?
Why might an employee independent from payroll and user departments distribute paychecks on a surprise basis?
What action should be taken with unclaimed payroll checks according to the provided text?
What action should be taken with unclaimed payroll checks according to the provided text?
Why does the Accounting Department review daily summaries and documents from Payroll, Treasury, and Inventory departments?
Why does the Accounting Department review daily summaries and documents from Payroll, Treasury, and Inventory departments?
What is the primary objective of the Accounting Department related to payroll activities?
What is the primary objective of the Accounting Department related to payroll activities?
What is the primary objective of the Payroll Department?
What is the primary objective of the Payroll Department?
Which department should be segregated from HR, Treasury, and some user departments?
Which department should be segregated from HR, Treasury, and some user departments?
What is one of the activities carried out by the Treasury Department (Disbursement) related to payroll cash disbursements?
What is one of the activities carried out by the Treasury Department (Disbursement) related to payroll cash disbursements?
Which control measure is recommended for the Payroll Department to ensure accuracy and reasonableness?
Which control measure is recommended for the Payroll Department to ensure accuracy and reasonableness?
What should be immediately done when an employee is terminated according to the text?
What should be immediately done when an employee is terminated according to the text?
What type of information should not be discussed with other departments according to the text?
What type of information should not be discussed with other departments according to the text?
