10. What are the four functions associated with payroll activities?

Q: In a payroll system, what types of input data are referred to as (a) constants and (b) variables?

A: a. The data that remain unchanged from payroll to payroll are referred to as constant data. The list…

Q: 3. SYSTEM FLOWCHART PAYROLL Figure 2-4 in the text illustrates how a customer order is transformed…

A: In flowchart:- Oval shape is used for start and end of the process. Rectangle shape is used for…

Q: Please answer this correctly. Thank you:) 1. Describe the two economic events that occur for…

A: Payroll is the compensation an employer pay to its employees for a set period or on a given date.

Q: Define the term payroll register.

A:

Q: Describe the costs and the basic accounting activities relating to payrolls?

A: Finance bookkeeping is basically the estimation, the executives, recording, and examination of…

Q: WHAT ARE THE MAIN DOCUMENTS USED FOR PAYDAYLOAN ?

A: A payday loan is a high-cost unsecured loan that can be availed at the time of a short-term…

Q: What are the two main controls for payroll? Provide an example of each.

A: Payroll: The total payment that a company is required to pay to its employee for the services…

Q: What are the payroll system's general tasks?

A: Payroll is the amount paid by business to the employees in the form of compensation for the given…

Q: What functional responsibilities are associated with the payroll cycle?

A: Payroll Cycle: The payroll cycle is commenced with the hiring and dismissal of an employee along…

Q: Describe the cost and basic accounting activities related to payroll ?

A: Payroll accounting is just recording the payroll expenses of a business into the final ledger.

Q: Which duties should be separated in the payroll cycle?

A: Payroll System:   A payroll system is a system within an organization that is responsible for…

Q: Discuss the different part of SAGE 50 Peachtree A.payables B.receivable C.inventory D.payroll

A: Introduction: In any kind of organization, there include different functional departments like human…

Q: Which function should distribute paychecks?a. personnelb. timekeepingc. paymasterd. payroll

A:

Q: Provide FOUR objectives of the internal control that should be exercised over a wages system.

A: The following are the four objectives of the internal control that should be exercised over a…

Q: Describe the costs and the basic accounting activities relationg to payroll

A: Payroll:- Payrolll may be a list of workers who get paid by the corporate. Payroll also refers to…

Q: Chapter 12 discusses revenue per employee ratio.   What does this ratio measure?   What is the…

A: The revenue per employee ratio is a financial ratio that measures the revenue generated by each…

Q: Name the major subsystems of the revenue cycle.

A: Revenue cycle refers to tracking a revenue transaction from its beginning to end i.e. from receiving…

Q: NON-CURRENT LIABILITIES 1,646,862 3,844 Long term financing Long term deposits Long term employee…

A: The payment to be paid to the employee for rendering service is called payroll expense. It is…

Q: FRUITY Company has six divisions that operate in the Philippines. The financial statements of FRUITY…

A: As per International Finance reporting tool (IFRS 8), if total revenues from single external…

Q: Define payroll.

A: Payroll: Payroll refers to the total amount that is required to be paid by the company to its…

Q: Determine the total service department costs incurred by S2

A: Cost allocation refers to the process which is used by the company to allocate the cost of product…

Q: hat is the essentiality of knowing the com

A: Introduction : Payroll can be understood as the remuneration that a company must pay to its workers…

Payroll Entries

Payroll is a comprehensive record of employees that are paid by the company. Payroll classifies employees into various categories according to their function and pays scale (basic wage, allowance, income tax, other taxes, employee loans, etc.). Payroll processes form the bedrock of every organization as it contains sensitive information on the ‘wage and paycheck’ portion of the company’s strength—its employees. The organization needs to keep a track of the employees currently on the payroll, the net payout for the company, the record of transactions related to the employees including deductions and payroll taxes to identify the liability and its effect on the balance sheet (and other financial statements). Payroll records also include qualitative factors such as the conduct of the employee.