Exam 10: Expenditures Processes and Controlspayroll and Fixed Assets

Explain the various reconciliation procedures that should occur in payroll.

An entity who receives a paycheck, but who does not actually work for the company is called:

A detailed listing of the company’s fixed assets, divided into categories consistent with the general ledger accounts is called a:

For proper segregation of duties, the department that should authorize new employees for payroll would be:

Which of the following would be a correct way to compute the net pay for an employee?

This record, prepared by the cash disbursements department, provides a listing of all paychecks written, in check-number sequence, with the total supporting the amount of payroll funds to transfer to the payroll bank account.

Each of the following items would likely be found in an employee's personnel records related to the initial hiring, except:

In order to smooth out the payroll process and avoid the heavy workload that falls at the end of the payroll period, many companies will use this type of system--one that integrates their human resources and payroll functions.This system makes real-time personnel data available and the general ledger and production system can be automatically updated at the end of the payroll period.

The payroll process is initiated when:

The purchase of fixed assets is likely to require different authorization processes than the purchase of inventory.Which of the following is not likely to be part of the authorization of fixed assets?

Which of the following types of employees are typically required to prepare very detailed (to-the-minute) time reports, identifying the types of projects worked on and the exact time spent on each?

Explain the ways in which electronic transfer of funds and direct deposit can improve payroll processes.

For a given pay period, the complete listing of paychecks for the pay period is a:

An electronic payroll time keeping device that collects data when employee identification badges are swiped through an electronic reader are called:

It is necessary for employees to maintain adequate records of the hours worked and the projects worked on.The record of hours worked by an employee for a specific payroll period is reported on a document called:

This phase of the fixed asset processes relates to discarding fixed assets when they become old, outdated, inefficient, or damaged.

This department is responsible for maintaining records for each job and each employee within the organization, as well as tracking job vacancies and supporting the company's recruitment efforts.

Which of the following statements about payroll and fixed asset processes is true?

When payroll is processed using batch processing, which of the following would not be part of the payroll process?

Which of the following is NOT a piece of relevant information that should be entered into the fixed asset subsidiary ledger upon the acquisition of a fixed asset?