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Auditing & Assurance Services (Auditing and Assurance Services)
7th Edition
ISBN: 9781259573286
Author: Timothy J Louwers, Allen Blay, David Sinason Associate Professor, Jerry R Strawser, Jay C. Thibodeau Associate Professor
Publisher: McGraw-Hill Education
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Question
Chapter 8C, Problem 1RC
To determine
State the functional responsibilities that are associated with the payroll cycle.
Expert Solution & Answer
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Explanation of Solution
Payroll Cycle:
The payroll cycle is commenced with the hiring and dismissal of an employee along with the determination of their wages and deductions, which proceeds to keep a track record of employee’s attendance and working hours. The last step in the payroll cycle is the preparation of internal and governmental (tax) reports.
The functional responsibilities associated with payroll cycle are as follows:
- Wages and salary account of employees.
- Benefits related to pension.
- Contracts of deferred compensation.
- Compensatory stock option plans.
- Employee benefits like health insurance.
- Taxes for payroll and other corresponding liabilities.
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Chapter 8C Solutions
Auditing & Assurance Services (Auditing and Assurance Services)
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