Which of the following results to the recognition, in the books of accounts, expenses classified as Personnel Services? Granting of cash advance for payroll Liquidation of payroll fund Issuance of office supplies to end users Set up payable for payroll

What information is necessary to record payroll transactions? Which account is used to record an employee’s net pay? What features does QBO offer for Payroll?

Match the four functions of payroll activities with their related internal controls: a.   An independent employee should sign and distribute the prenumbered checks.   select a function                                                           Hiring EmployeesPaying the PayrollPreparing the PayrollTimekeeping b.   Supervisors should monitor hours worked through time reports.   select a function                                                           Hiring EmployeesPaying the PayrollPreparing the PayrollTimekeeping c.   Human Resources department should authorize employment.   select a function                                                           Hiring EmployeesPaying the PayrollPreparing the PayrollTimekeeping d.   Two or more employees should verify payroll amounts.   select a function

Explain it

Why would a company have a separate bank account designated for paying payroll-related expenses?

When transferring money from the regular checking account to a special purpose payroll account which of the following accounts would be debited? Cash Wage expense Payroll Cash Net Pay

What are the principal reasons for using a special payroll bank account?

I am really struggling with this accounting homework.  The possible accounts you can use for both entries: Accounts Receivable, Canada Pension Plan Expense, Canada Pension Plan Payable, Cash, Employee Benefits Expense, Employee Income Tax Payable, Employment Insurance Expense, Employment Insurance Payable, Salaries Expense. The possible explanations you can use for both entries: To record emplyer portion of CPP and EI withholdings payable, To record payroll costs, To record salaries and employee withholdings payable Thank you for the help. I appreciate it!

The payroll information for a pay period is recorded in the general ledger.   True   False

Which internal control is not an important part of the payroll system? a. supervisors verify the accuracy of employee time cards b. paychecks are distributed by an independent paymaster c. the accounts payable department verifies the accuracy of the payroll register before transfer-ring payroll funds to the general checking account d. the general ledger department reconciles the labor distribution summary and the payroll disbursement voucher