EBK AUDITING & ASSURANCE SERVICES: A SY
11th Edition
ISBN: 9781260687668
Author: Jr
Publisher: MCGRAW-HILL LEARNING SOLN.(CC)
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Question
Chapter 12, Problem 12.20MCQ
To determine
Concept Introduction:
Test data is a dummy unit entered by the auditor into the client’s information system to check the functioning of the system as per controls. Auditor enters the test data in the system and observes the processing by the system to compare it with the control procedures.
To choose: The responsibility of the payroll department.
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Students have asked these similar questions
The account Benefits Payable, is best defined as
An asset account
An account showing the benefits to be paid to the employee
An account showing the benefits that are paid to a governmental entity
An account showing the contributions owed for a benefit plan offered by the employer
How do you find and calculate FICA-Med on a payroll register?
Which of the following payroll register columns can contain a combination of multiple withholding amounts?
Answer:
A.
State Income Tax Withholding
B.
Social Security
C.
Medicare
D.
Voluntary Withholdings
Chapter 12 Solutions
EBK AUDITING & ASSURANCE SERVICES: A SY
Ch. 12 - Prob. 12.1RQCh. 12 - Prob. 12.2RQCh. 12 - Prob. 12.3RQCh. 12 - Prob. 12.4RQCh. 12 - Prob. 12.5RQCh. 12 - Prob. 12.6RQCh. 12 - Prob. 12.7RQCh. 12 - Prob. 12.8RQCh. 12 - Prob. 12.9RQCh. 12 - Prob. 12.10RQ
Ch. 12 - Prob. 12.11RQCh. 12 - Prob. 12.12RQCh. 12 - Prob. 12.13RQCh. 12 - Prob. 12.14MCQCh. 12 - Prob. 12.15MCQCh. 12 - Prob. 12.16MCQCh. 12 - Prob. 12.17MCQCh. 12 - Prob. 12.18MCQCh. 12 - Prob. 12.19MCQCh. 12 - Prob. 12.20MCQCh. 12 - Prob. 12.21MCQCh. 12 - Prob. 12.22MCQCh. 12 - Prob. 12.23MCQCh. 12 - Prob. 12.24PCh. 12 - Prob. 12.26PCh. 12 - Prob. 12.27P
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Similar questions
- What accounts are debited and credited when an employer records the electronic transfer of FICA taxes and federal income taxes that have been withheld?arrow_forwardWhat special accounts must usually be opened in the general ledger to record payroll tax entries?arrow_forwardThe following are entries on payroll transactions under government entity. I. Due to Officers and Employees is credited upon approval of payroll II. Advances to Payroll is debited to recognized grant of cash advance to payroll III. Both accounts in I and II are reversed to recognized liquidation of payroll fund Choose the best answer. a. I is correct only b. II is correct only c. III is correct only d. I and III are correct only e. None of the above are correctarrow_forward
- How to calculate FIT on payroll register? What is the equation or numbers I am supposed to use to find the solution?arrow_forwardWhat are an employers responsibilities for FICA taxes on: a. Tips reported by employees? b. Wages paid tipped employees?arrow_forward1. In general, fixed or variable allowances which are received by a public officer or employee or officer or employee of private entity, in addition to the regular compensation, fixed for his position or office, is compensation subject to income tax and consequently, creditable withholding tax on compensation income. 2. Representation and Transportation Allowances (RATA) granted under Section 34 of the General Appropriations Act to certain officials and employees of the government are considered reimbursements for the expenses incurred in the performance one's duties rather than as additional compensation. A= 1st statement is true, second statement is false. B= 1st statement is false, second statement is true. C= Both statements are false. D= Both statement are true. OD OC OB O Aarrow_forward
- What shall the internal auditor pay attention in reviewing the Executive Compensation Benefits and why?arrow_forwardWhen a credit is made to federal income taxes withholding payable account related to taxes withheld from an employee, the corresponding debit is made to a. Wages Expense b. Taxes Expense c. Taxes Payable d. Casharrow_forwardBesides FICA, FUTA and state unemployment taxes, what items may an employer pay on behalf of its employees.arrow_forward
- Which persons may be subject to the GAO's independence rules? a) Auditors and tax services providers in public accounting. b) Auditors in public accounting and employed by the government. c) Government officials and politicians. d) Government employees and contractors only.arrow_forwardAn audit trail enables a person to trace a source document to its ultimate effect on the financial statements or work back from amounts in the financial statements to source documents. Describe in detail the audit trail for the following: a. Purchases of inventoryb. Sales of inventoryc. Employee payrollarrow_forwardHow might a business use a payroll register?arrow_forward
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