Explain the relationship between the payroll and personnel cycle and inventory valuation.
Explain the relationship between the payroll and personnel cycle and inventory valuation.
Discuss tests of controls and substantive tests of transactions for the payroll and personnel cycle. How does this apply to your chosen organization?
Explain relationship between production, income, and expenditure in a mechanism of business cycle.
explain HRMs and payroll cycle, report systems and GL cycle, and the production cycle
The following questions concern audit testing of the payroll and personnel cycle. Choose the best response. a A common aud it procedure in the audit of payroll transactions involves tracing selected items from the payroll journal to employee time cards that have been approved by supervisory personnel. This procedure is designed to provide evidence in support of the audit proposition that: (1) only proper employees worked and their pay was correctly computed (2) jobs on wh ich employees worked were...
Identify five general ledger accounts that are likely to be affected by the payroll and personnel cycle in most audits.
The following questions concern internal controls in the payroll and personnel cycle. Choose the best response. a A factory foreman at Steblecki Ltd discharged an hourly worker but didn't notify the payroll department. The foreman then forged the worker's signature on time cards and, when giving out the cheques, diverted the payroll cheques drawn from the discharged worker to his own use. The most effective procedure for preventing this activity is to: (1) require written authorisation for all employees added...
Identify the differences between F.I.F.O., L.I.F.O., and the average-cost method of inventory valuation. Be sure to include the effects of each method on cost of goods sold and net income in your answer. Discuss the differences between the physical movement of goods and cost flow assumptions. Your answer should illustrate understanding of the three major inventory valuation methods, and the relationship between physical inventory flow and cost flow assumptions.
Identify the differences between F.I.F.O., L.I.F.O., and the average-cost method of inventory valuation. Be sure to include the effects of each method on cost of goods sold and net income in your answer. Discuss the differences between the physical movement of goods and cost flow assumptions. Your answer should illustrate understanding of the three major inventory valuation methods, and the relationship between physical inventory flow and cost flow assumptions.
Relationship between Valuation principle and Cost Benefit analysis?
Explain the relationship between tests of acquisition and payment cycle and tests of accounts payable. Give examples of how these two types of tests affect each other. It will be also valuable if you have any personal experience related to this topic.