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Chapter 20 Multiple-Choice Questions 1.The payroll cycle consists of how many classes of transactions? easya.one ab.two c.three d.four 2.Which of the following statements is false? easya.The payroll cycle consists of one class of transactions. b b.Balance sheet accounts related to payroll are generally more significant than related transactions. c.Internal controls over payroll are effective for most companies. d.Small companies usually have effective controls over payroll. 3.Which of the following is not correct regarding controls over the processing of payroll? easy b a.The person authorized to sign paychecks should not be otherwise involved in the preparation of the payroll. b.A check-signing machine should not be used to replace a manual signature. c.Distribution of pay checks should be performed by someone who is not involved in the other payroll functions. d.Unclaimed paychecks should be immediately returned for redeposit. 4.Which of the following statements about the payroll and personnel cycle is correct? Easy cThere are three classes of transactions within the payroll cycle – salaried employees, hourly employees, and commissioned employees. Transactions are less significant than related balance sheet accounts. Internal controls over payroll are effective for almost all companies, even small ones. a.NoNoYes b.YesNoYes c.YesYesNo d.NoYesNo 5. easy Which of the following types of audit procedures is ordinarily emphasized the least when auditing payroll? da.Tests of controls b.Tests of transactions c.Analytical procedures d.Tests of details of balances 6. easy A form issued for each employee summarizing the earnings and income tax deductions for the calendar year is the: da.rate authorization form. b.summary payroll report. c.payroll master file. d.W-2 form. 7.The payroll and personnel cycle begins with which of the following events? easya.Interviewing job candidates. bb.Hiring a new employee. Arens/Elder/Beasley Which department should have responsibility for authorizing pay rates changes?Which department should have responsibility for authorizing pay-rate changes? c. HRM (Correct. HRM has no other role in the payroll process.)
What is the primary responsibility of the payroll function?The primary purpose of a payroll department of any company is to ensure that their employees receive their salaries on time with the correct deductions and necessary withholdings. The said department also has the responsibility of remitting any of the withholdings or deductions of employees.
Which control procedures would be most effective in detecting the failure to prepare a paycheck for a new employee before paychecks are distributed?Which control procedure would be most effective in detecting the failure to prepare a paycheck for a new employee before paychecks are distributed? (Correct. Batch totals, such as record counts, would identify failure to process all transaction records.)
What is the principal output of the payroll system?Principal outputs of the payroll system are checks. Employees receive individual paychecks. A payroll check is sent to the bank to transfer funds from the company's regular account to its payroll account.
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Which of the following department should have the responsibility for authorizing payroll rate changes?
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