Author Question: Which of the following statements about the payroll and personnel cycle is correct? (Read 32 times)

rubiosusy7 · **on:** Aug 21, 2022

Question 1

Discuss three important differences between the payroll and personnel cycle and other cycles in a typical audit.

Question 2

Which of the following statements about the payroll and personnel cycle is correct?
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There are three classes of transactions within the payroll cycle - salaried employees, hourly employees, and commissioned employees.	Transactions are more significant than related balance sheet accounts.	Internal controls over payroll are effective for almost all companies, even small ones.
No	No	Yes

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There are three classes of transactions within the payroll cycle - salaried employees, hourly employees, and commissioned employees.	Transactions are more significant than related balance sheet accounts.	Internal controls over payroll are effective for almost all companies, even small ones.
Yes	No	Yes

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There are three classes of transactions within the payroll cycle - salaried employees, hourly employees, and commissioned employees.	Transactions are more significant than related balance sheet accounts.	Internal controls over payroll are effective for almost all companies, even small ones.
No	Yes	Yes

◦

There are three classes of transactions within the payroll cycle - salaried employees, hourly employees, and commissioned employees.	Transactions are more significant than related balance sheet accounts.	Internal controls over payroll are effective for almost all companies, even small ones.
No	Yes	No

bleep bloop · **Reply #1 on:** Aug 21, 2022

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