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5-5
Learning Objective 1
Identify the accounts and transactions
in the payroll and personnel cycle.
20 - 2
20 - 3
Direct
Labor
Payment Beginning
balance
Earned wages,
salaries, etc.
Ending balance
Withheld Income Taxes
and Other Deductions
Payment Beginning
balance
Payroll
withholding
Ending balance
20 - 4
20 - 5
Learning Objective 2
Describe the business functions and
the related documents and records in
the payroll and personnel cycle.
20 - 6
Personnel
Hiring
Ends
Payments
20 - 7
20 - 8
Timekeeping and
Payroll Preparation
20 - 9
20 - 10
Payment of Payroll
Payroll check
Payroll bank account reconciliation
20 - 11
20 - 12
Learning Objective 3
Understand internal control and design
and perform tests of controls and
substantive tests of transactions for
the payroll and personnel cycle.
20 - 13
20 - 14
20 - 15
20 - 16
20 - 17
20 - 18
20 - 19
Phase III
20 - 20
Learning Objective 4
Design and perform analytical
procedures for the payroll and
personnel cycle.
20 - 21
Possible misstatement
Misstatement of payroll
expense accounts
Misstatement of direct
labor and inventory
20 - 22
Analytical procedure
Possible misstatement
Compare commission
expense as a % of
sales with previous years
Misstatement of
commission expense
and commission liability
20 - 23
Learning Objective 5
Design and perform tests of details of
balances for accounts in the payroll
and personnel cycle.
20 - 24
20 - 25
20 - 26
Officers compensation
Commissions
Payroll tax expense
Total payroll
Contract labor
20 - 27
20 - 28
Cash in
Bank
Payments
Expenses
Audited by
TOC, STOT, and AP
Audited by
TOC, STOT, and AP
Ending
balance
Ending
balance
20 - 29
End of Chapter 20
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