Exam 10: Expenditures Processes and Controls Payroll and Fixed Assets

An electronic payroll time keeping device that collects data when employee identification badges are swiped through an electronic reader are called:

In order to compute the book value of any asset, start with the cost of the asset and add the accumulated depreciation.

Which of the following correctly lists the correct chronological order of data flow in the fixed asset acquisitions process?

This phase of the fixed asset processes relates to those required to maintain accurate and up-to-data records regarding all fixed assets throughout their useful lives.

The policies and procedures that employees following in acquiring and maintaining human resources, capturing and maintaining employee data, paying employees for time worked, and recorded the related cash payroll liabilities and expenses are collectively referred to as:

The internal control process of computing and recording the gains/losses for all fixed asset disposals will minimize the risk of:

Payroll information includes personal information about employees, such as their pay rate and performance, and must be kept confidential.

The purpose of segregating the duties of hiring personnel and distributing payroll checks is to separate the:

For most companies, fixed asset acquisitions are considered to be routine processes.

A payroll voucher:

Accounting for a fixed asset over the life of the asset would have features of non-routine transactions only.

In meeting the control objective of safeguarding of assets, which department should be responsible for distribution of paychecks ad custody of unclaimed paychecks, respectively? Distribution of Custody of Paychecks Unclaimed Paychecks

An integrated IT system of payroll and human resources may have extra risks above those of a manual system.Passwords and access logs are controls that should be used in these integrated systems to lessen the risk of:

Which of the following is NOT a piece of relevant information that should be entered into the fixed asset subsidiary ledger upon the acquisition of a fixed asset?

The cash disbursements department should have the responsibility of signing and essentially approving all paychecks.

Which of the following statements about payroll and fixed asset processes is true?

A unique feature of the information contained in an individual personnel file is that it is accessed infrequently but is changed relatively frequently.