appd - A PPENDIX D PAYROLL ACCOUNTING SUMMARY OF QUESTIONS...

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APPENDIX D PAYROLL ACCOUNTING SUMMARY OF QUESTIONS BY OBJECTIVES AND BLOOM’S TAXONOMY Ite SO BT Ite SO BT Ite SO BT Ite SO BT Ite SO BT True-False Statements 1. 1 C 3. 1 C 5. 2 K 7. 2 K 9. 3 K 2. 1 C 4. 1 K 6. 2 K 8. 3 K 10. 3 K Multiple Choice Questions 11. 1 K 15. 1 K 19. 2 K 23. 2 C 27. 3 K 12. 1 K 16. 2 K 20. 2 AP 24. 3 C 13. 1 K 17. 2 AP 21. 2 K 25. 3 C 14. 1 K 18. 2 AP 22. 2 K 26. 3 K Exercises 28. 1 K 30. 2,3 AN 32. 2,3 AP 34. 3 AP 29. 2 AP 31. 2,3 AP 33. 2,3 AP 35. 3 AP Completion Statements 36. 2 K 37. 3 K 38. 3 K Matching 39. 1 K Short-Answer Essay 40. 2 S SUMMARY OF STUDY OBJECTIVES BY QUESTION TYPE Ite Typ Ite Typ Ite Typ Ite Typ Ite Typ Ite Typ Ite Typ Study Objective 1 1. TF 3. TF 11. MC 13. MC 15. MC 39. Ma 2. TF 4. TF 12. MC 14. MC 28. Ex Study Objective 2 5. TF 16. MC 19. MC 22. MC 30. Ex 33. Ex 6. TF 17. MC 20. MC 23. MC 31. Ex 36. C 7. TF 18. MC 21. MC 29. Ex 32. Ex 40. S-A Study Objective 3 8. TF 24. MC 27. MC 32. Ex 35. Ex 9. TF 25. MC 30. Ex 33. Ex 37. C 10. TF 26. MC 31. Ex 34. Ex 38. C
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Test Bank for Financial Accounting: IFRS Edition Note: TF = True-False C = Completion Ma = Matching MC = Multiple Choice Ex = Exercise S-A = Short-Answer Essay CHAPTER STUDY OBJECTIVES 1. Discuss the objectives of internal control for payroll. The objectives of internal control for payroll are (1) to safeguard company assets against unauthorized payments of payrolls, and (2) to ensure the accuracy and reliability of the accounting records pertaining to payrolls. 2. Compute and record the payroll for a pay period. The computation of the payroll involves gross earnings, payroll deductions, and net pay. In recording the payroll, Salaries (or Wages) Expense is debited for gross earnings, individual tax and other liability accounts are credited for payroll deductions, and Salaries (Wages) Payable is credited for net pay. When the payroll is paid, Salaries and Wages Payable is debited, and Cash is credited. 3. Describe and record employer payroll taxes. Employer payroll taxes consist of FICA, unemployment taxes, and state unemployment taxes. The taxes are usually accrued at the time the payroll is recorded by debiting Payroll Tax Expense and crediting separate liability accounts for each type of tax. TRUE-FALSE STATEMENTS 1. Internal control over payroll is not necessary because employees will complain if they do not receive the correct amount on their payroll checks. Answer: F, SO: 1, Bloom: C, Difficulty: Easy, Min: 1, AACSB: Ethics, AICPA-BB: Legal/Regulatory Perspective, AICPA-FN: Risk Analysis, AICPA-PC: Professional Demeanor, IMA: Internal Controls, Sector: General, IFRS: No 2. A good internal control feature is to have a written hiring authorization form completed before a new employee is added to the payroll. Answer: T, SO: 1, Bloom: C, Difficulty: Easy, Min: 1, AACSB: Reflective Thinking, AICPA-BB: Strategic/Critical Thinking, AICPA-FN: Risk Analysis,
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appd - A PPENDIX D PAYROLL ACCOUNTING SUMMARY OF QUESTIONS...

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