The Five Functional Responsibilities for the Payroll Cycle Are (1)

question 39

Essay

The five functional responsibilities for the payroll cycle are (1) Personnel and Labour Relations, (2) Supervision, (3) Timekeeping and Cost Accounting, (4) Payroll Accounting, and (5) Payroll Distribution.For each responsibility, identify the type of duty or duties (authorization, custody, record keeping, periodic reconciliation) associated with the function and briefly describe the activity involved.

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Definitions:

Fair Value

The amount one would earn from disposing of an asset or spend in delegating a liability in a seamless trade among market actors on the appointed valuation day.

AASB 9

An Australian Accounting Standard Board regulation that outlines the requirements for the classification, measurement, and impairment of financial instruments.

Financial Liabilities

Obligations that require a company to pay money or deliver financial assets to another entity in the future.

Financial Guarantees Contracts

Contracts that require the issuer to make specified payments to reimburse the holder for a loss it incurs because a specified debtor fails to make payment when due.