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

question 10

Essay

The five functional responsibilities for the payroll cycle are (1)personnel management (HR), (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:

Interest-bearing Note

A debt instrument in which the borrower agrees to pay back the principal sum along with interest on a specified date.

Total Payment

The sum amount paid over the lifetime of an agreement, including principal, interest, and any applicable fees.

Interest Expense

A cost incurred by an entity for borrowed funds, often reflected in the income statement as a non-operating expense.

Journal Entry

A record in accounting that notes the details of a financial transaction and its effect on accounts in a double-entry bookkeeping system.