When a company uses a service organization to prepare its payroll, the company's auditors need to understand the internal controls over the transaction regardless of the location of the control.
<h3>What is meant by payroll?</h3>
A payroll is a list of the employees of a company who are eligible for payments and other work perks, as well as the amounts that each person is supposed to receive.
Payroll is the process of paying employees of a business, which includes keeping track of hours worked, figuring out salaries, and sending checks or direct deposits to employees' bank accounts.
A Payroll Specialist with 2-3 years of work experience can earn an average income of up to 7 lakh per year. In addition, you may be eligible for a bonus between INR 30,000 and INR 40,000, based on your performance and work history.
Regardless of where the control is placed, the internal controls over the transaction must be understood by the company's auditors when the firm contracts a service provider to produce its payroll.
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Answer:
5
Explanation:
Given that,
Beginning assets = $80,000
Ending asset = $120,000
Operating income = $200,000
Interest expense = $18,000
Average common stockholders’ equity = $20,000
Average total assets:
= (Beginning assets + ending asset) ÷ 2
= ($80,000 + $120,000) ÷ 2
= $100,000
Leverage ratio:
= Average total assets ÷ Average common stockholders' equity
= $100,000 ÷ $20,000
= 5
Answer: joint venture agreement
Explanation:
To enter the Chinese market, General Motors entered a joint venture agreement with the local company SAIC.
A joint venture is when two or more companies come together utilizing their skills and pooling their resources together so that they can achieve a particular aim
Here, both company pooled their resources together and they both own about 50% of the new company.
Answer:
Paradox of Power
Explanation:
A paradox is a self-contradicting statement or act that seems contrary to what it actually is.
Democracy represents the freedom or liberty to choose, so while the democracy program may seem by intuition, one which gives the workers freedom to choose whether to attend it or not, it is actually coercing the members to attend instead which represents a paradox of power since the paradox in this case is coercion or power.
Answer:
6,000 on the left side of Equipment account; $5,000 on the right side of Accounts payable account; $1,000 on the right side of the Cash account
Explanation:
When fixed assets are bought whether paid for or not, debit the asset account with the monetary value if the asset, and credit cash or bank if payment is made or credit account payable account where purchase is on credit.
In this case, the following entries should be done:
Debit Equipment Account $6,000
Credit Cash Account $1,000
Credit Account Payable $5,000
