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7. The payroll clerk reconciles the information received from personnel and production, calculates the payroll and distributes the paychecks. Further, the payroll clerk sends summary information to the accounts payable clerk.
8. a. time cards, job tickets, and disbursement vouchers.
b. journal information which comes from the labor distribution summary and the payroll register.
c. subsidiary ledger accounts (employee records and expense accounts).
d. general ledger accounts (payroll control, cash, and payroll clearing).
9. Biometric time clocks verify employees’ identities by using fingerprint or hand-vein scan technology. To protect employee privacy, these devices use a mathematical algorithm for verification rather than storing actual fingerprints in a database.
10. Proximity cards are similar to swipe cards but don’t require the user to slide the card through a reader. Instead, the employee places the card in front of the reader to record attendance time. The advantage is that these cards can be read through wallets, purses, and card holders..
11. 1. Process the acquisition of fixed assets as needed and in accordance with formal management approval and procedures;
2. Maintain adequate accounting records of asset acquisition, cost description, and physical location in the organization;
3. Maintain accurate depreciation records for depreciable assets in accordance with acceptable methods;
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4. Provide management with information to help them plan future fixed asset investments; and
5. Properly record the retirement and disposal of fixed assets.
12. The fixed asset system processes nonroutine transactions for a wider group of users in the organization than the expenditure cycle. Further, the expenditure cycle processes routine acquisitions of raw materials inventories for the production function and finished goods inventories for the sales function. The expenditure cycle transactions are oftentimes automatically approved by the system, while fixed asset transaction approvals typically demand individual attention due to the uniqueness of the transactions. Additionally, fixed asset systems must include cost allocation procedures in order to account for the apportioned acquisition cost and depreciation of the fixed asset. This is not required as part of the previously discussed purchasing system, which handles inventory acquisitions that represent current- period expenses only.
13. Asset acquisition, asset maintenance, and asset disposal.
14. The typical information found on a depreciation schedule is: type of asset, description, month, current depreciation amount, accumulated depreciation amount, book value, and asset location. Also, a group code may be assigned. The physical location of the asset is recorded, and the verification that this asset exists should be performed by physically observing the asset. The date and amount of the purchase of the asset can be verified by locating the original purchase order and invoice amount for the asset.
