Chapter 10 Flashcards Preview

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Flashcards in Chapter 10 Deck (14):
1

Payroll processes

the policies and procedures that employees follow in acquiring and maintaining human resources, capturing and maintaining employee data, paying the employees for their time worked, and recording the related cash and payroll liabilities and expenses

2

fixed asset processess

policies and procedures involved in purchasing property; capturing and maintaining relevant data about the assets; paying for and recording the related assets; recording depreciation and other expenses; and accounting for gains and losses

3

human resource department

responsible for maintaining records for each job and each employee within the organization, as well as tracking job vacancies and supporting the company's recruitment efforts

4

organization chart

maps out the jobs and reporting relationships

5

time sheet

record of hours worked by an employee for a specific period of time

6

payroll register

a complete listing of salary or wage detail for all employees for a given time

7

payroll disbursements journal

prepared to provide a listing of all paychecks written, in check number sequence, with the total supporting the amount of payroll funds transferred to the payroll bank account

8

risk controls

authorization of transactions
segregation of duties
adequate records and documents
safeguarding of assets
independent checks and reconciliation
cost benefit considerations

9

paymaster

person who distributes paychecks to employees, often referred to as this

10

capital budget

a financial plan detailing all of the company's investments in fixed assets and other investments

11

fixed asset subsidiary ledger

a detailed listing of the company's fixed assets, divided into categories consistent with the general ledger accounts

12

fixed assets continuance

refers to the processes required to maintain accurate and up to date records regarding all fixed assets throughout their useful lives
involves
updating cost data for improvements to the assets
updating estimated figures as needed
adjusting for periodic depreciation
keeping track of the physical location of assets

13

depreciation schedule

the record detailing the amounts and timing of depreciation for all fixed asset categories except land

14

ghost employee

an entity who receives a paycheck, but who does not actually work for the company