Flashcards in PDSY Deck (8)
What memory device can we use to remember control activities?
Arithmetic & Accounting
Segregation of duties
Authorisation and Approval
What are the four areas that internal controls look at?
cash & Cheques
What components does internal control consist of?
The control environment
Entity's risk assessment process
The information system
Monitoring of controls
What are the possible limitations of internal controls?
Special considerations in small companies
What are the stages of the Purchases cycle?
What are the stages of the sales cycle?
What are the stages of the payroll cycle?
Clock cards/time sheets submitted and input.
Gross and net pay calculated
Other amendments entered
Final payroll & Payslips produced
Payments to Ee's and tax authorities.
Payroll costs and payments recorded.