What is retropay?

Correct Answer: Payroll reports gives information about the total 'cost to Company' for the Employee Salary, Benefits (Cash and Non-Cash), Taxes, Total Hours worked All these information is helpful for the Management decisions

Correct Answer: Gratuity is paid to all such employees after their resignation or retirementIncase of resignation gratuity is paid to such employees who have completed 5 years of service Calculation of gratuity = Basic + DA x (15/26) x Total no yrs service 15- Half month 26- Excluding 4 sundays

Correct Answer: Variance Report is to know what is the difference between last month salary and the current month salary you can also check in that report all input which you have considered its captured or not

Correct Answer: Actuary

Explanation:

Actuary is the term which is not used in banking sector.

Correct Answer: Customer deposits

Explanation:

A commercial bank is a financial body which performs the functions of accepting deposits from the general public and giving short term loans for investment with the aim of earning profit.

Correct Answer: Excess payment to supplier is treated as Advance paid to supplier This will show as debit balance in supplier account Supplier can send the payment by way of cheque / demand draft without adjusting in his subsequent bills

Correct Answer: Debenture holder are those who provides long term loan at specific interest rate in term of cash and creditor provides only short term credit in term of cash for purchasing of goods

Correct Answer: It is the allowance paid to an employee who is working on a special assignment This amount is completely exclusive of his Compensation plan These are given in scenerio's like, when the employee went for On Job Training or an Employee sent for short term Deputation to survive his expenses in the new location

Correct Answer: A mischarge correction is when the wrong account line was used or the wrong amount was entered The account that was wrongly charged needs to be credited and the correct account needs to be debited The information needs to be recorded and duly noted for your office and for the main office A journal voucher, showing the correction, should be completed as soon as possible The accountswill not balance at the end of the fiscal year if these corrections are not properly made

Correct Answer: safeguarding assets

Explanation:

Internal control, as defined in accounting and auditing, is a process for assuring achievement of an organization's objectives in operational effectiveness and efficiency, reliable financial reporting, and compliance with laws, regulations and policies. A broad concept, internal control involves everything that controls risks to an organization.

 

Internal control is all of the policies and procedures management uses to achieve the following goals.

• Safeguard University assets - well designed internal controls protect assets from accidental loss or loss from fraud.

 

• Ensure the reliability and integrity of financial information - Internal controls ensure that management has accurate, timely and complete information, including accounting records, in order to plan, monitor and report business operations.

 

• Ensure compliance - Internal controls help to ensure the University is in compliance with the many federal, state and local laws and regulations affecting the operations of our business.

 

• Promote efficient and effective operations - Internal controls provide an environment in which managers and staff can maximize the efficiency and effectiveness of their operations.

 

• Accomplishment of goals and objectives - Internal controls system provide a mechanism for management to monitor the achievement of operational goals and objectives.

 

Hence, Internal controls are concerned with safeguarding assets.