Payroll can become an all-consuming accounting exercise that demands inordinate amounts of time and effort. The existence of an efficient, cost-effective payroll system defines the well-run accounting department. In this course - a breakout of Steven M. Bragg's bestselling Accountants' Guidebook - we'll examine practices and techniques to maximize efficiency in your payroll department.
We offer this course as a convenience for those of you who are interested in studying the Essentials of Payroll Accounting as a standalone topic. Join Steven for an in-depth look at how to work within the GAAP requirements of payroll accounting and benefit from his suggestions, tips, and techniques for navigating this complex topic.
This course covers material also contained in Accountants' Guidebook.
Upon successful completion of this course, participants will be able to:
- Define a payroll cycle.
- Identify when employees are paid in a biweekly payroll system and in a semimonthly payroll system and a key difference between the two systems.
- Name a timekeeping solution for an hourly employee who nearly always works 40 hours a week.
- Choose an action that will not help protect the confidentiality of payroll information.
- Identify a characteristic of the chart of accounts.
- Cite why wages are accrued.
- List a permissible way to record a commission expense.
- Name a reason a company with few hourly staff might avoid wage accrual.
- Specify when a bonus expense should not be accrued.
- Cite why the accrued benefits journal entry is not commonly used.
- Identify how to classify an employee advance and a use of a stock subscription plan.
- Specify proper accounting when stock is issued to an employee.
- Define the reload feature and implicit service period.
- List a characteristic of stock with a highly volatile price.
- Name a consequence of a stock option expiring unused.
- Cite an assumption of the lattice pricing model for stock options.
- Identify when a stock-based compensation arrangement is likely to be classified as a liability.
Table of Contents
Chapter 1 – Payroll Management
Payroll Cycle Duration
Transaction Error Analysis
Staff Training Program
The Payroll Calendar
Chapter 1 – Review Questions
Chapter 2 – Accounting for Payroll
The Chart of Accounts
Types of Payroll Journal Entries
Primary Payroll Journal Entry
Manual Paycheck Entry
Accrued Vacation Pay
Payroll Information in the Financial Statements—Wages
Payroll Information in the Financial Statements—Payroll Taxes
Chapter 2 – Review Questions
Chapter 3 – Accounting for Stock-Based Compensation
Overview of Stock Compensation
The Volatility Concept
Fair Value Calculation Alternatives
Awards Classified as Equity
Award Measurement Problems
Income Tax Effects
Awards Classified as Liabilities
Employee Share Purchase Plans
Stock-Based Compensation Disclosures
Chapter 3 – Review Questions
Review Question Answers and Rationales
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