Which of the following is a major balance-related audit objective in testing payroll liabilities?
A) Payroll tax expense is properly recorded.
B) Transactions in the payroll and personnel cycle are recorded in the proper period.
C) Accrual of salaries is the same as the amounts paid on the payroll tax returns.
D) Time records are recorded by supervisors.

Question

Quizplus · Accepted Answer

The major balance-related audit objective in testing payroll liabilities is to ensure that transactions in the payroll and personnel cycle are recorded in the proper period. This is crucial for accurate financial reporting and compliance with accounting principles.

Which of the Following Is a Major Balance-Related Audit Objective