Question

In: Accounting

You work for a large multi-national organization and the Canadian subsidiary is being spun off into...

You work for a large multi-national organization and the Canadian subsidiary is being spun off into a separate organization. You will need to start doing some of the accounting functions that were previously handled by the head office in London, England. You have been asked by the Controller to prepare a memo with the different monthly accruals required for the bi-weekly payroll and how each will be accrued.

Solutions

Expert Solution

                                                                    XXX Organisation

                                                                         Memo

Ref No XYZ

Managers

All Departments

                                                           How can the monthly accruals of payroll required

              This is in reference to the different monthly accruals which are required for the bi-weekly payroll and the procedure to be accrued.This is an issue which is financially material in nature and reoccuring.As a result the business which follows the accrual method lust identify and record the payroll and related costs as they are earned rather than when actually paid.These accrual entries can take simplistic journal entries with correspondin effect of reversing entries in the next period.So there can be simple and complex accrual entries that can be recorded .Also since the accrual basis is very complex than the cash method since each business owner wants to minimize their exposure to professional fees and cash basis is typically more comptabile with the accrual basis of accounting.

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a.Employee

b.Member

c.Controller


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