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GEAR 111 Exam
Unit 9-11
| Question | Answer |
|---|---|
| Nature & purpose of HR function | - Appointing personnel & auth to salary changes - Timekeeping & control of hours worked - Prep & record salaries and wages - Prep to pay salaries & wages - Payment of salaries & wages - Payment of deductions to relevant parties |
| H comprises all procedures to | Recruit, employ, remunerate, develop & terminate staff |
| Benefits of HR Audits | Ensures compliance (labour laws & regulations) Mitigates risk (identify weakness in HR) Improves efficiency (allows streamlining) Enhances engagement (engaged workforce) |
| Computer tech for purchase & payment cycle | Access control system Payroll software EFT |
| Computer tech in HR | Cloud based HR platforms Biometric timeclocks Payroll engines Electronic pay slips |
| Internal control activities in HR | Reconciliations Approvals AC Physical security |
| Nature & purpose of bank & cash cycle | - Collect & record payments received from customers - Pay suppliers in timely manner for goods actually purchased - Pay salaries & wages - Pay deductions to relevant third parties |
| Computer tech for bank & cash cycle | EFT's |
| Nature & purpose of general journals in acc function | Recording transactions in accounting records of entity |
| Nature & purpose of general journals in revenue & receipt cycle | Standard entries: Write off bad debts & adjustments for ACL Non-standard entries: Special credits to debtors |
| General journals in purchase & payment cycle | Non-standard entries: Raising of accruals |
| General journals in inventory & production cycle | Standard entries: Transfer raw materials to WIP & WIP to finished goods Non-standard entries: Discrepancies of theoretical & actual inventory |
| General journals in HR cycle | Non-standard entries: Raising of provisions |
| Ethics |