The complexity of payroll accounting can often overwhelm even the most efficient accounting departments, consuming excessive time and resources. This payroll accounting course, a focused excerpt from Steven M. Bragg's bestselling "Accountants' Guidebook", addresses this challenge by exploring efficient practices and techniques to streamline your payroll system. Are you struggling with the intricacies of managing various payroll cycles, maintaining the confidentiality of payroll information, or navigating the GAAP requirements of payroll accounting? This accounting payroll course provides a comprehensive solution, offering an in-depth look at essential payroll accounting elements. You'll learn the differences between biweekly and semimonthly payroll systems, effective timekeeping solutions, and the nuances of recording commission expenses and bonus accruals. Additionally, the payroll accounting CPE course covers advanced topics like stock-based compensation accounting and the classification of employee advances. Equip yourself with these strategic insights to transform your payroll accounting process into a model of efficiency and accuracy.
Learning Objectives
Upon successful completion of this course, participants will be able to:
Chapter 1
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.
Chapter 2
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.
Chapter 3
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.
Major Topics
Payroll Management
Accounting for Payroll
Accounting for Stock-Based Compensation
