The statement is false; the payroll and personnel cycle includes several classes of transactions related to employeehiring, paying, and management activities.
The statement that the payroll and personnel cycle includes only one class of transactions is false. The payroll and personnel cycle actually encompasses several classes of transactions. These typically revolve around the hiring, paying, and managing of employees, and can include transactions such as employee services, salary disbursements, tax withholdings, and benefit allocations. Each of these transactions can be considered a separate class within the overall cycle due to their unique nature and the different types of documentation and accounting processes they require.