Question

Which of the following statements about payroll and fixed asset processes is true?

a) both have only routine processes
b) both have only non routine processes
c) both have routine and non routine processes
d) payroll has only routine processes while fixed asset has only non routine processes

Answer 1

Payroll and fixed asset processes involve both routine and non-routine tasks.

Step-by-step explanation:

The correct statement is option c) both payroll and fixed asset processes have routine and non-routine processes. Payroll processes involve routine tasks such as calculating and disbursing employee salaries and wages, processing tax deductions, and maintaining records of employee benefits. However, payroll processes may also involve non-routine tasks, such as handling adjustments for bonuses, commissions, or overtime.

Similarly, fixed asset processes have routine tasks such as maintaining records of fixed assets, conducting periodic physical counts, and calculating depreciation expenses. However, non-routine tasks in fixed asset processes may include purchasing or disposing of fixed assets, conducting appraisals, or making decisions on asset impairment.