Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Muscat Crumble Factory (MCF) is a manufacturer and retailer located in Ruwi. The business was developed by a group of peers and currently employs 70
Muscat Crumble Factory (MCF) is a manufacturer and retailer located in Ruwi. The business was developed by a group of peers and currently employs 70 men and women. MCF believes in quality and hence makes cookies which are handmade and baked in tunnel gas ovens. Local retailers normally purchase 3 types of cookies, including Choco-chip, Ginger snaps and Fruity Oats, which are sold in pack containing 20 standard size cookies. Staff that form the Team: Chief Executive Office Production Manager Chief Financial Officer General Administration Clerk : Financial Accountant Records Clerk Ms. Jamila Rehman Ms. Fatima Salim Ms. Maria Yakub Ms. Khalsa Mohammed Ms. Sarah Hussain Ms. Yasmin Faisal Muscat Crumble Factory (MCF) pays the required minimum wages to the delivery and warehouse staff. Payments are made on the 15:00 hrs on a Thursday (every week). Fixed salary is being provided to staff in baking, sales and accounting process, paid monthly through bank. Sales staff are paid commission at 3% on sales orders negotiated and paid along with the fixed monthly salary. Question 1: (i) Explain the Internal Control objectives of the payroll cycle in relation to MCF. (2 Marks) (ii) Describe the integrity of financial information from the time the total wage payment is calculated to the time when it is paid to the employees (in your own words)
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started