resource management

Question 1

list the two components of resource management

Answer 1

Human management and fixed asset management

Question 2

what are the two components of human resource management

Answer 2

personnel function
- hiring, training and employing skilled staff
payroll processing information system
- process payroll activities and reporting

Question 3

human resource activities

Answer 3

• hiring, training and employing workers
• complying with regulatory reporting requirements
• making timely and accurate payments to the employees
• reporting on payment deductions
• maintaining employee earning records
• providing an interface for personnel and payroll activities

Question 4

list the human resource management inputs

Answer 4

• personal action forms
• time sheets
• payroll deduction authorization
• tax withholding forms

Question 5

describe personal action forms

Answer 5

it is an input

- documents changes in employment status eg hiring / firing

Question 6

describe time sheets

Answer 6

it is an input

- tracks hours worked

Question 7

describe payroll deduction authorization

Answer 7

it is an input

- some payment deductions require authorization

Question 8

describe tax withholding forms

Answer 8

it is an input

- authorization to withhold certain tax amounts

Question 9

list the outputs of human resource management

Answer 9

• financial statement information
• employee list
• paychecks
• check registers
• payroll summaries
• tax reports

Question 10

describe employee list

Answer 10

it is an output

• current employees
• can contain employee specific information

Question 11

describe check registers

Answer 11

it is an output

- used to make journal entries to salaries and payroll tax expenses

Question 12

describe payroll summaries

Answer 12

it is an output

- used to analyse expenditures and benefits

Question 13

describe tax reports

Answer 13

it is an output

• includes government required information
• income tax, social security tax and unemployment tax

Question 14

list fixed asset management activities

Answer 14

• tracking purchasing of fixed assets
• recording fixed asset maintenance
• allocating fixed asset costs
• valuing fixed assets
• tracking disposal of fixed assets

Question 15

list fixed asset management input

Answer 15

purchase requisition and then purchase order

• supplier invoice
• receiving report
• construction work notice
• repair maintenance form
• fixed asset change form

Question 16

describe receiving report

Answer 16

it is an input

- identifies receipt of fixed asset

Question 17

describe construction work order

Answer 17

it is an input

- this is only required if the company has to build the fixed asset

Question 18

describe the repair maintenance form

Answer 18

it is an input

- used to update the expense and asset accounts

Question 19

describe the fixed asset change form

Answer 19

it is an input

• contains information on the transfer of fixed assets
• location, sales, trade or retirement

Question 20

list fixed asset management outputs

Answer 20

• financial statement information
• fixed asset register
• depreciation register
• repair and maintenance reports
• report on retired assets

Question 21

describe fixed asset register

Answer 21

it is an output

- contains location, and identification numbers

Question 22

describe depreciation register

Answer 22

it is an output

- contains depreciation expense and accumulated depreciation

Question 23

describe repair and maintenance reports

Answer 23

it is an output

- contains the current period expenses and historical expenses

Question 24

describe the report on retired assets

Answer 24

it is an output

- reports the disposal of assets