CAS3701 Assignment 11 (ANSWERS) 2024 - DUE 13 September 2024 ; 100% TRUSTED Complete, trusted solutions and explanations.
CAS3701 Assignment 11 (COMPLETE ANSWERS) 2024 - DUE 13 September 2024 ; 100% TRUSTED Complete, trusted solutions and explanations
CAS3701 Assignment 11 (VERIFIED ANSWERS) 2024 - DUE 13 September 2024.
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Capstone in Accounting Sciences
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,CAS3701 Assignment 11 (COMPLETE ANSWERS) 2024 -
DUE 13 September 2024 ; 100% TRUSTED Complete,
trusted solutions and explanations.
QUESTION 1 1. BACKGROUND LearnCo. Limited
(LearnCo.) is a top training provider that offers skills
development training solutions to businesses and government
institutions in South Africa. The company is based in Gauteng,
South Africa and has a 30 June 2024 year-end. LearnCo. offers a
wide variety of courses in health and safety, leadership and
managerial skills, occupational health and even on emerging
technologies like machine learning, robotics, coding and
artificial intelligence. The company conducts the training at the
client’s workplace premises. LearnCo. employs 250 facilitators
permanently. The facilitators come from a diverse range of
fields in line with the courses offered by the company. The
facilitators spend majority of their time travelling to clients
throughout the country and consequently, LearnCo. incurs a
high amount of expenditure related to travel claims. You have
recently been appointed as the Financial Manager (FM) of
LearnCo. The Chief Financial Officer (CFO) is orientating you
about the company and its payroll system. The payroll system is
outlined below. 2. PAYROLL SYSTEM LearnCo. uses a
payroll software called Revolve X. Revolve X is highly
advanced and is powered by artificial intelligence (AI). Revolve
X automates the majority of routine payroll-related transactions.
These include screening CVs submitted online, shortlisting
candidates, performing monthly reconciliations, filing electronic
reports, computing the monthly payroll expense, and validating
, and processing input data for the payroll. Any valid employee of
LearnCo. has login access. LearnCo. has a limited Human
Resource (HR) unit in place. The HR unit currently consists of
the HR manager and two payroll clerks. The HR manager is
currently responsible for conducting interviews, completing the
recruitment process and retirements. The CFO explained that
other than the screening of CVs and shortlisting of candidates
against pre-determined criteria, Revolve X also assists the HR
manager by providing pre-populated templates for employee
contracts. The payroll clerks are responsible for capturing
approved rates for travel claims, medical aid, provident fund and
other applicable expenditures. Revolve X also houses the
employee database. As the FM, you will approve and sign off
the employee contracts on behalf of the company, ensure that
applicable rates are up to date and that the schedules produced
by the system are correct prior to authorisation for payment. 2.1
Dismissals and resignations Dismissals and resignations occur
seldomly at LearnCo. The HR manager is currently overloaded
with his duties, so management decided to move the handling of
dismissals and resignations solely to the CFO. You were busy
reviewing the payroll and noted details of two employees, with
employee numbers 452901 and 370213, who were dismissed in
September 2023 and December 2023, respectively, but were still
included in the payroll. Fortunately, no payments have been
made to the employees since their dismissals. When you
followed up on this matter with the CFO, he indicated to you
that he has a practice of removing such employees from the
payroll at the company’s year-end. 2.2 Employee expense
Employees are paid salaries on the last working day of the
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