Which of the following statements is not true?
a. Routine payroll processing begins with the submission of time cards.
b. Payroll clerks must verify the hours reported on the time cards.
c. Payroll reconciles personnel action forms with time cards and prepares paychecks.
d. Cash disbursements signs paychecks and forwards them to the paymaster for distribution.
B
You might also like to view...
Which of the following signals a potential fraud that may occur for the overstatement of inventory accounts?
a. Reserves for contingencies are reducing rapidly. b. Inventory amounts are growing faster than sales. c. Repairs and maintenance accounts have significant credit entries. d. The purchase of manufacturing equipment is occurring at a rapid rate.
The cycle of service chart lists a series of
A) highs and lows in providing customer service. B) moments of truth experienced by a customer. C) service problems encountered by a customer. D) times at which a product should be serviced.
When the ________ criterion is used, the decision maker selects the decision alternative that minimizes the maximum regret
Fill in the blank with correct word.
Mealer, Inc has prepared its third quarter budget and provided the following data
Jul Aug Sep Cash collections $51,000 $39,500 $46,600 Cash payments: Purchases of direct materials 31,000 21,500 17,000 Operating expenses 12,000 9,000 11,300 Capital expenditures 13,500 24,600 0 The cash balance on June 30 is projected to be $4,500. The company has to maintain a minimum cash balance of $5,000 and is authorized to borrow at the end of each month to make up any shortfalls. It may borrow in increments of $5,000 and has to pay interest every month at an annual rate of 4%. All financing transactions are assumed to take place at the end of the month. The loan balance should be repaid in increments of $5,000 whenever there is surplus cash. Calculate the final projected cash balance at the end of September. A) $21,584 B) $6,584 C) $8,367 D) $54,967