Which of the following circumstances most likely would cause an auditor to suspect an employee payroll fraud scheme?
A. There are significant unexplained variances between standard and actual labor cost.
B. Payroll checks are disbursed by the same employee each payday.
C. Employee time sheets are approved by individual departmental supervisors.
D. A separate payroll bank account is maintained on an imprest basis.
A. There are significant unexplained variances between standard and actual labor cost.
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Answer the following statements true (T) or false (F)
A protean career is another name for a traditional career path.
A company that uses the net method of recording purchases and a perpetual inventory system purchased $1,800 of merchandise on July 5 with terms 2/10, n/30. On July 7, it returned $200 worth of merchandise. On July 28, it paid the full amount due. The correct journal entry to record the payment on July 28 is:
A. Debit Merchandise Inventory $1,600; credit Cash $1,600. B. Debit Accounts Payable $1,800; credit Cash $1,800. C. Debit Accounts Payable $1,600; credit Merchandise Inventory $32; credit Cash $1,568. D. Debit Cash $1,600; credit Accounts Payable $1,600. E. Debit Accounts Payable $1,568; debit Discounts Lost $32; credit Cash $1,600.
Which of the following statements follows the recommended guidelines for picking the right words for business communication?
A. A manager who does not support his team is not a good manager. B. Our team did not hit our sales goal. C. We need a young and energetic person for this position. D. The advertising budget was exceeded.
Under the Statute of Frauds, the writing must: be signed by the defendant; and must state with reasonable certainty the name of each party, the subject matter of the agreement, and all of the essential terms and promises.
Answer the following statement true (T) or false (F)