Which internal control is not an important part of the payroll system?
a. Supervisors verify the accuracy of employee time cards.
b. Paychecks are distributed by an independent paymaster.
c. Accounts payable verifies the accuracy of the payroll register before transferring payroll funds to the general checking accounting.
d. General ledger reconciles the labor distribution summary and the payroll disbursement voucher.
C
You might also like to view...
Which of the following is the division of a market according to benefits that consumers want from the product?
A. Geodemographic segmentation B. Market density C. Benefit segmentation D. Concentrated segmentation E. Differentiated segmentation
Chapter 11 bankruptcy occurs when a business has to liquidate all of its assets in order to pay off
its creditors. Indicate whether the statement is true or false
Internal control is a process designed to provide absolute assurance regarding achieving objectives in which of the following?
A. efficiency and effectiveness of operations B. reliability of reporting C. compliance with applicable laws and regulations D. none of the choices are correct
Which of the following investments offered the lowest overall return over the past eighty years?
A) small stocks B) Treasury bills C) S&P 500 D) corporate bonds