Which of the following is an important internal control over payroll?
A) separating the duties of the disbursement of paychecks from the recording of payroll transactions in the ledger
B) separating the duties of safeguarding property from record-keeping of property
C) separating the duties of approving invoices from signing disbursement checks
D) separating the duties of cash disbursement from bank reconciliations
A) separating the duties of the disbursement of paychecks from the recording of payroll transactions in the ledger
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Audit procedures are designed to test management assertions.
Answer the following statement true (T) or false (F)
Under the majority rule, the test under the one-year provision of the statute of frauds is whether it is likely that the contract will be completed within one year
a. True b. False Indicate whether the statement is true or false
Which of the following examples shows feedback obtained directly from the job?
A. As a politician, Gabila constantly receives feedback from her constituents through email and phone calls. B. As a scientist, Zoran receives monthly feedback from his manager about his research. C. As a teacher, Lucinda receives feedback from the principal after each semester. D. As a business executive, Ignas receives feedback from his supervisor twice a year. E. As a factory worker, Robert receives feedback from the factory owner via his floor boss at regular intervals.
Keystoning is:
A. the practice of marking up prices by 100 percent B. a method used for determining the point of elasticity C. a plan for reducing marginal costs D. the practice of maintaining variable costs at one-half of total fixed costs E. a method of changing consumers' perceptions about price