Which of the following is an effective internal control used to prove that production department employees are properly validating payroll timecards at a time-recording station?
A. Timecards should be carefully inspected by those persons who distribute pay envelopes to the employees.
B. One person should be responsible for maintaining records of employee time for which salary payment is not to be made.
C. Daily reports showing time charged to jobs should be approved by the foreman and compared to the total hours worked on the employee timecards.
D. Internal auditors should make observations of distribution of paychecks on a surprise basis.
C. Daily reports showing time charged to jobs should be approved by the foreman and compared to the total hours worked on the employee timecards.
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Which are two main types of external funds for venture financing:
A. Debt and equity B. Debt and savings C. Savings and investors D. Equity and savings
The fixed overhead spending variance
A) is usually not significant. B) is made up of many individual items. C) is the difference between actual costs and budgeted costs. D) merits investigation only if the variance is material. E) is all of these.
Discretionary income is an elusive concept because the definition of necessities varies from family to family and over time.
Answer the following statement true (T) or false (F)
The ________ value of money is the amount it will be worth a number of periods from the present.
A. present B. future C. cash D. investment