Describe the major risk areas associated with the payroll cycle.
What will be an ideal response?
a. Paying fictitious employees (invalid transactions, employees do not exist)
b. Overpaying for time or production (inaccurate transactions, improper valuations)
c. Incorrect accounting for costs and expenses (incorrect classification, improper or inconsistent presentation and disclosure)
You might also like to view...
What is the PV of an ordinary annuity with 10 payments of $2,700 if the appropriate interest rate is 5.5%?
A. $16,576 B. $17,449 C. $18,367 D. $19,334 E. $20,352
A principal owes an agent a duty of obedience.
Answer the following statement true (T) or false (F)
Generally, accrued foreign income taxes are translated at the:
A. Exchange rate when the taxes are paid. B. Exchange rate on the date when the taxes are accrued. C. Average exchange rate for the tax year to which the taxes relate. D. Average exchange rate for the last five tax years.
Bilateral versus Unilateral Contracts. D.L. Peoples Group (D.L.) placed an ad in a Missouri newspaper to recruit admissions representatives, who were hired to recruit Missouri residents to attend D.L.'s college in Florida. Donald Hawley responded to the
ad, his interviewer recommended him for the job, and he signed, in Missouri, an "Admissions Representative Agreement," which was mailed to D.L.'s president, who signed it in his office in Florida. The agreement provided in part that Hawley would devote exclusive time and effort to the business in his assigned territory in Missouri and that D.L. would pay Hawley a commission if he successfully recruited students for the school. While attempting to make one of his first calls on his new job, Hawley was accidentally shot and killed. On the basis of his death, a claim was filed in Florida for workers' compensation. (Under Florida law, when an accident occurs outside Florida, workers' compensation benefits are payable only if the employment contract was made in Florida.) Is this admissions representative agreement a bilateral or a unilateral contract? What are the consequences of the distinction in this case? Explain.