Describe three process controls that pertain to payroll application logic
1 . ERROR MESSAGES. Any mismatch when posting time card or personnel action data to
employee records should produce an error message to the computer operator.
2 . PASSWORDS. Password control should be implemented on department computers to reduce
the risk of unauthorized access to payroll files. The system logic should require, and prompt,
users to change passwords periodically. Only strong passwords consisting of six to eight
alphabetic and numeric characters should be accepted.
3 . FILE BACKUP. Backup procedures need to be in place to reduce the risk of data loss due to
file destruction and/or corruption.
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The joint efforts of the FASB and the IASB to set forth qualitative characteristics of financial reporting information have led to which of the following tentative pervasive constraints?
a. cost, only b. materiality, only c. understandability, only d. timeliness, only e. materiality and cost
Partial income statements of Company A and Company B are provided below
Company A Revenue $80,000 Expenses: Utilities Expense $5,000 Salaries Expense 15,000 Rent Expense 3,2000 Total Expenses 23,700 Operating Income $56,300 Company B Revenue $50,000 Cost of Goods Sold: Beginning Merchandise Inventory $4,000 Purchases and Freight In 23,000 Ending Merchandise Inventory (5,500 ) Cost of Goods Sold 21,500 Gross Profit $28,500 Which of the following statements is true? A) Company A is a merchandising company. B) Company B is a manufacturing company. C) Company A is a manufacturing company. D) Company A is a service company.
Haverstock claims that Jenkins owes him $100,000 . Jenkins offers Haverstock a promissory note. If Jenkins refuses to pay, what must be true for Haverstock to win a suit for breach of contract (alleging non-payment on the note)?
a. Jenkins must be a drawer. b. Jenkins must have issued a negotiable instrument. c. Haverstock must be a holder in due course. d. Haverstock must possess a negotiable instrument.
Which of the following countries is most likely to violate IP rights?
a. England b. Germany c. China d. Australia