Answer the following statements true (T) or false (F)
1. Establishing controls for efficiency of the payroll process is one of the main key controls for payroll.
2. Direct deposits decrease the efficiency of the payroll process because of cyber issues.
3. The Human Resources Department employees should pass out paychecks, hire employees, and fire
employees.
4. If a business knows that a liability exists but does not know the exact amount, the business is unable to
record the liability.
5. If a business knows that a liability exists but does not know the exact amount, the business must
estimate the amount of the liability and report it on the balance sheet.
1. True
2. False - Direct deposits increase efficiency of the payroll process by reducing the amount of
reconciling needed on outstanding checks.
3. False - Hiring and firing employees should be separated from accounting and from passing out
paychecks.
4. False - The company must estimate the amount of the liability and report it on the balance sheet.
5. True
You might also like to view...
What are the four phases of negotiation?
A. Attention, interest, desire, and action B. Planning, studying, sampling, and closing C. Planning, proposing, reciprocating, and closing D. Interest, desire, conviction, and buying E. Planning, meeting, studying, and proposing
Which statement is true about grand strategy?
What will be an ideal response?
Discuss the rules to be followed when using address abbreviations?
What will be an ideal response?
According to Spee and Jarzabkowski, strategy tools work in practice both ______ and ______.
a. Ideationally and pragmatically b. Instrumentally and symbolically c. Instrumentally and ideationally d. Pragmatically and theoretically