The Internal Control Activity Requiring That the Manager Approves Payroll

question 119

Multiple Choice

The internal control activity requiring that the manager approves payroll prior to signing paycheck is intended to minimize the risk of:

• A)Omitted paychecks
• B)Incorrect amounts
• C)Fictitious employee
• D)Stolen paychecks

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Definitions:

Profits Taxed Twice

Describes circumstances where corporate profits are taxed at the business level and then taxed again when distributed as dividends to shareholders.

Multinational Corporations

Companies that operate in multiple countries, managing production or delivering services in more than one country.

Small Retail Businesses

Small-scale retail outlets that sell goods or services to consumers, often characterized by independent ownership and operation.

Part-Time Home-Based

Refers to employment or work that is performed from home for fewer hours than a full-time job.