Which of the Following Is a Key Element of Internal

question 49

Multiple Choice

Which of the following is a key element of internal control over cash payments?

• A)periodically reconciling the cash account balance on the company's books to the bank statement balance
• B)making daily bank deposits
• C)requiring that all petty cash vouchers be approved by two signatures
• D)authorizing and verifying that all cash received is recorded daily

Understand the conditions and calculations for specific payroll tax situations, including deposit schedules and under-withholding.

Grasp the impact of the lookback period and deposit schedules on payroll tax obligations.

Understand how the withholding system aims to approximate an employee's annual tax liability and the procedures for adjustments.

Understand and apply the correct procedures for calculating federal unemployment (FUTA) taxes and credits.

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The process of selling consumer goods or services to customers through multiple channels of distribution to earn a profit.