Which of the Following Best Describes Proper Internal Control Over

question 12

Multiple Choice

Which of the following best describes proper internal control over payroll?

• A)Preparation of the payroll must be under the control of the personnel department.
• B)Confidentiality of employee payroll data should be carefully protected to prevent fraud.
• C)Duties of hiring,payroll computation,and payment to employees should be segregated.
• D)Payment by cheque to employees should be replaced with payment by automatic deposits.

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Definitions:

Money Inflows

Money inflows refer to the incoming funds to a business, organization, or economy from various sources such as investments, sales, and loans.

Protectionism

A government policy to protect domestic industries and producers by restricting international trade, often through tariffs and quotas.

Trade Imbalances

A situation where there is an unequal value of imports and exports between two countries, leading to a surplus or deficit in trade relationships.

Tariffs

Taxes imposed on imported goods and services, often used to protect domestic industries from foreign competition.