Which of the Following Is a Substantive Test of Transactions

question 67

Multiple Choice

Which of the following is a substantive test of transactions?

• A)Review personnel policies.
• B)Account for a sequence of payroll cheques.
• C)Reconcile the disbursements in the payroll journal with the disbursements on the payroll bank statement.
• D)Examine printouts of transactions rejected by the computer as having invalid employee numbers.

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Definitions:

Minority-Owned

Refers to a business that is at least 51% owned, operated, and controlled on a daily basis by one or more (in combination) racial or ethnic minorities.

Small Businesses

Enterprises characterized by smaller sizes in terms of employees and revenues, playing a crucial role in economic development and innovation.

SBA Programs

Initiatives and services offered by the Small Business Administration to support and assist small business development and growth in the United States.

Set-Aside Program

Component of a government contract specifying that certain government contracts (or portions of those contracts) are restricted to small businesses and/or to women- or minority-owned companies.