Match the Four Functions of Payroll Activities [(1) Hiring Employees

question 45

Essay

Match the four functions of payroll activities [(1) Hiring employees, (2) Timekeeping, (3) Preparing the payroll, and (4) Paying the payroll] with their related internal controls:
(a) Two or more employees should verify payroll amounts
(b) An independent employee should sign and distribute the prenumbered checks
(c) Supervisors should monitor hours worked through time reports
(d) Human Resources department should authorize employment

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Definitions:

Budgeted Sales

Projected or estimated sales for a future period, usually based on past sales data, market analysis, and growth projections.

Master Budget

A comprehensive financial plan for a company's future operations, including multiple subsidiary budgets.

Selling Expense

Expenses directly associated with the sale of a product or service, including advertising, sales commissions, and promotional materials.

Credit Sales

Sales made on credit, where the customer agrees to pay at a future date.