Internal Control Activities Within the Payroll Process, Identified as Independent

question 95

Multiple Choice

Internal control activities within the payroll process, identified as independent checks and reconciliations, would include which of the following?

• A)IT controls over computer records and physical controls in records storage area.
• B)Time sheets reconciled with the payroll register.
• C)The payroll register is checked for mathematical accuracy and agreement with authorized pay rates and deductions.
• D)Supervisor approves time sheets prior to preparation of payroll documents

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Definitions:

Prohibited

Actions or activities that are not permitted or allowed by law, regulation, or policy.

Basic Earnings

Earnings calculated by dividing the net income by the total number of outstanding shares, showing the profit earned per share.

Price/Earnings Ratio

A valuation ratio of a company's current share price compared to its per-share earnings, commonly used by investors to determine stock attractiveness.

Noncumulative Preferred Stock

A type of preferred stock where dividends do not accumulate if they are not declared or paid in any given year, contrasting with cumulative preferred stock.