The Internal Control Process of Requiring the Payroll Register to Be

question 90

Multiple Choice

The internal control process of requiring the payroll register to be reconciled with the time sheets, will help to minimize the risk of:

• A)Invalid payroll transactions
• B)Omitted paychecks
• C)Duplicate paychecks
• D)Fictitious employees

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Definitions:

Conversion Costs

Costs incurred to convert raw materials into finished products, typically including direct labor and manufacturing overhead.

Machine Operator's Wages

The compensation paid to workers who operate machinery, typically categorized as direct labor costs in manufacturing.

First-In-First-Out (FIFO)

An inventory valuation method where the oldest inventory items are used up or sold first.

Work in Process

This term refers to the materials, labor, and overhead costs for products that are in the production process but are not yet complete.