For each transaction cycle and each type of transaction, there are internal controls that help to minimize certain risk to the company.Using the terminology and framework developed in the text, describe the following for the Payroll Process cycle.
Definitions:
Armed Forces
Military forces established by a nation to defend its interests and maintain security.
War Production Board
A U.S. government agency established during World War II to coordinate the production of war materials and supplies.
Allocating Resources
The process of distributing available resources, such as finances, materials, and labor, for specific tasks or projects to achieve desired objectives.
Independent Factories
Manufacturing facilities that operate autonomously, not as part of larger conglomerates or corporations, often characterized by specialized production.
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