Internal Control Activities Within the Payroll Process, Identified as Authorization

question 39

Multiple Choice

Internal control activities within the payroll process, identified as authorization, would include which of the following?

• A)Preparation of a bank reconciliation
• B)Independent paymaster
• C)Manager approval of payroll prior to signing checks
• D)Physical controls in areas where cash and paychecks are held

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Definitions:

Elderly Grandmother

A senior female relative who is a grandparent, often associated with wisdom and family history.

Enforced

The act of implementing or compelling compliance with a law, rule, or obligation.

Consideration

Something of value given by both parties to a contract that induces them to enter into the agreement to exchange mutual performances.

Hamer v. Sidway

A significant case in contract law that established the notion that forbearance (refraining from doing something) can be considered a valuable consideration in a contract.