The Internal Control Activity Requiring That the Manager Approves Payroll

question 35

Multiple Choice

The internal control activity requiring that the manager approves payroll prior to signing paycheck is intended to minimize the risk of:

• A)Omitted paychecks
• B)Incorrect amounts
• C)Fictitious employees
• D)Stolen paychecks

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Definitions:

Financial Position

A snapshot of the resources, liabilities, and equity of an entity at a given point in time.

Originally Scheduled Payment

The payment amount set according to the initial agreement or schedule before any adjustments.

Late Payment

A charge imposed for failing to pay a bill, invoice, or another financial obligation on time.

Rate of Return

The profit or deficit experienced on an investment within a specific duration, shown as a percentage of the investment's initial value.