For Proper Internal Control, the Person(s)responsible for Signing the Payroll

question 49

True/False

For proper internal control, the person(s)responsible for signing the payroll cheques should not have access to timekeeping or be otherwise involved in the preparation of payroll.

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Definitions:

Chromic Acid

A powerful oxidizing agent used in organic chemistry and for cleaning laboratory glassware, consisting mainly of a mixture of chromium trioxide and sulfuric acid.

Organic Halide

Organic compounds containing a halogen atom (fluorine, chlorine, bromine, or iodine) covalently bonded to carbon; utilized in various chemical syntheses and reactions.

Carboxylation

A chemical reaction that introduces a carboxyl group (-COOH) into a molecule.

Grignard Reagent

An organomagnesium compound used in organic chemistry for carbon-carbon bond formation, represented as RMgX where R is an alkyl or aryl group and X is a halogen.