"Recorded Payroll Transactions Are for the Amount of Time Actually

question 27

Multiple Choice

"Recorded payroll transactions are for the amount of time actually worked and at the proper pay rate;withholdings are properly calculated" relates to which control objective?

• A)authorization
• B)completeness
• C)existence
• D)accuracy

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Definitions:

Segmented Income Statement

An income statement that shows financial results for different segments or divisions of a company.

Contribution Format

A type of income statement that categorizes costs as variable or fixed and computes a contribution margin.

Common Fixed Expenses

Expenses that do not vary with the level of production or sales, shared across different segments of a business, such as rent for the corporate office.

Sales Mix

The relative proportions in which a company’s products are sold. Sales mix is computed by expressing the sales of each product as a percentage of total sales.