Which of the Following Internal Control Tests Would Assist in Satisfying

question 46

Multiple Choice

Which of the following internal control tests would assist in satisfying the occurrence transaction-related audit objective for payroll?

• A)examining payroll records for evidence of approval
• B)proving the payroll bank reconciliation
• C)reviewing the chart of accounts
• D)accounting for a sequence of payroll cheques

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Definitions:

Industry Giants

The largest and most influential companies within a sector, known for their market domination, innovation, and financial capabilities.

Lower Prices

Lower prices indicate a decrease in the cost that consumers are asked to pay for goods or services, often aimed at boosting sales or competitiveness.

Marketing Mix

The combination of factors that can be controlled by a company to influence consumers to purchase its products, typically includes product, price, place, and promotion.

Right Price

The optimal price point that balances profitability with customer satisfaction and demand, taking into consideration the cost of production, market conditions, and competition.