If a Control Total Were to Be Computed on Each

question 61

Multiple Choice

If a control total were to be computed on each of the following data items,which would best be identified as a hash total for a payroll computer application?

• A)Net pay.
• B)Department numbers.
• C)Hours worked.
• D)Total debits and total credits.

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Definitions:

Collection

The process of obtaining payment on outstanding accounts or the grouping of specific items, as in art or stamps.

Disbursements Float

The time difference between when a payment is made by a firm and when the funds are actually withdrawn from the firm's bank account.

Preauthorized Payments

Automated payments set up to charge a bank account or credit card for recurring bills or subscriptions on a pre-set schedule.

Collection Float

The time period between when a check is deposited in a bank and when the funds are available in the account, impacting cash flow management.