Effective Internal Control Over the Payroll Function Would Include Which

question 22

Multiple Choice

Effective internal control over the payroll function would include which of the following?

• A)Total time recorded on time clock cards should be reconciled to job reports by employees responsible for those specific jobs.
• B)Payroll department employees should be supervised by the management of the personnel department.
• C)Payroll department employees should be responsible for maintaining employee personnel records.
• D)Total time spent on jobs should be compared with total time indicated on time clock punch cards.

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Definitions:

Total Surplus

Total surplus is the sum of consumer surplus and producer surplus in a market, representing the total benefits to society, including both the gains from trade to buyers and sellers.

Gains from Trade

The benefits obtained by countries from engaging in international trade, often resulting from specializing in the production of goods for which they have a comparative advantage.

Equilibrium

The point at which the quantity of a good or service demanded equals the quantity supplied, determining the market price.

Total Surplus

In a market, the complete societal benefits are represented by the combined value of consumer and producer surplus.