An Example of an Internal Control Weakness Is to Assign

question 48

Multiple Choice

An example of an internal control weakness is to assign the payroll department the responsibility for:

• A)Preparing the payroll expense distribution.
• B)Preparing the payroll checks.
• C)Authorizing increases in pay.
• D)Preparing journal entries for payroll expense.

Compare and contrast discrete and continuous random variables.

Calculate probabilities involving normal distributions based on given means and standard deviations.

Understand and apply the concept of descriptive statistics.

Calculate and interpret measures of central tendency, including mean, median, mode, and midrange.

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Definitions:

Cost Change

Any variation, either an increase or decrease, in the total costs associated with production or operations.

Mixed Costs

Expenses that contain both fixed and variable components, changing in total with the level of activity.

Contribution Margin

The amount left from sales revenue after variable costs are subtracted, contributing to covering fixed costs and generating profit.

Merchandising Company

Businesses that buy finished goods and sell them at a profit without modifying the product, focusing on distribution rather than production.