For Good Internal Control, the Payroll Function Should Be Independent

question 120

True/False

For good internal control, the payroll function should be independent of the human resources department.

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Definitions:

Same Tastes

A theoretical condition where all consumers have identical preferences, simplifying analysis of market behavior and product demand.

Pay Schedule

A structured timeline for payment to employees that includes frequency and amount.

Before-Tax Wages

The amount of money earned by employees before any taxes are deducted.

Government Payment

Financial transfers made by the government to individuals, firms, or other entities, typically aimed at achieving economic or policy objectives.