During the Current Year Being Audited, Hitech, Inc

question 55

Multiple Choice

During the current year being audited, Hitech, Inc. changed from a conventional payroll punch clock to a computerized payroll time system. Factory employees now record time in and out with magnetic cards and the IT system automatically updates all payroll records. Because of this change:

• A)the auditor must audit through the computer.
• B)internal control has improved.
• C)without paper clock cards, part of the audit trail has been altered.
• D)the potential for payroll related fraud has been diminished.

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Definitions:

Economic Value

The worth or usefulness of a good or service determined by its ability to fulfill consumer needs and preferences.

Retailer Branding

The practice of building a distinct identity and image for a retail store or chain, differentiating it from competitors and appealing to a target consumer market.

Multiproduct Branding

is a strategy where a single brand name is used for the sale of two or more related products.

Private Branding

A marketing strategy where products are produced by one company but are sold under another company's brand name.