Possible Misstatements Related to the Occurrence Assertion for Payroll Transactions

question 8

Multiple Choice

Possible misstatements related to the occurrence assertion for payroll transactions include all of the following except:

• A)payments to fictitious employees.
• B)payments to terminated employees.
• C)payments to valid employees who have not worked.
• D)payments to valid employees at a rate in excess of the authorised amount.

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Definitions:

Breach of Contract

The failure to perform any term of a contract, agreement, or promise without a legitimate legal excuse.

UCC

The Uniform Commercial Code (UCC) is a comprehensive set of laws governing all commercial transactions in the United States, intended to standardize and simplify the laws across states.

Cancelling Contract

The legal act of nullifying an agreement, making it legally void and releasing all parties from their obligations under that agreement.

Remedy

in law, signifies the means by which a court of law enforces a right, imposes a penalty, or makes some other court order to impose its will in respect to a particular legal failure or injury.