Auditors Ordinarily Ascertain Whether Payroll Checks Are Properly Endorsed During

question 31

Multiple Choice

Auditors ordinarily ascertain whether payroll checks are properly endorsed during the audit of

• A)Clock cards.
• B)The voucher system.
• C)Cash in bank.
• D)Accrued payroll.

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Definitions:

Reportable Segment

A part of an organization distinguished by its business activities, products, or services, which is significant enough to require separate financial reporting under financial reporting standards.

Revenues

The total amount of income generated by the sale of goods or services related to the company's primary operations.

Profits

Financial gains obtained when the revenue from business activities exceeds the expenses, taxes, and costs of operating.

Temporary Difference

A discrepancy between the carrying amount of an asset or liability in the balance sheet and its tax base, creating taxable or deductible amounts in the future.