If a Control Total Were to Be Computed on Each

question 65

Multiple Choice

If a control total were to be computed on each of the following data items, which would best be identified as a hash total for a payroll IT application?

• A)Hours worked.
• B)Total debits and total credits.
• C)Net pay.
• D)Department numbers.

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Definitions:

Initial Investment

The initial amount of capital used to start a business or investment.

Commercial Substance

A scenario where the future cash flows of an asset or group of assets are expected to change significantly due to a transaction.

Fair Value

The amount one would get from selling an asset or the cost to transfer a liability during a structured exchange between participants in the market.

Net Income

The total profit of a company after all expenses and taxes have been subtracted from total revenue.