When Examining Payroll Transactions,an Auditor Is Primarily Concerned with the Possibility

question 10

Multiple Choice

When examining payroll transactions,an auditor is primarily concerned with the possibility of

• A) underpayments and properly authorized payments.
• B) posting of gross payroll amounts to incorrect salary expense accounts.
• C) misfootings of employee time records.
• D) excess withholding of amounts required to be withheld.
• AICPA: BB Industry
• AICPA: FN Risk Analysis
• Accessibility: Keyboard Navigation

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Definitions:

Price Makers

Firms that possess the power to set the price of a good or service because of a lack of competition or the unique nature of the product.

Purely Competitive

A market structure characterized by a large number of small firms, free entry and exit, homogeneity of products, and perfect information that leads to the price being dictated by the market.

Monopolistic Firms

Firms operating in a market structure with many competitors that sell differentiated products.

Price Elasticity

A measure of how much the quantity demanded of a good responds to a change in the price of that good, indicating the goods' sensitivity to price changes.