Effective Internal Control Over Unclaimed Payroll Checks That Are Kept

question 34

Multiple Choice

Effective internal control over unclaimed payroll checks that are kept by the Treasury Department would include Accounting Department procedures that require

• A) effective cancellation and stop payment orders for checks representing unclaimed wages.
• B) redepositing unclaimed wages after a period of 3 months.
• C) accounting for all unclaimed wages in a current liability account.
• D) periodic accounting for the actual checks representing unclaimed wages.

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Definitions:

Contract In Place

An agreement that has been formally established and is legally binding between parties.

Value System

A set of consistent values and measures that guide the behavior and decisions of an individual or group.

Worker's Personal

Relates to the individual qualities and attributes of a worker that influence their professional life.

Clients' Value

The importance or benefit that clients attribute to a service or product they receive from a provider.