Which of the Following Controls Can Minimize the Threat of Errors

question 42

Multiple Choice

Which of the following controls can minimize the threat of errors in processing payroll?

• A)Redepositing unclaimed paychecks and investigating cause.
• B)Issuing earnings statements to employees.
• C)Using biometric authentication.
• D)Conducting criminal background investigation checks of all applicants for finance related positions.

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Definitions:

Inventory Unit Costs

The costs associated with obtaining or producing a single unit of inventory, encompassing material, labor, and overhead.

Average Cost Method

An inventory valuation method that assigns the average cost of all similar items in the inventory until they are sold.

LIFO

LIFO, or Last In, First Out, is an inventory valuation method where the last items to be added to inventory are assumed to be the first ones sold.

Ending Inventory

The total value of a company's merchandise, goods, and products held at the end of an accounting period.