Which of the Following Is True of Good Internal Controls

question 45

Multiple Choice

Which of the following is true of good internal controls over payroll?

• A)Accounting for payroll should be separate from hiring and firing of employees.
• B)Disbursement of paychecks should not be separate from the function of maintaining payroll records.
• C)Hiring and firing employees should not be separated from accounting and from passing out paychecks.
• D)Cash receipts from customers should be separated from the accounting for accounts receivable.

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Client Data Review

A QuickBooks tool that accountants use to review, correct, and reconcile discrepancies in their clients' financial data.

Accountant Menu

A specialized set of tools or options within accounting software designed specifically to facilitate the work of professional accountants, such as managing ledgers, preparing reports, and analyzing financial data.

Edit Company

A process involving modifications to company information or settings within a system.

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Secondary or auxiliary accounts linked to a primary account, used to further organize financial data and transactions.