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Which control would be most appropriate to address the problem of inaccurate payroll processing?
Adjusted Cash Balance
The cash amount shown in the accounting records after adjustments have been made for checks, deposits in transit, and other items.
May Bank Reconciliation
A process undertaken to verify the accuracy of financial records by comparing the May bank statement with the company's internal records.
Deposits in Transit
Funds that have been recorded by a company but not yet by its bank, typically due to timing differences.
Bank Reconciliation
The process of comparing and adjusting a company's book balance of an account with the balance reported by a bank to find any possible discrepancies.
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