Which of the Following Is True of Good Internal Controls

question 47

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 disbursing paychecks.
• D)Cash receipts from customers should be separated from the accounting for accounts receivable.

Understand the characteristics and management of asthma.

Recognize age-appropriate responses to choking and the correct use of the Heimlich maneuver.

Comprehend dietary and enzyme replacement therapy considerations for children with cystic fibrosis (CF).

Identify the nursing considerations for the care of a child with carbon monoxide poisoning.

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Definitions:

ACP

Average Collection Period, a metric that measures the average number of days it takes for a company to collect its accounts receivable.

Processing Float

The time lag between when a check is written and when it is actually deducted from the payer's account, affecting the available balance.

Check Clearing

The process by which banks exchange checks and other negotiable instruments drawn on each other and settle their mutual debts and credits.

Lockbox System

A service provided by banks to companies for the receipt of payment from customers, under which payments are directed to a special post office box rather than the company’s address.