Why Would an Organization Require the Paymaster to Deliver All

question 55

Multiple Choice

Why would an organization require the paymaster to deliver all unclaimed paychecks to the internal audit department?

• A)to detect a "phantom employee" for whom a check was produced
• B)to prevent an absent employee's check from being lost
• C)to avoid paying absent employees for payday
• D)to prevent the paymaster from cashing unclaimed checks

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Definitions:

Accumulated Depreciation

The total amount of depreciation expense that has been recorded against a fixed asset since it was acquired.

Accumulated Depletion

The total amount deducted from the gross value of an asset to account for the extraction of natural resources over time.

Coal Mine

A physical location where coal is extracted from the earth.

Land Account

A record in the financial statements that represents the cost of land owned by an entity, not depreciated over time.