Selecting a Sample of Time Clock Cards and Examining Them

question 29

Multiple Choice

Selecting a sample of time clock cards and examining them for evidence of approval by a supervisor then tracing the hours recorded to the payroll registers is a procedure designed to obtain evidence about the control objective(s) of ________.

• A)validity only
• B)authorization only
• C)completeness only
• D)authorization and completeness.

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Definitions:

Carrying Value

The book value of assets and liabilities as reported in the financial statements, factoring in depreciation, amortization, and impairment.

Bond Redemption

The process in which an issuer repays the par or face value of a bond at or before maturity.

Unamortized Premium

The portion of the bond premium that has not yet been amortized or deducted from the interest expense over the bond's life.

Liabilities Section

A segment of a balance sheet that lists obligations a company owes to outsiders, such as loans, accounts payable, and mortgages.