Selecting a Sample of Payroll Summaries and Vouching the Details

question 26

Multiple Choice

Selecting a sample of payroll summaries and vouching the details to time records is a procedure designed to test the control objective of ________.

• A)environment
• B)validity
• C)completeness
• D)classification

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Definitions:

Cash Receipts

The total amount of cash collected by a business during a given period, including all sources of income.

Budgeted Income Statement

A financial statement that forecasts the revenue, expenses, and net income for a future period, based on management's expectations.

Managerial Accounting

Accounting practices aimed at aiding managers in planning, directing, and controlling operational activities through financial data analysis.

Budget Period

The specific timeframe for which a budget is prepared, usually a fiscal year or a specific project duration.