Which of the Following Combinations Is Correct

question 82

Multiple Choice

Which of the following combinations is correct?

• A) Existence relates to whether the amounts in accounts are understated.
• B) Occurrence relates to whether balances exist.
• C) Existence relates to whether amounts included exist.
• D) Occurrence relates to whether the amounts in accounts occurred in the proper year.

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Definitions:

Unemployment Taxes

Taxes employers pay to federal and state governments to fund unemployment benefits for workers who lose their jobs.

Internal Controls

Procedures and measures taken by a business to safeguard its assets, ensure accuracy and reliability in accounting records, and enhance operational efficiency.

Payroll

The total amount paid to employees for services they provided during a certain period.

Double Time

A pay rate that is twice the employee's regular hourly rate, often applied for working on holidays or overtime.