For Proper Internal Control, the Person(s) Responsible for Signing the Payroll

question 15

True/False

For proper internal control, the person(s) responsible for signing the payroll checks should not have access to timekeeping or be otherwise involved in the preparation of payroll.

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Definitions:

Quick Assets

Liquid assets that can be rapidly converted into cash without significantly affecting their value, including cash, marketable securities, and receivables.

Current Receivables

Financial assets expected to be converted into cash within one year, including money owed by customers (accounts receivable).