When Sales Invoices Are Automatically Calculated and Posted by a Computer

question 71

Multiple Choice

When sales invoices are automatically calculated and posted by a computer, the auditor may be able to reduce substantive tests of transactions for which, if any, assertion?

• A) accuracy
• B) existence
• C) completeness
• D) none of the above

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Definitions:

Payroll Taxes

Levies charged to either employers or employees, typically based on a percentage of the wages that employees receive from their employers.

Payroll Register

A detailed document that records all payroll activities for employees within a certain period, including their pay rates, hours worked, deductions, and net pay.

Social Security Taxes

Taxes imposed by governments to fund social security programs, typically deducted from employee earnings and matched by employers.

Medicare Taxes

Taxes deducted from employees' paychecks and also paid by employers to fund the Medicare program.