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:

Price

The amount of money required to purchase an item or service.

Statute of Frauds

The Statute of Frauds is a legal principle that requires certain types of contracts to be executed in writing to be enforceable.

Securities

Financial instruments representing an ownership position, debt, or rights to ownership, traded in financial markets, such as stocks, bonds, and options.

Security Interests

A legal claim or lien on collateral that secures the performance of an obligation, typically seen in financing transactions.