An aid in internal control over payrolls that indicates employee attendance is a. voucher system b....
An aid in internal control over payrolls that indicates employee attendance is a. voucher system b. special payroll bank account c. time card d. fringe benefits
Homework Answers
| An aid in internal control over payrolls that indicates employee attendance is a time card |
| Time card helps to record and track employee attendance and working hours. |
| Option C time card is correct |
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An aid in internal control over payrolls that indicates employee
attendance is a. voucher system b....
Identify each of the following statements as either true or false a. A voucher system of...
Identify each of the following statements as either true or false a. A voucher system of control is a control system exclusively for cash receipts b. Separation of duties eliminates the possibility of collusion to steal an asset and hido the theft from the records c Good internal control is to have only one employee be assigned the task of opening mail d. A petty cash system of control is a system used only for cash receipts. False True
A system of internal control can be rendered ineffective by employee collusion. is infallible. invariably will...
A system of internal control can be rendered ineffective by employee collusion. is infallible. invariably will have costs exceeding benefits. is premised on the concept of absolute assurance. The Sarbanes-Oxley Act applies to: a) all U.S. companies listed on U.S. exchanges. b) all companies that list stock on any stock exchange in any country. c) all European companies listed on European exchanges. d) both (a) and (c).
INTERNAL CONTROL WEAKNESSES - SUPERMARKET The following describes the information system for a supermarket: Customers push...
INTERNAL CONTROL WEAKNESSES - SUPERMARKET The following describes the information system for a supermarket: Customers push their shopping carts to the check- out register where a clerk processes the sale. The market has several registers, but they are not all in continuous use depending on the level of business in the market. During busy times, employees will be taken from other jobs such as stocking shelves and unloading trucks to man a register. This is done quickly and efficiently since...
Version A 17. A voucher is an internal document or file A) Prepared for each sales...
Version A 17. A voucher is an internal document or file A) Prepared for each sales transaction. B) Used as a substitute C) That serves as proof of authority to pay cash or for an invoice if the supplier fails to send one. issue an electronic funds transfer for a purchase. D) That takes the place of a check the cash 18. An analysis of the items and amounts creating the difference between ledger is a(n): bank statement and the...
What internal control procedure(s) would be most effective in preventing the following errors or fraudulent acts?...
What internal control procedure(s) would be most effective in preventing the following errors or fraudulent acts? a) An inadvertent data entry error caused an employee’s wage rate to be overstated in the payroll master file. b) A fictitious employee payroll record was added to the payroll master file. c) During data entry, the hours worked on an employee’s time card for one day were accidentally entered as 80 hours, instead of 8 hours. d) A computer operator used an online...
d. 66. The objectives of internal control are to a. control the internal organization of the...
d. 66. The objectives of internal control are to a. control the internal organization of the accounting department personnel and equipment b. provide reasonable assurance that assets are safeguarded and used for business purposes, business information is accurate, and laws and regulations are complied with c. prevent fraud, and promote the social interest of the company d. provide control over "internal-use only reports and employee internal conduct 67. A necessary element of internal control is a. database b. systems design...
Internal Control Procedures 1.) Identify and explain the potential internal control weaknesses for each of the...
Internal Control Procedures 1.) Identify and explain the potential internal control weaknesses for each of the following situations. Consider each situation separately. 2.) Suggest and explain a potential internal control for each identified internal control weakness. a) While reviewing the records of Discount Pharmacy, you find that the same employee orders merchandise and approves invoices for payment. b) After the physical count, the storeroom supervisor matches quantities counted against a predetermined reorder level. If the count for a given part...
10. Which of the following describes the environment in internal control? A) Internal auditors monitor company con...
10. Which of the following describes the environment in internal control? A) Internal auditors monitor company controls to safeguard assets, and external auditors Page 2 of 4 monitor the controls to ensure that the accounting records are accurate, B) The environment is the "tone at the top of the business. C) The environment is designed to ensure that the business earns profit. D) A company must identify its risks 11. Rearranging plain-text messages by a mathematical process is known as...
10 5-2,5-3 THE -2 Identifying Internal Controls over Financial Reporting Erasing has a system of internal...
10 5-2,5-3 THE -2 Identifying Internal Controls over Financial Reporting Erasing has a system of internal control with the following procedures. Match the procedure to the corresponding internal control principle Procedure Bernal Coro Principle 1. The treasurer signs checks. A. Establish responsibility 2. The treasurer is not allowed to make bank B. Segregate duties deposits. C. Restrict access 3. The company's checks are prenumbered. D. Document procedures 4. Unused checks are stored in the vault. E. Independently verify 5. A...
can contain vi XPIRED Most of the features of Word have been disabled. Reactivate exceeding benefits is premised on the concept of absolute assurance. d. 29). A voucher system is a series of p...
can contain vi XPIRED Most of the features of Word have been disabled. Reactivate exceeding benefits is premised on the concept of absolute assurance. d. 29). A voucher system is a series of prescribed control procedures a. to check the credit worthiness of customers. b. designed to assure that disbursements by check are proper. c. which eliminates the need for a sales journal d. specifically designed for small firms who may not have checking accounts. 30). Under a voucher system,...
Identify each of the following statements as either true or false a. A voucher system of control is a control system exclusively for cash receipts b. Separation of duties eliminates the possibility of collusion to steal an asset and hido the theft from the records c Good internal control is to have only one employee be assigned the task of opening mail d. A petty cash system of control is a system used only for cash receipts. False True
A system of internal control can be rendered ineffective by employee collusion. is infallible. invariably will have costs exceeding benefits. is premised on the concept of absolute assurance. The Sarbanes-Oxley Act applies to: a) all U.S. companies listed on U.S. exchanges. b) all companies that list stock on any stock exchange in any country. c) all European companies listed on European exchanges. d) both (a) and (c).
Version A 17. A voucher is an internal document or file A) Prepared for each sales transaction. B) Used as a substitute C) That serves as proof of authority to pay cash or for an invoice if the supplier fails to send one. issue an electronic funds transfer for a purchase. D) That takes the place of a check the cash 18. An analysis of the items and amounts creating the difference between ledger is a(n): bank statement and the...
d. 66. The objectives of internal control are to a. control the internal organization of the accounting department personnel and equipment b. provide reasonable assurance that assets are safeguarded and used for business purposes, business information is accurate, and laws and regulations are complied with c. prevent fraud, and promote the social interest of the company d. provide control over "internal-use only reports and employee internal conduct 67. A necessary element of internal control is a. database b. systems design...
10. Which of the following describes the environment in internal control? A) Internal auditors monitor company controls to safeguard assets, and external auditors Page 2 of 4 monitor the controls to ensure that the accounting records are accurate, B) The environment is the "tone at the top of the business. C) The environment is designed to ensure that the business earns profit. D) A company must identify its risks 11. Rearranging plain-text messages by a mathematical process is known as...
10 5-2,5-3 THE -2 Identifying Internal Controls over Financial Reporting Erasing has a system of internal control with the following procedures. Match the procedure to the corresponding internal control principle Procedure Bernal Coro Principle 1. The treasurer signs checks. A. Establish responsibility 2. The treasurer is not allowed to make bank B. Segregate duties deposits. C. Restrict access 3. The company's checks are prenumbered. D. Document procedures 4. Unused checks are stored in the vault. E. Independently verify 5. A...
can contain vi XPIRED Most of the features of Word have been disabled. Reactivate exceeding benefits is premised on the concept of absolute assurance. d. 29). A voucher system is a series of prescribed control procedures a. to check the credit worthiness of customers. b. designed to assure that disbursements by check are proper. c. which eliminates the need for a sales journal d. specifically designed for small firms who may not have checking accounts. 30). Under a voucher system,...
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