Exam 10: Expenditures Processes and Controlspayroll and Fixed Assets

Many companies use independent, internet-based service providers to handle their payroll processing.These payroll providers specialize in offering solutions and constant access to payroll information.

Which of the following is a characteristic of a nonroutine transaction?

Which of the following is NOT a reconciliation process to be completed related to payroll?

Conditions that warrant the need for strong controls relating to the payroll process include all of the following EXCEPT:

The internal control process of requiring an independent paymaster, will help to minimize the risk of:

Which of the following is a correct statement related to segregation of duties related to fixed assets?

The term "ghost employee" means that:

Internal control activities within the payroll process, identified as segregation of duties, would include which of the following?

Which of the following correctly lists the correct chronological order of data flow in the fixed asset acquisitions process?

In meeting the control objective of safeguarding of assets, which department should be responsible for distribution of paychecks and custody of unclaimed paychecks, respectively?

Which of the following would be a correct way to compute the gross pay for an employee?

Internal control activities within the payroll process, identified as adequate records and documents, would include which of the following?

Which of the following is NOT a benefit of the electronic transfer of payroll funds?

Explain why and how duties are segregated in the payroll process

There are a number of ways that frauds may be carried out to try to receive excess compensation.Which of the following is not one of those methods?

The purpose of segregating the duties of hiring personnel and distributing payroll checks is to separate the:

Routine business transactions would include which of the following?

Which of the following is not an independent check within payroll processes?

Which of the following is false with regard to fixed asset processes

The three phases of fixed assets processes, that span the entire useful life of the assets, include all of the following, except: