Question

An audit team most likely would assess control risk at the maximum if the payroll department supervisor is responsible for
a. Examining authorization forms for new employees.
b. Comparing payroll registers with original batch transmittal data.
c. Authorizing payroll rate changes for all employees.
d. Hiring all subordinate payroll department employees.

Expert Answer

Want to see the step-by-step answer?

Check out a sample Q&A here.

Want to see this answer and more?

Experts are waiting 24/7 to provide step-by-step solutions in as fast as 30 minutes!*

*Response times may vary by subject and question complexity. Median response time is 34 minutes for paid subscribers and may be longer for promotional offers.
Tagged in
Business
Accounting

Auditing

Related Accounting Q&A

Find answers to questions asked by students like you.

Q: heridan Company issues 4,400 shares of restricted stock to its CFO, Dane Yaping, on January 1, 2020....

A: Journal entries are recording of the transaction in the accounting journal in a chronological order....

Q: Define retained earnings

A: Financial Accounting:   It refers to the process of recording the financial transactions of the busi...

Q: This calculation determines profitability or growth potential of an investment, expressed as a perce...

A: Given: The expression of the growth potential of investment is given and to find out the point at wh...

Q: indicate whether the company has entered into a finance lease oran operating lease. The present valu...

A:    

Q: Sandler Company completed the following two transactions. The annual accounting period endsDecember ...

A: Journal: Recording of a business transactions in a chronological order.

Q: What controls should be implemented to safeguard accounts receivable files?

A: Accounts Receivable means accounts to whom business has made credit sales. 

Q: Jagdeep sold his Indian restaurant “Maya no Dhaba” to Jasleen for the amount of $450,000. On top of ...

A: $50,000 received from jasleen  for not opening a new Indian restaurant in the radius of 10 kms for t...

Q: Payless ShoeSource and Dillard’s both offer men’s formal footwear. Payless offers lower- to middle-p...

A: Inventory turnover ratio = Cost of goods sold / Average inventory Gross profit ratio  = Gross profit...

Q: What is meant by residual income?

A: Financial Accounting:   It refers to the process of recording the financial transactions of the busi...

Q: Hepner Corporation has the following stockholders’ equity accounts:         Preferred stock (8%...

A: Goodwill: It is the intangible asset that adds value to the organisation fame.

Q: On January 1, 2021, Winn Heat Transfer leased office space under a three-year operating lease agreem...

A: The journal entries: In the books of Winn Heat Transfer Journal Entries Date Particulars LF A...

Q: E3-24A. (Learning Objectives 3, 4: Adjust the accounts; construct the financial statements)The adjus...

A: Income statement: The financial statement which reports revenues and expenses from business operatio...

Q: On July 1, Lula Plume created a new self-storage business, Safe Storage Co. The following transactio...

A: As the question has more than 3 sub-parts, the first 3 subparts are answered. If you want the answer...

Q: Hello question is attached, thanks.

A: Definition:  Differential analysis: Differential analysis refers to the analysis of differential re...

Q: After all the ledgers had been drawn up, the following differences and errors were identified. Indic...

A: The following ledgers have been rectified as per the given information.

Q: Explain why ratios that compare an income statement account with a balance sheet account should expr...

A: Click to see the answer

Q: Before paying an invoice for goods received on account, the controller or treasurershould ensure tha...

A: Treasurer or controller:

Q: Additional information: 1) Cheque no.CQ221 is now stale and must be cancelled.   2) The bank has rec...

A: Bank Reconciliation Statement is prepared to know the difference in amounts between the bank pass bo...

Q: Roswell Corporation reported the following data:Dividends.................. $ 5,000Purchase returns....

A: Gross profit percentage = (Gross profit / Sales revenue) x 100 where, Gross profit = Sales revenue -...

Q: During the year, the Senbet Discount Tire Company had gross sales of $538,900. The company's cost of...

A: Net Income = $125,522   Operating cash flow = $ 187,622

Q: Classify the following activities as part of the identifying (I), recording (R), or communicating (C...

A: Click to see the answer

Q: On January 2, 2020, Ayayai Company purchases a call option for $310 on Merchant common stock. The ca...

A: Journal entries are recording of the transaction in the accounting journal in a chronological order....

Q: Chaney acquires 100% of the voting shares of Roberts on January 1, 2010 in a transaction structured ...

A: Contingent Consideration refers to the additional amount payable by the acquirer in addition to the ...

Q: Generally speaking, why would a company that changes its strategic goals need to change itsperforman...

A: Given: The change of strategic goals of a company makes a need for change in the performance system ...

Q: A woman making $2000 per month has her salary reduced by 10% because of sluggish sales. One year lat...

A: Salaries and wages payable: Salaries and wages payable is a payment made to an employee for complet...

Q: “The principal purpose of the cash budget is to see how much cash the company will have in thebank a...

A: Given statement is: The principal purpose of the cash budget is to see how much cash the company wil...

Q: As an auditor for Bernard and Thomas, you are responsible for determining the proper classification ...

A: Accounting:   Accounting is a system, or a process of collecting and organizing economic transaction...

Q: Classify the accounts as either an asset (A), liability (L), or equity (EQ) account. Rent Payable

A: Click to see the answer

Q: Alexander Company purchased a piece of equipment for $12,000 and depreciated it for three years over...

A: Annual Depreciation  = (Cost of the assets - Residual value) / Expected life of the assets

Q: Typically accounting tasks include all off the following tasks except

A: Accounting: Accounting is a system, or a process of collecting and organizing economic transactions,...

Q: Stanley-Morgan Industries adopted a defined benefit pension plan on April 12, 2021. The provisions o...

A: Calculation of Net pension asset or net pension liability:

Q: When using the NPV method for a particular investsment decision, if the present value of all cash in...

A: NPV stands for Net present value. It is a method used to evaluate the feasibility of the project. Th...

Q: Financial Statements Jose Loder established Bronco Consulting on August 1, 2019. The effect of each ...

A: Bronco consulting     Income statement      For the Month ended August 31,2019             $...

Q: Which of the following pairs of selection methods could appropriately be used in statisticalsampling...

A: Answer: Option d

Q: Parramore Corp has $12 million of sales, $3 million of inventories,$3.25 million of receivables, and...

A: Cash conversion cycle: It can be defined as the financial measure that is used by the business in de...

Q: B. Harper is surfing the Internet and finds a great pair of rollerblades at a really low price, buth...

A: Given case is: Harper is surfing the Internet and finds a great pair of rollerblades at a really low...

Q: On December 21, 2020, Vaughn Company provided you with the following information regarding its equit...

A: Journal: Recording of a business transactions in a chronological order.  

Q: In 2013, Macy’s reported cost of goods sold of $16.5 billion, ending inventory for 2013 of$5.3 billi...

A: cost of shrinkage = ending inventory for 2013 had there been no shrinkage - actual ending inventory ...

Q: The cost of equity is ________. Group of answer choices A. the interest associated with debt B. t...

A: Cost of equity: Cost of equity is the percentage amount of dividend and growth to the paid to the sh...

Q: Define current liability

A: Liability:   A liability is the money owed by the business towards outside entities. Liabilities exi...

Q: Define account format

A: Account format consists of three parts, account title or account name, left hand side for debit entr...

Q: record an adjusting entry (if necessary). Lonzo Co. receives $3,000 cash in advance for six months o...

A: Given information is: Lonzo Co. receives $3,000 cash in advance for six months of sustainable recycl...

Q: The income statements for Anything Tennis for the years ending December 31, 2021 and 2020, are provi...

A: Given below are the income statements variance:

Q: indicate whether the statement describes a multiple-step income statement or asingle-step income sta...

A: Multiple step income statement: Multiple step Income statement, as the name suggests, is an income s...

Q: Allied Merchandisers was organized on May 1. Macy Co. is a major customer (buyer) of Allied (seller)...

A: Perpetual Inventory System: Perpetual Inventory System refers to the inventory system that maintains...

Q: Apples & Oranges Inc. is trying to become more efficient in shipping goods. It is experimenting with...

A: Strategic Initiatives: Strategic initiatives refer to the process implemented by the organization to...

Q: Rose Company has a relevant range of production between 10,000 and 25,000 units. The following cost ...

A: Variable cost per unit $ 50 

Q: What data flows from the statement of retained earnings to the balance sheet?a. Net incomeb. Cashc. ...

A: Retained earnings: Retained earnings are the portion of earnings kept by the business for the purpos...

Q: 1.Taryn sold a sculpture for $6,000 on 1 January 2020, she bought it in $1,500 on December 1994. Giv...

A: Introduction: s per Income Tax Act ,1977 – Australia, Capital Gain Tax (CGT) will be applicable on C...

Q: Explain how LIFO generally results in lower income taxes payable when inventory costs are increasing...

A: LIFO is the Last in First Out inventory method in which inventory purchased at the last will be sold...