Effective control over the cash payroll function would mandate which of the following?a. The payroll clerk should fill the envelopes with cash and a computation of the net wages.b. Unclaimed payroll envelopes should be retained by the paymaster.c. Each employee should be asked to sign a receipt.d. A separate checking account for payroll should be maintained.
Effective control over the cash payroll function would mandate which of the following?a. The payroll clerk should fill the envelopes with cash and a computation of the net wages.b. Unclaimed payroll envelopes should be retained by the paymaster.c. Each employee should be asked to sign a receipt.d. A separate checking account for payroll should be maintained.
Chapter8: Fraud, Internal Controls, And Cash
Section: Chapter Questions
Problem 7MC: There are three employees in the accounting department: payroll clerk, accounts payable clerk, and...
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Effective control over the cash payroll function would mandate which of the following?
a. The payroll clerk should fill the envelopes with cash and a computation of the net wages.
b. Unclaimed payroll envelopes should be retained by the paymaster.
c. Each employee should be asked to sign a receipt.
d. A separate checking account for payroll should be maintained.
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