Lorinzer Denning-ACC403-Wk10

Lorinzer - ACC403 Wk 10 10­31 a b c d 3 3 4 4 10­32 a 3 b 2 c 4 10­33 a b c d 3 4 4 2 10­34 1 a Adequate segregation of duties and proper

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ACC403 Wk: 10 10-31 a. 3 b. 3 c. 4 d. 4 10-32 a. 3 b. 2 c. 4 10-33 a. 3 b. 4 c. 4 d. 2 10-34 1. a. Adequate segregation of duties and proper authorization of transactions and  activities. b. Recorded transactions exist. c. An unauthorized or invalid time card turned in by an existing employee.  The time  card may b for an employee who formerly worked for the company or one who is  temporarily laid off. d. An employee could be claiming too many hours by having a friend punch him or  her in early, or by making manual changes on time cards. e. Check to see that all employees that are punched in one day are physically present. 2. a. Adequate documents and records. b. Existing transactions are recorded. c. A missing time card number never could be identified before preparation of  payroll starts. d. An employee would not be paid for a time period.  (The employee is almost  certain to bring this to management’s attention.)  The primary benefit of the  control would be to prevent misstatements for a short period of time and to 
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ACC403 Wk: 10 prevent employee dissatisfaction from failure to pay them.   e. Obtain a list of company employees and make sure that each one has received a  paycheck for the time period in question. 3.   a. Proper authorization of transactions and activities. b. Recorded transactions exist. c. A paycheck cannot be processed for an invalid employee number. d.
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This note was uploaded on 07/13/2008 for the course ACCT 403/410 taught by Professor N/a during the Spring '08 term at Strayer.

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Lorinzer - ACC403 Wk 10 10­31 a b c d 3 3 4 4 10­32 a 3 b 2 c 4 10­33 a b c d 3 4 4 2 10­34 1 a Adequate segregation of duties and proper

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