FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Pls further explain the diagram above and identify types of errors that may cause a payroll record to be placed in the error file.
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- Provide an appropriate response based on the following scenarios. Assume that the accounting clerk posts a customer’s payment for the wrong amount, giving the customer credit for less than he or she actually paid. How will this error be detected? How might this error have been prevented? Assume that the employee who opens the mail steals a customer payment. How will this theft be detected? How might this theft have been prevented?arrow_forwardAs a high fraud-risk area, payroll data is used to conduct fraud tests. Which of the following is a fraud test for ghost employees? O Payroll processed for employees before their start dates or after their termination dates Comparison of timecard data to payroll data to identify variances Comparison of wages earned to employee job classification O Cumulative payroll journalarrow_forwardWhich of the following software functions can help protect sales revenue from external and internal threats of theft? a) Reconcile inventory reductions with product issues from kitchen. b) Reconcile product issues from kitchen with guest check totals. c) Create over and short computations by server, shift, and day. d) All of the above e) Only a. and b. abovearrow_forward
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