Which of the following statements is false?
A) The payroll cycle consists of one class of transactions.
B) Balance sheet accounts related to payroll are generally more significant than related transactions.
C) Internal controls over payroll are effective for most companies.
D) Small companies usually have effective controls over payroll.

Question

Quizplus · Accepted Answer

Balance sheet accounts related to payroll, such as accrued liabilities, are generally less significant than the payroll transactions themselves, which involve regular payments and are subject to more frequent errors and fraud risks.

Which of the Following Statements Is False