The main feature of custody in the payroll cycle is the possession of the payroll checks.
Correct Answer:
Verified
Q8: Purchases are ordered by a purchasing department
Q10: Purchase orders are "open" from the time
Q11: Normally,liabilities should be recorded on the date
Q12: The principal goal of the physical inspection
Q14: Auditors' "search for unrecorded liabilities" should emphasize
Q15: Record keeping is performed by payroll and
Q16: If personnel in the organization are not
Q17: The basic acquisition and expenditure activities are
Q18: The payroll bank account cannot be reconciled
Q34: When confirming accounts payable,emphasis should be put
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