Answered: Which of the following controls would…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Choose only one answer as well as state their reasons/rationale for the answer chosen.

1) An employee who is paid a salary of $50,000 submitted a request to deduct $50 per paycheck in voluntary deductions to a pension plan. The next weekly paycheck was for a net amount of $50. The employee was furious. Which of the following controls would be most effective in detecting this problem prior to distributing the paychecks?
a. Financial total
b. Size check
c. Limit check
d. Reasonableness test
e. Record count

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