Payroll expenses take major part of the company’s earnings and hence these are one the major expenses for an organization. There are chances of misstatements in payroll accounting due to high human involvement. The auditor plans separately for the audit of payroll transactions. To choose: The purpose of segregation of duties of hiring personnel and distributing payroll checks.

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Answer 1

Question

Chapter 12, Problem 12.18MCQ

To determine

Concept Introduction:

Payroll expenses take major part of the company’s earnings and hence these are one the major expenses for an organization. There are chances of misstatements in payroll accounting due to high human involvement. The auditor plans separately for the audit of payroll transactions.

To choose: The purpose of segregation of duties of hiring personnel and distributing payroll checks.

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Answer 2

Question

Chapter 12, Problem 12.18MCQ

To determine

Concept Introduction:

Payroll expenses take major part of the company’s earnings and hence these are one the major expenses for an organization. There are chances of misstatements in payroll accounting due to high human involvement. The auditor plans separately for the audit of payroll transactions.

To choose: The purpose of segregation of duties of hiring personnel and distributing payroll checks.

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Check out a sample textbook solution

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Answer 3

Question

Chapter 12, Problem 12.18MCQ

To determine

Concept Introduction:

Payroll expenses take major part of the company’s earnings and hence these are one the major expenses for an organization. There are chances of misstatements in payroll accounting due to high human involvement. The auditor plans separately for the audit of payroll transactions.

To choose: The purpose of segregation of duties of hiring personnel and distributing payroll checks.

Expert Solution & Answer

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Check out a sample textbook solution

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Answer 4

Question

Chapter 12, Problem 12.18MCQ

To determine

Concept Introduction:

Payroll expenses take major part of the company’s earnings and hence these are one the major expenses for an organization. There are chances of misstatements in payroll accounting due to high human involvement. The auditor plans separately for the audit of payroll transactions.

To choose: The purpose of segregation of duties of hiring personnel and distributing payroll checks.

Expert Solution & Answer

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Answer 5

Chapter 12, Problem 12.18MCQ

To determine

Concept Introduction:

Payroll expenses take major part of the company’s earnings and hence these are one the major expenses for an organization. There are chances of misstatements in payroll accounting due to high human involvement. The auditor plans separately for the audit of payroll transactions.

To choose: The purpose of segregation of duties of hiring personnel and distributing payroll checks.

Answer 6

Chapter 12, Problem 12.18MCQ

To determine

Concept Introduction:

Payroll expenses take major part of the company’s earnings and hence these are one the major expenses for an organization. There are chances of misstatements in payroll accounting due to high human involvement. The auditor plans separately for the audit of payroll transactions.

To choose: The purpose of segregation of duties of hiring personnel and distributing payroll checks.

Answer 7

Chapter 12, Problem 12.18MCQ

To determine

Concept Introduction:

Payroll expenses take major part of the company’s earnings and hence these are one the major expenses for an organization. There are chances of misstatements in payroll accounting due to high human involvement. The auditor plans separately for the audit of payroll transactions.

To choose: The purpose of segregation of duties of hiring personnel and distributing payroll checks.

Answer 8

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Answer 9

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Answer 10

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Answer 11

Ch. 12 - Prob. 12.1RQ Ch. 12 - Prob. 12.2RQ Ch. 12 - Prob. 12.3RQ Ch. 12 - Prob. 12.4RQ Ch. 12 - Prob. 12.5RQ Ch. 12 - Prob. 12.6RQ Ch. 12 - Prob. 12.7RQ Ch. 12 - Prob. 12.8RQ Ch. 12 - Prob. 12.9RQ Ch. 12 - Prob. 12.10RQ

Solution Summary: The author explains the purpose of segregation of duties of hiring personnel and distributing payroll checks is to separate the operational responsibility from the record keeping responsibility.

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Chapter 12 Solutions