Which of the following statements about the payroll and personnel cycle is correct?
▸
There are three classes of transactions within
the payroll cycle -
salaried employees,
hourly employees, and commissioned
employees. | Transactions are
more significant
than related
balance sheet
accounts. | Internal controls
over payroll are
effective for almost
all companies, even
small ones. |
| No | No | Yes |
▸
There are three classes of transactions within
the payroll cycle -
salaried employees,
hourly employees, and commissioned
employees. | Transactions are
more significant
than related
balance sheet
accounts. | Internal controls
over payroll are
effective for almost
all companies, even
small ones. |
| Yes | No | Yes |
▸
There are three classes of transactions within
the payroll cycle -
salaried employees,
hourly employees, and commissioned
employees. | Transactions are
more significant
than related
balance sheet
accounts. | Internal controls
over payroll are
effective for almost
all companies, even
small ones. |
| No | Yes | Yes |
▸
There are three classes of transactions within
the payroll cycle -
salaried employees,
hourly employees, and commissioned
employees. | Transactions are
more significant
than related
balance sheet
accounts. | Internal controls
over payroll are
effective for almost
all companies, even
small ones. |
| No | Yes | No |
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