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Introduction to Auditing and Internal Control > Payroll cycle > Flashcards

Payroll cycle Flashcards

1
Q

What are the 2 most significant accounts in the payroll cycle?

A

Salaries and wages
Short-term liabilities

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2
Q

What is an inherent risk in the payroll cycle?

A

Payroll is a major expense

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Introduction to Auditing and Internal Control (10 decks)

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