Homework Help is Here – Start Your Trial Now!
Business
Accounting
c. Failure to Record Payroll Companies having difficulty meeting profit targets or not-for- profit entities having difficulty managing costs and expenses might fail to record a payroll. The omission of payroll can be difficult to hide unless a similar amount of revenues or receipts has been omitted. Analytical procedures can be performed to test the reasonableness of payroll cost.

c. Failure to Record Payroll Companies having difficulty meeting profit targets or not-for- profit entities having difficulty managing costs and expenses might fail to record a payroll. The omission of payroll can be difficult to hide unless a similar amount of revenues or receipts has been omitted. Analytical procedures can be performed to test the reasonableness of payroll cost.

College Accounting (Book Only): A Career Approach
College Accounting (Book Only): A Career Approach
12th Edition
ISBN:9781305084087
Author:Cathy J. Scott
Publisher:Cathy J. Scott
Chapter3: The General Journal And The General Ledger
Section: Chapter Questions
Problem 7E: Determine the effect of the following errors on a companys total revenue, total expenses, and net...
See similar textbooks
icon
Related questions
Question

EXPLAIN IT SIMPLE AND BRIEFLY. YOU CAN ALSO INCLUDE EXAMPLES.

c. Failure to Record Payroll Companies having difficulty meeting profit targets or not-for- profit entities having difficulty managing costs and expenses might fail to record a payroll. The omission of payroll can be difficult to hide unless a similar amount of revenues or receipts has been omitted. Analytical procedures can be performed to test the reasonableness of payroll cost.
Transcribed Image Text:c. Failure to Record Payroll Companies having difficulty meeting profit targets or not-for- profit entities having difficulty managing costs and expenses might fail to record a payroll. The omission of payroll can be difficult to hide unless a similar amount of revenues or receipts has been omitted. Analytical procedures can be performed to test the reasonableness of payroll cost.
Expert Solution
steps

Step by step

Solved in 2 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Financial Information
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
College Accounting (Book Only): A Career Approach
College Accounting (Book Only): A Career Approach
Accounting
ISBN:
9781305084087
Author:
Cathy J. Scott
Publisher:
Cengage Learning
College Accounting (Book Only): A Career Approach
College Accounting (Book Only): A Career Approach
Accounting
ISBN:
9781337280570
Author:
Scott, Cathy J.
Publisher:
South-Western College Pub
Auditing: A Risk Based-Approach (MindTap Course L…
Auditing: A Risk Based-Approach (MindTap Course L…
Accounting
ISBN:
9781337619455
Author:
Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg
Publisher:
Cengage Learning
Principles of Accounting Volume 1
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
Financial Reporting, Financial Statement Analysis…
Financial Reporting, Financial Statement Analysis…
Finance
ISBN:
9781285190907
Author:
James M. Wahlen, Stephen P. Baginski, Mark Bradshaw
Publisher:
Cengage Learning
Cornerstones of Financial Accounting
Cornerstones of Financial Accounting
Accounting
ISBN:
9781337690881
Author:
Jay Rich, Jeff Jones
Publisher:
Cengage Learning
SEE MORE TEXTBOOKS