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  • Unit 6 Activity Worksheet Payroll and Fixed Asset Cycles I. - A. - 1. - C. - 6

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    jillian
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    The document is an activity worksheet that discusses payroll and fixed asset cycles. It includes a scenario where a foreman at a building supply company continued to submit time cards for an employee, Adam Smith, who left for California without notice. The foreman forged Adam's signature to cash his paychecks. To prevent or detect this, controls could include requiring supervisor approval of all time cards or implementing separation of duties so the same person does not submit time cards and distribute paychecks.

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    UNIT 6 ACTIVITY WORKSHEET

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    The document is an activity worksheet that discusses payroll and fixed asset cycles. It includes a scenario where a foreman at a building supply company continued to submit time cards for an employee, Adam Smith, who left for California without notice. The foreman forged Adam's signature to cash his paychecks. To prevent or detect this, controls could include requiring supervisor approval of all time cards or implementing separation of duties so the same person does not submit time cards and distribute paychecks.

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    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
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    15 views1 page

    Unit 6 Activity Worksheet Payroll and Fixed Asset Cycles I. - A. - 1. - C. - 6

    Uploaded by

    jillian
    The document is an activity worksheet that discusses payroll and fixed asset cycles. It includes a scenario where a foreman at a building supply company continued to submit time cards for an employee, Adam Smith, who left for California without notice. The foreman forged Adam's signature to cash his paychecks. To prevent or detect this, controls could include requiring supervisor approval of all time cards or implementing separation of duties so the same person does not submit time cards and distribute paychecks.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    of 1

    UNIT 6 ACTIVITY WORKSHEET

    Payroll and Fixed Asset Cycles

    I.

    ____A.____1. ___C._____6.

    ____D.____2. ___C._____7.

    ____A.____3. ___A._____8.

    ____C.____4. ___B._____9.

    ____C.____5. ___C._____10.

    II.

    Adam Smith worked in the stockyard of a large building supply company. One day he unexpectedly and
    without notice left for California never to return. His foreman seized the opportunity to continue to
    submit time cards for Adam to the payroll department. Each week, as part of his normal duties, the
    foreman received the employee paychecks from payroll and distributed them to the workers on his shift.
    Since Adam Smith was not present to collect his paycheck, the foreman forged Adam’s name and cashed
    it.

    Required:

    Describe two control techniques to prevent or detect this fraud scheme.

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