To minimize the opportunities for fraud,unclaimed cash payroll should be:
A)Deposited in a safe deposit box.
B)Held by the payroll custodian.
C)Deposited in a special bank account.
D)Held by the controller.

Question

Quizplus · Accepted Answer

Depositing unclaimed cash payroll in a special bank account ensures that it is separated from other company funds and can be tracked easily. This also reduces the risk of fraud and theft as only authorized personnel can access the account. Holding it with the payroll custodian or the controller can create opportunities for fraud as they may have access to other company funds and can potentially mix them with the unclaimed payroll. Similarly, depositing it in a safe deposit box may not be practical as it may not be easily accessible and could pose security concerns.

To Minimize the Opportunities for Fraud,unclaimed Cash Payroll Should Be