Exam 9: Expenditures Processes and Controlspurchases

This document, prepared by the purchasing department, for use by the receiving department, is copy of the purchase order that eliminates all data about the price and quantity of the items ordered.

The expenditure and return process is similar to the _______ process, except that goods and cash flow in the opposite direction.

This document, prepared by the vendor, is intended to show the quantities and descriptions of items included in the shipment.

This document, prepared by the vendor, provides details of the items included in the delivery and is normally signed by the receiving clerk as verification of receipt.

A manager suspects that certain employees are ordering merchandise for themselves over the Internet without recording the purchase or receipt of the merchandise.When vendors' invoices arrive, one of the employees approves the invoices for payment.After the invoices are paid, the employee destroys the invoices and related vouchers.To trace whether this is actually happening, it would be best to begin tracing from the:

A chronological listing of all payments is referred to as a(n):

The internal control process that requires that the bank reconciliation be performed monthly, will help to minimize the risk of:

Within the purchases processes, which of the following is the first document prepared and thereby the one that triggers the remaining purchasing processes?

The internal control process that requires vendor statements to be reviewed monthly and reconciled with accounts payable records, will help to minimize the risk of:

The internal control process of requiring physical controls in the warehouse and receiving areas, in order to limit access to inventory items, will help to minimize the risk of:

The security of assets and documents related to cash disbursements would include all of the following, except:

Which of the following controls is not normally performed in the accounts payable department?