Multiple Choice
Internal control over accounts payable is strengthened when a monthly reconciliation of the vendors' statements with recorded liabilities and the accounts payable master file with the general ledger is performed by:
A) the auditor.
B) the purchasing agent.
C) an independent person.
D) any of the above.
Correct Answer:
Verified
Correct Answer:
Verified
Q58: Examining inventory descriptions on tags and comparing
Q59: What is the overall objective in the
Q60: A major difficulty in the verification of
Q61: The use of statistical sampling is less
Q62: Identify the analytical procedures for the payroll
Q64: State the primary determinants of the amount
Q65: How is the payroll and personnel cycle
Q66: When perpetual inventory master files are accurate,
Q67: The accounts payable department usually has responsibility
Q68: In determining that the accounts payable cutoff