Multiple Choice
The internal control process that requires the segregation of the authorization of purchase returns and the accounts payable record keeping and the custody of inventory, will help to minimize the risk of:
A) Incorrect amounts
B) Fictitious returns
C) Timing issues
D) Duplicate returns
Correct Answer:
Verified
Correct Answer:
Verified
Q58: The internal control process of having the
Q59: There are four primary functions of corporate
Q60: There are different ways to issue a
Q61: The matching of a purchase order to
Q62: Within accounts payable, to ensure that each
Q64: Internal controls related to the purchase returns
Q65: The information from a purchase must flow
Q66: Within the cash disbursement process, specific steps
Q67: This control requires the approval and signature
Q68: The internal control process that requires the