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    Business
  3. Study Set
    Auditing and Assurance Services Study Set 2
  4. Exam
    Exam 18: Audit of the Acquisition and Payment Cycle: Tests of Controls, Substantive Tests of Transactions, and Accounts Payable
  5. Question
    A Key Internal Control Over the Acquisition Cycle Is to Ensure
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A Key Internal Control Over the Acquisition Cycle Is to Ensure

Question 125

Question 125

Multiple Choice

A key internal control over the acquisition cycle is to ensure that the company requires recording transactions as soon as possible after the goods and services have been received. This satisfies the transaction-related audit objective of


A) accuracy.
B) completeness.
C) timing.
D) occurrence.

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