What type of errors or fraud might happen if (1) the accounts payable ledger is not periodically reconciled to the control account in the general ledger and (2) suppliers' invoices are not compared to purchase orders or to receiving reports before payment?

What will be an ideal response?


(1) errors in A/P processing would go undetected, overstated payments produce debit balances in A/P.
(2) payment at higher than anticipated prices, payment for goods not received.

PTS: 1

Computer Science & Information Technology

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