Answer the following statements true (T) or false (F)

1) Before signing a check, the controller or the treasurer should examine the purchase order, the invoice, and the receiving report to determine that the company received the goods and that the company is paying only for the goods received.
2) A receiving report should be matched with the supplier invoice before a payment to the supplier is approved.
3) For good internal control over cash payments, the company officer approving a payment voucher should be the same as the person who ordered the goods. This ensures that the correct amount of cash is paid.
4) For good internal control, the purchasing agent should neither receive the goods nor approve the payment.
5) For good controls over cash payments, the person who orders goods from a supplier should always be different from the person who approves the payment.


1. TRUE
2. TRUE
3. FALSE
4. TRUE
5. TRUE

Business

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