An internal control questionnaire for purchases and accounts payable could include the following questions. Match the question to the appropriate control objective and place the identifying letter in the space provided.

____ 1. Are receiving reports pre-numbered and accounted for?
____ 2. Are all purchases orders supported by properly approved purchase
requisitions?
____ 3. Are vendors' invoices listed immediately upon receipt?
____ 4. Are vendors' invoices matched against purchase orders and receiving
reports before a liability is recorded?
____ 5. Is the purchasing department independent of the accounting, receiving,
and shipping departments?
____ 6. Are vendors' invoices checked against purchase orders and receiving
reports for quantities, prices, and terms?
____ 7. Does the accounting procedures manual require that transactions be
recorded on the date that goods and services are received?
____ 8. Are all goods returned to vendors supported by properly approved
shipping documents?
____ 9. Is the chart of accounts adequate?
____ 10. Are vouchers and attached documents cancelled after being recorded?

A: Environment
B: Validity
C: Completeness
D: Authorization
E. Accuracy
F. Classification
G: Proper period


1. C Completeness
2. D Authorization
3. C Completeness
4. B Validity
5. A Environment
6. E Accuracy
7. G Proper period
8. D Authorization
9. F Classification
10. B Validity

Business

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