Which of the following is an example of an application control for the purchases and payments business process?
A. The purchase order number is automatically assigned.
B. The employee who receives supplier goods must not be the same employee who ordered the goods.
C. Management approval is required for large purchases.
D. Defective items should be returned to suppliers promptly.
Answer: A
You might also like to view...
Under an activist rule,
A. the growth rate of money supply is greater than the inflation rate. B. monetary policy is allowed to change over the course of the business cycle. C. the growth rate of money supply is lower than the inflation rate. D. monetary policy is not changed over the course of the business cycle.
Small retailers would generally find that it is less costly to use _____ in conducting retail audits than _____
a. company audit specialists; outside auditors b. company audit specialists; company department managers c. company audit specialists; independent consultants d. outside auditors; company audit specialists
Chase Company has 10 employees, who earn a total of $2800 in salaries each working day. They are paid on Monday for the five-day workweek ending on the previous Friday. Assume that year ended on December 31 which is a Wednesday and all employees will be paid salaries for five full days on the following Monday. The adjusting entry needed on December 31 is:
A. Debit Salaries Payable, $8400; credit Salaries Expense, $8400. B. Debit Salaries Expense, $8400; credit Cash, $8400. C. Debit Salaries Expense, $5600; credit Salaries Payable, $5600. D. Debit Salaries Expense, $8400; credit Salaries Payable, $8400. E. Debit Salaries Expense, $14,000; credit Salaries Payable, $14,000.
Which of the following does not describe the libertarian social ethics theory?
A) Libertarians stress market outcomes as the basis for distributing society's rewards. B) Libertarians encourage social control over all people in order to design an equitable society. C) Libertarians believe it is an injustice for society to take wealth earned by some citizens and distribute it to those who did not directly earn it. D) The fact that some people end up with fortunes while others are poor proves only that some can play in the market effectively while others cannot.