Answer the following statements true (T) or false (F)
1. For effective internal control over accounts payable, the purchasing department should approve invoices for payment.
2. Accounts payable generally present the auditors with difficult valuation problems.
3. The confirmation of existing accounts payable does not prove the completeness of recorded accounts payable.
1. FALSE
2. FALSE
3. TRUE
You might also like to view...
A seller who places goods at the disposal of a buyer has tendered delivery but cannot yet demand payment.
Answer the following statement true (T) or false (F)
On January 1, 2012, Action Inc issued $1,000,000 of 10% bonds at face value. These bonds are due in 10 years with interest payable semi-annually on June 30 and December 31. What is the amount of interest paid in 2012?
A) $ 10,000 B) $100,000 C) $ 25,000 D) $ 50,000
Explain how heightened focus on cooperation affects communication
What level of culpability does CERCLA require before authorizing an award of punitive damages against a polluter?
a. Intentional violation of the law b. Recklessness c. Negligence d. It is only required that the defendant be the responsible party in regard to the pollution with the defendant's mental state being irrelevant.