Listed below are the major functions of the purchasing process.1) Purchasing function.2) General ledger function.3) Invoice-processing function.4) Disbursement function.5) Accounts payable function.6) Requisition and receiving function.Name four pairs of functions that should be segregated from each other and explain why the segregation is important.
What will be an ideal response?
1 should be separated from 6 - An individual who performs both of these duties can easily make fictitious purchases and steal cash.
2 should be separate from 5 - The segregation of these duties makes it difficult to cover up defalcation of the company's records.
3 should be separated from 5 - This segregation prevents an individual from overpaying for goods received and stealing cash.
4 should be separated from 5 - Unauthorized transactions can be made by an individual with control over both of these functions. This can lead to unauthorized checks being written and the individual stealing cash.
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Define what is meant by consumer penalties and provide reasons why companies would impose them on consumers.
What will be an ideal response?
Which of the following is true with regard to problems faced by international researchers?
A) Translation of questionnaires increases research costs and risks of error. B) Erratic purchasing patterns limit data reliability and validity. C) More often than not, cultural differences enrich research findings. D) Diverse markets always yield conflicting data. E) The primary data obtained by international researchers are almost always error prone.
When can research be justified, even if the financial risk of the decision is small?
a. The research can be done inexpensively b. It will not take very long to complete c. A lot of the information can be obtained from secondary sources d. It will help to clarify the actions to be take or decisions to be made e. all of the above
Over which of the following matters does a provincial government have jurisdiction?
A) the postal system B) the Criminal Code C) health care D) copyright E) customs duties