Which of the following questions would most likely be included in an internal control questionnaire concerning the completeness assertion for purchases?
A. Is an authorized purchase order required before the receiving department can accept a
shipment or the vouchers payable department can record a voucher?
B. Are purchase requisitions prenumbered and independently matched with vendor invoices?
C. Is the unpaid voucher file periodically reconciled with inventory records by an employee
who does not have access to purchase requisitions?
D. Are purchase orders, receiving reports, and vouchers prenumbered and periodically accounted for?
D. Are purchase orders, receiving reports, and vouchers prenumbered and periodically accounted for?
You might also like to view...
Which category includes only debt securities?
a. Held-to-maturity securities b. Available-for-sale securities c. Marketable equity securities d. Trading securities
Riverton Corp., which began business at the start of the current year, had the following data:Planned and actual production: 40,000 unitsSales: 37,000 units at $15 per unitProduction costs:Variable: $4 per unitFixed: $260,000Selling and administrative costs:Variable: $1 per unitFixed: $32,000The contribution margin that the company would disclose on a variable-costing income statement is:
A. $370,000. B. $166,500. C. $147,000. D. $97,500. E. None of the answers is correct.
In Baxter v. Ford Motor, where Baxter lost an eye from a broken windshield, Ford's ads about the quality of the windshield were held to create an implied warranty of safety because Ford misrepresented the quality and safety of the product
a. True b. False Indicate whether the statement is true or false
Marcia decides to offer one of her subordinates, Pierre, his pick of tasks on a new project in exchange for his vocal support of it at an upcoming meeting. In this case, Marcia is
A. bootlegging. B. making cheerleaders. C. getting the blessing. D. clearing the investment. E. horse trading.