The following set of items describes activities completed by a company in purchasing and paying for merchandise. For each activity, identify whether or not the activity adheres to or violates sound internal control procedures. Although the department supervisor can indicate a preferred supplier or vendor on purchase requisitions, the purchasing department has the responsibility for making the
final decision on a vendor.
a. Adheres to sound internal control procedures
b. Violates sound internal control procedures
c. Neither strengthens nor violates internal control
a
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All necessary amounts needed to prepare the income statement can be taken from the income statement columns of the work sheet, including the net income or net loss.
Answer the following statement true (T) or false (F)
Jane DeRonnee had carpet installed in her home and the carpet is not flat to the floor. In fact, it has so many waves that she and her friends and guests have been tripping over certain areas of her home. She has tried to have the carpeting fixed and
has asked both the carpet retailer and the installer to solve the problem They have both refused. Walk Jane through the correct court system for her case. Explain to her where and how to take her case. Also explain to her what happens if she loses a case along the way.
Which test is done to check for existence of data items in all fields of a record?
A) Self-Checking Digits B) Missing Data C) Templates D) Expected Values
In the examination of property, plant, and equipment, the auditor tries to determine all of the following except the:
A. Adequacy of replacement funds. B. Extent of the control risk. C. Extent of property abandoned during the year. D. Reasonableness of the depreciation.