For Good Internal Control of Purchases,businesses Should Do All of the Following

question 72

Multiple Choice

For good internal control of purchases,businesses should do all of the following

• A) Computations on the invoice should be checked for accuracy.
• B) Another person should write the check for payment of the invoice.
• C) Goods should be carefully checked when received.
• D) Ensure that the same person is involved in the process of buying,receiving and paying for the goods.

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Definitions:

Not-for-Profit

An organization that operates for purposes other than generating profit, focusing instead on serving a public or mutual benefit.

Five-step Progression

A sequential approach or methodology, often applied to processes requiring stages of development or evaluation.

Health Care Entity

An organization involved in the provision of medical, surgical, dental, or other health services.

Acquirer's Accounting

The accounting method used by an acquiring company to record the assets, liabilities, and non-controlling interests of an acquired company.