The Internal Control Process That Requires the Approval of the Purchase

question 68

Multiple Choice

The internal control process that requires the approval of the purchase return transaction take place before the preparation of the debit memo, will help to minimize the risk of:

• A)Fictitious returns
• B)Omitted returns
• C)Invalid returns
• D)Wrong vendor

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Definitions:

Bystander Effect

A social psychological phenomenon where people are less likely to offer help to a victim when other people are present.

Social Trap

A situation where individuals or groups are unable to cooperate, resulting in negative outcomes for all involved due to conflicting interests.

Collective Bad

A situation or outcome that is detrimental to the well-being or interests of a group as a whole, often arising from individual actions that do not consider the collective good.

Individual Good

Benefits or positive outcomes focused on the well-being or interests of a single person.