An Accounts Payable Clerk Also Has Access to the Approved

question 105

Multiple Choice

An accounts payable clerk also has access to the approved supplier master file for purchases. The control principle of

• A) establishment of responsibility is violated.
• B) independent internal verification is violated.
• C) documentation procedures is violated.
• D) segregation of duties is violated.

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Definitions:

Quoted Price

The most current price at which an asset or service can be bought or sold in a marketplace.

Cash

Cash refers to money in physical form, such as banknotes and coins, that is available for immediate use.

Effective Interest Rate

The true interest rate when compounding interest is taken into account, differing from nominal rate.

Contract Interest Rate

The rate of interest stipulated within a financial contract, often determining the amount of interest a borrower must pay on a loan.