An Accounts Payable Clerk Also Has Access to the Approved

question 169

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)separation of duties is violated.

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Definitions:

Performance of Services

The execution of tasks or provision of work that delivers value to clients or customers, typically in exchange for payment.

Revenue

The income earned by a company from its business activities, typically from the sale of goods or services.

Net Income

The ultimate profit of a company calculated by removing all operational costs, taxes, and expenses from its gross income.

Financial Accounting Standards

Rules and guidelines developed by authoritative entities to govern how financial statements should be prepared and presented.