The Following Set of Items Describes Activities Completed by a Company

question 71

Multiple Choice

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

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Definitions:

Revoke Acceptance

The act of legally rejecting a previously accepted offer or product due to defects or contract breaches.

Partial Acceptances

In business and contract law, the agreeing to or approval of a portion of a proposal or offer, rather than the whole.

Nonconforming

Items or actions that fail to meet specified standards, regulations, or expected norms.

Impracticable

Not feasible or possible to implement or carry out under the current circumstances or conditions.