To Ensure That Goods and Services Acquired Are for Authorized

question 78

Multiple Choice

To ensure that goods and services acquired are for authorized company purposes,and to help acquire only needed items

• A)receiving reports should be independently signed and reconciled to the purchase order.
• B)proper authorization for acquisitions and changes to the master file should take place.
• C)purchase requisitions should be approved and matched to purchase orders.
• D)account allocations of vendor invoices should be carefully checked.

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Definitions:

T-bills Yield

The return on investment for Treasury bills, which are short-term government securities.

Disbursement Float

The time between when a payment is issued by a company and when the funds are actually withdrawn from the company's bank account.

Average Amount

The average amount is the sum of figures divided by the number of figures, used to find the central or typical value in a set of data.

Cheques Clear

The process by which a bank verifies the funds available in the account of the check issuer and transfers the specified amount to the recipient's account.