Which of the Following Controls Help to Ensure That the Receipt

question 10

Multiple Choice

Which of the following controls help to ensure that the receipt of raw materials for inventory is recorded in the correct period?

• A)Vendor details are automatically retrieved from the vendor master file.
• B)Receiving staff write down the date goods are received on the bill of lading.
• C)Accounting staff record the date that goods are received in the accounting systems.
• D)The transaction date entered must be the same as the system date.

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Definitions:

Empirical Rule

A statistical principle that asserts in a normal distribution, almost all data points are contained within three standard deviations from the average.

Tchebysheff's Theorem

Tchebysheff's theorem provides a bound on the probability that a random variable deviates from its mean, regardless of the distribution's shape, for any number of standard deviations.

Stem-And-Leaf Plot

A graphical representation of quantitative data that allows for the shape of the distribution to be easily seen, sorting data into "stems" and "leaves."

Interquartile Range

The difference between the 75th and 25th percentiles of a data set, representing the middle 50% of values.