Which of the Following Controls Should Prevent an Invoice for the Purchase

question 87

Multiple Choice

Which of the following controls should prevent an invoice for the purchase of merchandise from being paid twice?

• A)The check signer accounts for the numerical sequence of receiving reports used in support of each payment.
• B)An individual independent of cash operations prepares a bank reconciliation.
• C)The check signer reviews and cancels the voucher packets.
• D)Two check signers are required for all checks over a specified amount.

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Definitions:

Responsibility Accounting System

An accounting system that collects, summarizes, and reports financial information related to the responsibilities of individual managers.

Rent Expense

The cost incurred from leasing a property or equipment for business operations, recognized on the income statement.

Square Feet

A measurement of area commonly used in the United States to quantify the size of a space, such as real estate or floor plans.

Profit Center

A division or segment of a company that is responsible for generating its own revenue and profit, distinct from cost centers.