Which of the Following Internal Controls Wold Help Prevent Overpayment

question 46

Multiple Choice

Which of the following internal controls wold help prevent overpayment to a vendor or duplicate payment to a vendor?

• A)Review and cancellation of supporting documents after issuing payment
• B)Requiring the check signer to mail the payment to the vendor
• C)Review of the accounts where the expenditure transaction has been recorded
• D)Approving the purchase before the goods are ordered from the vendor

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Definitions:

Income Tax Withholdings

The portion of an employee's income that is withheld by the employer and paid directly to the government as a prepayment of income tax.

Income Tax Regulation

Legal guidelines and rules governing how income taxes are calculated, collected, and enforced by authorities.

Reg.§1.162-1

A reference to a section of the U.S. Tax Code outlining the deduction of ordinary and necessary business expenses.

Form 1040EZ

A simplified U.S. tax form for individuals with straightforward tax situations, specifically designed for single and joint filers with no dependents (Note: As of the latest updates, the IRS has phased out Form 1040EZ).