The Internal Control Process That Requires the Approval of the Purchase

question 68

Multiple Choice

The internal control process that requires the approval of the purchase return transaction take place before the preparation of the debit memo, will help to minimize the risk of:

• A)Fictitious returns
• B)Omitted returns
• C)Invalid returns
• D)Wrong vendor

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Definitions:

Withdrawal Of Labor

The act of removing oneself from the labor force or stopping the supply of labor, often in the form of strikes or quitting a job.

Strike

The organized withdrawal of labor from a firm by a union.

Minimum-wage Laws

Legislation that sets the lowest hourly wage rate that an employer can legally pay its workers, aiming to ensure a minimum standard of living.

Workers

Individuals engaged in a physical or mental activity aimed at producing goods or providing services in exchange for wages.