After the Supplier Master File Data Has Been Entered, to Best

question 61

Multiple Choice

After the supplier master file data has been entered, to best improve internal controls the

• A) supplier master file data should be matched to the accounts payable files.
• B) transaction file detail should be matched to the supplier master file.
• C) data entry should be independently verified.
• D) accounting department should file the new supplier authorization form sequentially.

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Definitions:

Gold

A precious metal used as an investment, a currency standard, and jewelry due to its perceived value and physical properties.

Currency

The system of money in general use in a particular country or economic system for buying and selling goods and services.

Current Account

A component of a country's balance of payments that measures the trade balance plus net income and direct payments between countries.

Flows of Funds

The movements of money between sectors of an economy, showing how funds are used and where they come from.