One Form of Accounts Payable Fraud Occurs When the Accounts

question 60

Multiple Choice

One form of accounts payable fraud occurs when the accounts payable clerk or another employee steals a cheque made payable to a legitimate vendor.The purchaser's information is then resubmitted for payment and the second cheque sent to the vendor.How could such a theft be prevented?

• A)Cancel supporting documents to prevent their being re-used.
• B)Make sure that all payments are supported by valid documents.
• C)Reconcile the transaction files to the accounts payable master file.
• D)Have receiving reports authorized independently.

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Definitions:

Determined to Achieve

A strong will or resolve to reach specific goals or outcomes, often in the face of challenges.

Calm and Composed

A state of being relaxed and in control of one's emotions, often in stressful situations.

Type A Behaviors

Personality traits characterized by high levels of competitiveness, self-imposed stress, impatience, and aggression, often associated with a higher risk of heart disease.

Mindfulness Meditation

A practice of focusing one's attention on the present moment, often as a way to reduce stress and enhance well-being.