An Internal Control Questionnaire Indicates That an Approved Receiving Report

question 27

Multiple Choice

An internal control questionnaire indicates that an approved receiving report is required to accompany every check request for payment of merchandise.Which of the following procedures provides the greatest assurance that this control is operating effectively?

• A)Select and examine receiving reports and ascertain that the related canceled checks are dated no earlier than the receiving reports.
• B)Select and examine receiving reports and ascertain that the related canceled checks are dated no later than the receiving reports.
• C)Select and examine canceled checks and ascertain that the related receiving reports are dated no earlier than the checks.
• D)Select and examine canceled checks and ascertain that the related receiving reports are dated no later than the checks.

Identify the remedies available for misrepresentation and fraud in contracts.

Grasp the primary distinctions between actions based on innocent misrepresentation and common law fraud.

Understand materiality in misrepresentation cases and its significance in inducing contract formation.

Learn about specific defenses that can void a contract due to issues like fraud in the execution, duress, or economic changes.

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Definitions:

Mood Changes

Variations in one's emotional state, which can be influenced by various factors including stress, hormonal shifts, and mental health conditions.

Cessation

The action of bringing or coming to an end; a halt.

Teen Birthrate

Teen birthrate refers to the number of live births per 1,000 females within the age group of 15-19 years in a given population.

Ethnic Group

A community or population made up of people who share a common cultural background, ancestry, history, language, or social experiences.