A Client Recorded a Payable for a Large Purchase Twice

question 6

Multiple Choice

A client recorded a payable for a large purchase twice.Which of the following controls would be most likely to detect this error in a timely and efficient manner?

• A)Footing the purchases journal.
• B)Reconciling vendors' monthly statements with subsidiary payable ledger accounts.
• C)Tracing totals from the purchases journal to the ledger accounts.
• D)Sending written quarterly confirmations to all vendors.

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Definitions:

Contemporary Organizations

Modern entities characterized by their adaptive strategies, innovative approaches, and often a flat or network-based structure.

Minorities

Groups in a society that are smaller in number and often have less power or representation compared to the majority group.

U.S. Population

The total number of people living in the United States, a figure that changes due to birth rates, death rates, and immigration.

Deregulation

The reduction or elimination of government power in a particular industry, usually intended to increase competition and efficiency.