When Reviewing the Controls and Procedures in the Acquisition and Payment

question 120

Multiple Choice

When reviewing the controls and procedures in the acquisition and payment cycle,

• A) companies cannot record the liability for the acquisition until the invoice is received from the vendor.
• B) the purchasing department has the responsibility for verifying for appropriateness of the acquisition.
• C) personnel who record the acquisitions should not have access to cash or other assets.
• D) the accounts payable department should account for all receiving reports to assure that the occurrence objective is satisfied.

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Definitions:

Chronologically

Arranged in the order of time, from the earliest to the latest.

Fancier Titles

Job titles that are embellished or more elaborate than standard ones, often to sound more impressive.

Employment Gap

A period of time when a person is not employed in their professional field and is not earning a regular income.

Résumé

A document summarizing an individual's background, skills, and accomplishments, often used for job applications.