A Key Internal Control Over the Acquisition Cycle Is to Ensure

question 125

Multiple Choice

A key internal control over the acquisition cycle is to ensure that the company requires recording transactions as soon as possible after the goods and services have been received. This satisfies the transaction-related audit objective of

• A) accuracy.
• B) completeness.
• C) timing.
• D) occurrence.

---

Definitions:

Guarantor

A person assuming obligation to pay if the debtor does not.

Real Property

Land, buildings attached to the land, and items called fixtures, that is, items that are attached to the land or to a building or to another fixture attached to the land.

Personal Property

Tangible, movable goods (chattels) and intangible claims (choses in action).

Chattels

Tangible, movable personal property that can be measured and weighed; also known as goods.