Which of the Following Is Not a Key Control in the Acquisition

question 9

Multiple Choice

Which of the following is not a key control in the acquisition and payment cycle?

• A)Authorization of purchases
• B)Authorization of credit
• C)Timely recording and independent review of transactions
• D)Authorization of payments

Identify and correct common errors in journal entries and trial balances.

Prepare trial balances and understand their role in the accounting cycle.

Recognize the effects of transactions on the accounting equation.

Understand the concepts of debits and credits and their application in accounting transactions.

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Definitions:

Tragedy of the Commons

A situation in a shared-resource system where individual users acting independently according to their own self-interest behave contrary to the common good, depleting or spoiling the shared resource.

Collective Behavior

Actions or behaviors displayed by a group of people who take collective action in response to an event, situation, or crisis.

Isla Vista, CA

A small community in Santa Barbara County, known for its close proximity to the University of California, Santa Barbara.

Public Goods Dilemma

A situation in which individuals' personal interests conflict with the collective interest in maintaining public resources or goods, often leading to overuse or depletion.