An Outline of Procedures to Follow for Reporting Internal Issues

question 48

Multiple Choice

An outline of procedures to follow for reporting internal issues within a company would be found in which plan?

• A)Standing plan
• B)Business plan
• C)Operational plan
• D)Tactical plan

---

Definitions:

Recording Invoices

The process of documenting sales or purchases in the accounting records, typically by entering them into a journal or ledger.

Discount Recognized

The process of recording in the financial accounts the discount received or given on transactions, affecting the actual value recorded.

Periodic Inventory System

An inventory accounting practice where physical counts are performed at specific intervals to determine the cost of goods sold and ending inventory levels.

Voucher System

A method for processing accounts payable where a document (voucher) is prepared for every payable transaction, detailing the goods or services received, amounts to be paid, authorization, and accounts to be charged.