With Respect to a Small Company's System of Purchasing Supplies

question 13

Multiple Choice

With respect to a small company's system of purchasing supplies, an auditor's primary concern should be to obtain satisfaction that supplies ordered and paid for have been:

• A)requested and approved by authorized individuals who have no incompatible duties.
• B)received, counted, and checked to quantities and amounts on purchase orders and invoices.
• C)properly recorded as assets and systematically amortized over the estimated useful life of the supplies.
• D)used in the course of business and solely for business purposes during the year under audit.

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Definitions:

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