An Entity Erroneously Recorded a Large Purchase Twice

question 72

Multiple Choice

An entity erroneously recorded a large purchase twice. Which of the following internal controls would be most likely to detect this error in a timely and efficient manner?

• A)Footing the purchases journal.
• B)Reconciling vendors' monthly statements with subsidiary payable ledger accounts.
• C)Tracing totals from the purchases journal to the ledger accounts.
• D)Sending written quarterly confirmations to all vendors.

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Definitions:

Reactivity

The degree to which a substance can undergo a chemical reaction with itself or other substances.

Brain's Electrical Activity

The sum of the electrical signals from neurons within the brain, commonly measured using techniques such as electroencephalography (EEG).

Semi-structured Interview

A flexible interview format where certain questions are pre-determined, but the interviewer can explore topics in more depth as needed.