When Reviewing the Controls and Procedures in the Acquisition and Payment

question 120

Multiple Choice

When reviewing the controls and procedures in the acquisition and payment cycle,

• A) companies cannot record the liability for the acquisition until the invoice is received from the vendor.
• B) the purchasing department has the responsibility for verifying for appropriateness of the acquisition.
• C) personnel who record the acquisitions should not have access to cash or other assets.
• D) the accounts payable department should account for all receiving reports to assure that the occurrence objective is satisfied.

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Definitions:

Future Performance

Predictions or estimates about how well a person, organization, or system will operate or achieve goals in upcoming periods.

Management Development

Training to improve knowledge and skills in the management process.

Early-Career Employee

An individual who is in the initial stages of their career path, typically having little to no work experience in their chosen field.

Sharing Experiences

The act of exchanging personal stories, knowledge, or skills with others to promote mutual learning or understanding.