A Key Internal Control Over the Acquisition Cycle Is to Ensure

question 125

Multiple Choice

A key internal control over the acquisition cycle is to ensure that the company requires recording transactions as soon as possible after the goods and services have been received. This satisfies the transaction-related audit objective of

• A) accuracy.
• B) completeness.
• C) timing.
• D) occurrence.

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Definitions:

Politicking

Engaging in political maneuvering or strategizing, often within an organizational context.

Organizational Politics

The complex, often strategic actions and processes within a workplace or organization aimed at using power and social networks to achieve specific goals.

Keeping In Check

The act of controlling or limiting something to prevent it from becoming too powerful or problematic.

Consultation

A process involving seeking advice or expertise from others, typically within a professional context to make informed decisions or solve problems.