A CPA Learns That His Client Has Paid a Vendor

question 35

Multiple Choice

A CPA learns that his client has paid a vendor twice for the same shipment,once based upon the original invoice and once based upon the monthly statement.A control procedure that should have prevented this duplicate payment is

• A)attachment of the receiving report to the disbursement report.
• B)prenumbering of disbursement vouchers.
• C)use of a limit or reasonableness test.
• D)prenumbering of receiving reports.

---

Definitions:

Expected Return

The projected profit or loss from an investment over a given period.

Investment

The action of allocating resources, usually money, with the expectation of generating an income or profit.

Yields

The income return on an investment, such as the interest or dividends received from holding a particular security.

Record Producers

Professionals who oversee and manage the recording process of artists, playing critical roles in the development, recording, and production of music tracks.