Which of the Following Is the Primary Goal of Internal

question 140

Multiple Choice

Which of the following is the primary goal of internal controls for cash payments?

• A)Ensure that the business pays only for properly authorized transactions.
• B)Confirm that the request for payments is made by someone who is approved to order goods or services of the type and amount requested.
• C)Ensure that the supplier charges only for items received at approved prices.
• D)Make payments only when a purchase is supported by complete voucher documentation.

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Definitions:

Inventory Management

The practice of ordering, storing, tracking, and controlling inventory to ensure the right quantity and types of products are available when needed.

Customer Service

The support and assistance provided by a company to those people who buy or use its products or services.

Warehouse

A large building where raw materials or manufactured goods are stored before their distribution for sale.

Materials Management

The function responsible for planning, sourcing, moving, and storing materials used in the production of goods and services.