Which of the Following Questions Would Most Likely Be Included

question 22

Multiple Choice

Which of the following questions would most likely be included in an internal control questionnaire concerning the completeness assertion for purchases?

• A)Is an authorized purchase order required before the receiving department can accept a shipment or the vouchers payable department can record a voucher?
• B)Are purchase requisitions prenumbered and independently matched with vendor invoices?
• C)Is the unpaid voucher file periodically reconciled with inventory records by an employee who does not have access to purchase requisitions?
• D)Are purchase orders, receiving reports, and vouchers prenumbered and periodically accounted for?

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Definitions:

Expensive

Having a high price or cost, often relative to the value or affordability for the buyer.

Input

Refers to any resource or factor that is used in the generation of goods or services in a production process. (Duplicate rephrase)

Decreasing Returns

The phenomenon where an increase in the input of resources leads to a less proportional increase in output.

Marginal Product

The additional output that is produced by employing one more unit of a particular input, with all other inputs held constant.