Which of the Following Controls Should Prevent an Invoice for the Purchase

question 20

Multiple Choice

Which of the following controls should prevent an invoice for the purchase of merchandise from being paid twice?

• A)The check signer accounts for the numerical sequence of receiving reports used in support of each payment.
• B)An individual independent of cash operations prepares a bank reconciliation.
• C)The check signer reviews and cancels the voucher packets.
• D)Two check signers are required for all checks over a specified amount.A

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Definitions:

Process Costing

A costing method used when essentially homogeneous products are produced on a continuous basis.

Cost Reconciliation Report

A financial report that reconciles the estimated, budgeted, or standard costs with the actual costs incurred.

Costs Accounted For

The total costs assigned to completed units and units still in production, ensuring that all manufacturing costs are allocated according to the cost accounting method in use.

Beginning Work in Process Inventory

The inventory of partially finished goods at the start of an accounting period.