The Internal Control Questionnaire for Purchases and Accounts Payable Includes $\quad$

question 86

Short Answer

The internal control questionnaire for purchases and accounts payable includes the following questions.Next to each of the questions,indicate the letter of the related transaction assertion.
A.Occurrence
B.Completeness
C.Accuracy
D.Classification
E.Cutoff ----- $\quad$ 1. Are vendors' monthly statements reconciled with individual accounts payable accounts?
----- $\quad$ 2. Are all purchases made only on the basis of approved purchase requisitions?
----- $\quad$ 3 Are vendors' invoices listed immediately upon receipt?
----- $\quad$ 4. Are vendors' invoices matched against purchase orders and receiving reports before a liability is recorded?
----- $\quad$ 5. Is the accounts payable customer ledger balanced periodically with the general ledger control account?
----- $\quad$ 6. Does the accounting manual give instructions to date purchase entries on the date of receipt of goods?
----- $\quad$ 7. Are shipping documents authorized and prepared for goods returned to vendors?
----- $\quad$ 8. Is the accounts payable department notified of goods returned to vendors?

Gain knowledge of open systems and their interaction with environments.

Comprehend the importance of maintaining a diverse skill set for career flexibility.

Identify the roles and responsibilities of managers in supporting and activating the work of others.

Understand the significance of networking and communication in a contemporary workplace.

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Definitions:

Value Chain

The full range of activities that businesses go through to bring a product or service from conception to delivery and beyond.

Distribution Channel

The pathway through which goods or services travel from the producer to the end consumer, possibly involving intermediaries.

Situation Assessment

The process of evaluating the current state of an environment, context, or situation, to inform decision-making and strategic planning.