In a Merchandising Firm,authorization for the Payment of Inventory Is

question 43

Multiple Choice

In a merchandising firm,authorization for the payment of inventory is the responsibility of

• A)inventory control
• B)purchasing
• C)accounts payable
• D)cash disbursements

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Definitions:

Internal Control

Procedures and processes implemented by a company to safeguard its assets, ensure financial reporting accuracy, and promote operational efficiency.

Assets

Economic resources controlled or owned by a person or company, expected to provide future benefits.

Misappropriation

The intentional, illegal use of another's funds or property for one's personal use.

Dishonest Employees

Workers who engage in fraudulent or unethical behavior, potentially harming their employer financially or reputationally.