A Client Erroneously Recorded a Large Purchase Twice

question 4

Multiple Choice

A client erroneously recorded a large purchase twice.Which of the following internal controls would be most likely to detect this error in a timely and efficient manner?

• A) Footing the purchases journal.
• B) Reconciling vendors' monthly statements with subsidiary payable ledger accounts.
• C) Tracing totals from the purchases journal to the ledger accounts.
• D) Sending written quarterly confirmations to all vendors.

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Definitions:

Diverse Individuals

People who exhibit differences in various attributes such as cultural background, race, religion, gender identity, and life experiences.

Sample Size

The number of individuals or observations included in a study, which can significantly impact the statistical power and conclusions drawn.

Previously Collected

Refers to data or information that has been gathered before the current research or analysis.

Quantitative Data

Information that can be measured and written down with numbers, often used in statistical analysis.