An Entity Erroneously Recorded a Large Purchase Twice

question 72

Multiple Choice

An entity 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.

Understand the role of evolutionary psychology in explaining human behavior.

Gain knowledge on the methodology and implications of behavioral genetics research.

Comprehend the interaction of genes and environment in determining behavior.

Recognize the complexity and controversies surrounding the genetic influences on behavior.

---

Definitions:

End-Of-Quarter Payments

Payments that are made at the conclusion of a fiscal quarter, often related to financial obligations such as loans or leases.

Annuity

A fiscal product designed to disburse a static sequence of payments to someone, chiefly utilized as a means for generating income during retirement.

Periodic Interest Rate

The interest rate charged or earned over a specific period of time, often used in the context of loans or investments.

Annuity

An investment plan that entails fixed payments to beneficiaries, mainly to serve as an income source for those who have retired.