For Payment Voucher Input Validity, Which Control Plan Uses Records

question 78

Multiple Choice

For payment voucher input validity, which control plan uses records in the AP master data to gives authorization to the cash disbursements computer program to make payment?

• A)independent validation of vendor invoices
• B)match invoice, purchase order, and receiving report
• C)independent authorization to make payment
• D)reconcile input and output batch totals

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Definitions:

Notes Receivable-Perez

A note receivable account representing money owed to the entity by Perez, typically documented through a formal promissory note.

Collateralized

Secured by an asset pledged as security for repayment of a loan, protecting the lender by providing a source of recovery in case of default.

Receivables

Amounts owed to a company by customers for goods or services that have been delivered but not yet paid for.

Without Recourse

A term indicating that the seller of an asset is not responsible for the buyer's inability to collect any debts or obligations related to the asset.