Comparing Quantities on a Vendor Invoice to Quantities on the Receiving

question 62

Multiple Choice

Comparing quantities on a vendor invoice to quantities on the receiving report would not prevent or detect which of the following situations?

• A)receiving and accepting inventory not ordered
• B)theft of inventory by receiving department employees
• C)update of wrong inventory items due to data entry error
• D)order for an excessive quantity of inventory

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Definitions:

Bank Liability

The legal responsibilities and obligations a bank has towards its customers, such as ensuring the security of deposits and providing accurate account information.

Unauthorized Signatures

Signatures made without the express permission or authority of the person whose signature is required or expected.

Customer Signatures

Signatures of customers, typically collected for verification purposes, authorization, or agreement to terms and conditions.

Recredited Account

Refers to a financial account that has had funds added back, usually following a return or correction of a previous transaction error.