Double-Checking the Accuracy of an Invoice Is a Control That

question 79

Multiple Choice

Double-checking the accuracy of an invoice is a control that can help to neutralize a threat in the expenditure cycle.What activity would specifically be associated with this control?

• A) ordering goods
• B) receiving and storing goods
• C) paying for goods and services
• D) requesting goods be ordered

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Definitions:

ASPE

Accounting Standards for Private Enterprises; a set of accounting standards for private companies in Canada.

Mortgage Payable

A liability representing money owed on a long-term loan used to purchase property, typically secured by the property itself.

Financing Activities

Transactions related to raising capital and repaying shareholders, including issuing equity, obtaining loans, and paying dividends.

Investing Activities

Transactions that involve the purchase or sale of long-term assets and investments are considered investing activities.