The Purchasing Manager at Folding Squid Technologies Has Responsibility for Reviewing

question 74

Multiple Choice

The purchasing manager at Folding Squid Technologies has responsibility for reviewing and authorizing purchase orders.He also reviews receiving reports,approves or corrects them,and authorizes the cashier to pay vendor invoices.Which of the following would correct control weaknesses,if any,related to these activities?

• A) Vendor invoices should be reviewed by the purchasing manager to ensure that they are correct.
• B) Accounts payable should reconcile purchase orders, receiving reports, and invoices.
• C) Vendor invoices should be reviewed by accounts receivable and then cancelled when paid.
• D) Controls are adequate under the current system.

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Definitions:

Parent Cell

The cell that divides to give rise to daughter cells during cell division.

Chromosomes

Thread-like structures located inside the nucleus of animal and plant cells, made of protein and a single molecule of DNA.

Meiosis

A type of cell division that results in four daughter cells each with half the number of chromosomes of the parent cell, essential for sexual reproduction.

Alleles

Variants of a gene that arise by mutation and are found at the same place on a chromosome.