Double-Checking the Accuracy of an Invoice Is an Applicable Control

question 5

Multiple Choice

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

• A)order goods
• B)receive and store goods
• C)pay for goods and services
• D)general issues

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Definitions:

Asset Account

An account on a company's balance sheet that represents a resource with economic value owned or controlled as a result of past transactions.

Liability Account

A Liability Account represents a company's financial obligations or debts that arise during the course of business operations.

Fair Market Value

The estimated price at which an asset would change hands between a willing buyer and a willing seller, neither being under any compulsion to buy or sell.

Investments

Assets purchased with the aim of generating income or appreciating in value over time, such as stocks, bonds, or real estate.