Overpayment and Subsequent Reimbursement Will Not Work If

question 42

Multiple Choice

Overpayment and subsequent reimbursement will not work if:

• A) Original supporting documents are cancelled
• B) There is separation of duties between the payment requestor and accounts payable
• C) Vouching of the payment requires the controller's approval
• D) All of the above

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Definitions:

Donations

Voluntary transfers of resources, such as money or goods, to individuals or organizations without the expectation of direct return or compensation.

Spending Variances

Differences between the budgeted or standard cost amounts and the actual costs incurred.

Favorable

A term used in financial analysis to describe a situation, condition, or variance that leads to a positive outcome or better-than-expected results.

Unfavorable

A term often used to describe a variance or result that negatively impacts a business or its financial performance.