The Following Set of Items Describes Activities Completed by a Company

question 95

Multiple Choice

The following set of items describes activities completed by a company in purchasing and paying for merchandise.For each activity,identify whether or not the activity adheres to or violates sound internal control procedures.
- The clerk in the accounting department records both purchases and payments of invoices.

• A)Adheres to sound internal control procedures
• B)Violates sound internal control procedures
• C)Neither strengthens nor violates internal control

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Definitions:

Candle Makers

Craftspersons or businesses involved in the production of candles for lighting or decorative purposes.

Domestic Consumption

The total amount of goods and services consumed within a country.

Domestic Production

The total value of all goods and services produced within a country's borders in a specific time period.

Free Trade

refers to the absence of tariffs, quotas, and other governmental barriers to international trade, allowing goods and services to move freely across borders.