Which of the Following Internal Control Procedures Is Most Likely

question 3

Multiple Choice

Which of the following internal control procedures is most likely to be used in order to maintain accurate inventory records?

• A)Perpetual inventory records are periodically compared with the current cost of individual inventory items.
• B)A just-in-time inventory ordering system keeps inventory levels at a desired minimum.
• C)Requisitions,receiving reports,and purchase orders are independently matched before payment is approved.
• D)Periodic inventory counts are used to adjust the perpetual inventory records.

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Definitions:

Steady

Describes a constant, unchanging condition or situation, often used to refer to something that does not vary in intensity or pace.

Adulthood

A phase of life characterized by the completion of physical growth, the assumption of adult responsibilities, and legal recognition of majority.

Crystallized Intelligence

The ability to use skills, knowledge, and experience gained over time. It contrasts with the ability to reason quickly and abstractly.

Fluid Intelligence

Refers to the ability to think logically and solve problems in novel situations, independent of acquired knowledge.