Controls Specific to the Recording of Cash Payments Include Which

question 37

Multiple Choice

Controls specific to the recording of cash payments include which of the following?

• A) an independent check by the accounting supervisor of the agreement of the amounts authorized and posted to accounts payable with the cheque summary received from the general accounts department
• B) an independent check of the agreement of the total of cheques issued with a batch total of the vouchers processed for payment.
• C) limits on access to blank cheques
• D) all of the above

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Definitions:

Traceable Fixed Costs

Fixed expenses that can be directly linked to a specific business segment or product.

Common Fixed Costs

Costs that are shared among multiple product lines or departments within an organization and do not change with the volume of production.

Segment Performance

An analysis of a specific part of a company, such as a division or product line, to evaluate its contribution to the overall performance of the business.

Turnover

The rate at which a company's goods are sold and replaced, or an employee's leaving and being replaced.