Which of the Following Is Not a Key Control in the Acquisition

question 9

Multiple Choice

Which of the following is not a key control in the acquisition and payment cycle?

• A)Authorization of purchases
• B)Authorization of credit
• C)Timely recording and independent review of transactions
• D)Authorization of payments

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Definitions:

Cost

The amount of money or resources expended in order to obtain an item or service.

Monetary Unit Assumption

An accounting principle that assumes transactions and events can be represented in monetary units or currency.

Economic Entity Assumption

An accounting principle that treats a company as a separate entity from its owners for financial reporting purposes.

Business Career

A professional path that involves working in the commercial sector, which may encompass a wide range of roles and industries.