The Second Step in the Acquisition/payment Process

question 22

Multiple Choice

The second step in the acquisition/payment process:

• A) Promotes good internal control.
• B) Ensures that no fraud can happen in the process.
• C) Does not involve information technology.
• D) Establishes that the balance sheet is accurate.

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Definitions:

Illegal Act

An illegal act refers to an action or conduct that is prohibited by law and subject to punishment or sanctions by legal authorities.

Remedial Action

Measures taken to rectify or mitigate damage, including cleanup or repair, especially in environmental contexts.

Auditor

A professional individual or firm tasked with examining and verifying financial statements and records to ensure accuracy and compliance.

Limited Liability Partnership

A partnership in which some or all partners have limited liabilities, protecting them from the debts and liabilities of the partnership beyond their investment.