Choose which of the following situations indicate a weakness in Internal control? Group of answer choices a. The purchasing agent invests in a publicly traded mutual fund that lists the stock of one of the organization's suppliers in its portfolio. b. Purchasing procedures are well designed and are followed unless otherwise directed by the purchasing supervisor. c. Normal operational purchases fall in the range from US $500 to US $1,000 with two signatures required for purchases over US $1,000. d. Pre-numbered blank purchase orders are secured within the purchasing department.
Choose which of the following situations indicate a weakness in Internal control? Group of answer choices a. The purchasing agent invests in a publicly traded mutual fund that lists the stock of one of the organization's suppliers in its portfolio. b. Purchasing procedures are well designed and are followed unless otherwise directed by the purchasing supervisor. c. Normal operational purchases fall in the range from US $500 to US $1,000 with two signatures required for purchases over US $1,000. d. Pre-numbered blank purchase orders are secured within the purchasing department.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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5. Choose which of the following situations indicate a weakness in Internal control?
Group of answer choices
a. The purchasing agent invests in a publicly traded mutual fund that lists the stock of one of the organization's suppliers in its portfolio.
b. Purchasing procedures are well designed and are followed unless otherwise directed by the purchasing supervisor.
c. Normal operational purchases fall in the range from US $500 to US $1,000 with two signatures required for purchases over US $1,000.
d. Pre-numbered blank purchase orders are secured within the purchasing department.
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