For effective internal control, the accounts payable department generally should(1) stamp, perforate, or otherwise cancel supporting documentation after paymentis mailed.(2) ascertain that each requisition is approved as to price, quantity, and quality byan authorized employee.(3) omit information about the quantity ordered on the copy of the purchase orderforwarded to the receiving department prior to receipt of goods.(4) establish the agreement of the vendor’s invoice with the receiving report andpurchase order
For effective internal control, the accounts payable department generally should(1) stamp, perforate, or otherwise cancel supporting documentation after paymentis mailed.(2) ascertain that each requisition is approved as to price, quantity, and quality byan authorized employee.(3) omit information about the quantity ordered on the copy of the purchase orderforwarded to the receiving department prior to receipt of goods.(4) establish the agreement of the vendor’s invoice with the receiving report andpurchase order
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
For effective internal control, the accounts payable department generally should
(1) stamp, perforate, or otherwise cancel supporting documentation after payment
is mailed.
(2) ascertain that each requisition is approved as to price, quantity, and quality by
an authorized employee.
(3) omit information about the quantity ordered on the copy of the purchase order
forwarded to the receiving department prior to receipt of goods.
(4) establish the agreement of the vendor’s invoice with the receiving report and
purchase order
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