he objective of internal control of purchases is to:

Q: Research and discuss two business rules that should be incorporated into the Sales/Collections…

A: Business Rules for Sales/Collections: 1) All customer payments must be verified and recorded prior…

Q: What document initiates the sales process?

A:

Q: Internal control applicable to ________________________ may logically be extended to the entire…

A: It is the process of assuring the organizations' activities are performed efficiently and…

Q: Which of the following statements best explains the relationship between the acquisition/payment…

A: Solution Explanation - Sales collection process is a series of operating events that collectively…

Q: What's control account?

A: Accounting means the summarizing, recording and analyzing of the all business transaction during a…

Q: Are purchasing and receiving functions separate from invoiceprocessing, accounts payable, and…

A: Invoice processing: It is a procedure to maintain the invoices of the organisation to ensure timely…

Q: What kinds of information can be confirmed with a transfer agent?

A: The transfer agent is an entity that holds the information about the financial records of the…

Q: Give two examples of physical control that the client can use to protect the asset or the record: 1.…

A: Perishable Goods are the goods that are of short life span and will spoil after a certain period of…

Q: Why should the function of requisitioning the purchase of goods be segregated from the function of…

A: Note: We’ll answer the first question since the exact one wasn’t specified. Please submit a new…

Q: Which of the following is the best example of a corroborating evidence? a. General journal b.…

A:

Q: What is the internal control principle?

A: Internal control means to control and check everything related to management. It ensures that the…

Q: What is a control account?

A: Control account: It is a particular account that is recorded in the general ledger in a summarized…

Q: What purpose does a purchasing department serve?

A: Purchasing Department: The purchasing department accommodates the organization for the inventory…

Q: What type of internal control is verifying source documents before recording transactions?

A: Step 1:   The verification of source documents means to check if all the documents relating to a…

Q: What is the purpose of Transaction Tagging?

A: Tagging and tracking transaction: In tagging and tracking transaction technique, the auditor puts a…

Q: What are some limitations of internal control?

A: The below-mentioned points indicate that every system has its frailties and despite such…

Q: Which of the following is often called a compensating control?a. transaction authorizationb.…

A: The compensating control is referred to as a type of control that is meant for reducing attacks and…