The internal control questionnaire for purchases and accounts payable includes the following questions. Next to each of the questions, indicate the letter of the related transaction assertion. A. Occurrence B. Completeness C. Accuracy D. Classification E. Cutoff _______ 1. Are vendor's monthly statements reconciled with individual accounts payable accounts? _______ 2. Are all purchases made only on the basis of approved purchase requisitions? _______ 3. Are vendors' invoices listed immediately upon receipt? _______ 4. Are vendors' invoices matched against purchase orders and receiving reports before a liability is recorded? _______ 5. Is the accounts payable customer ledger balanced periodically with the general ledger control account? _______ 6. Does the accounting manual give instructions to date purchase entries on the date of receipt of goods? _______ 7. Are shipping documents authorized and prepared for goods returned to vendors? _______ 8. Is the accounts payable department notified of goods returned to vendors?
The internal control questionnaire for purchases and accounts payable includes the following
questions. Next to each of the questions, indicate the letter of the related transaction assertion.
A. Occurrence
B. Completeness
C. Accuracy
D. Classification
E. Cutoff
_______ 1. Are vendor's monthly statements reconciled with
individual accounts payable accounts?
_______ 2. Are all purchases made only on the basis of approved
purchase requisitions?
_______ 3. Are vendors' invoices listed immediately upon receipt?
_______ 4. Are vendors' invoices matched against purchase orders
and receiving reports before a liability is recorded?
_______ 5. Is the accounts payable customer ledger balanced
periodically with the general ledger control account?
_______ 6. Does the accounting manual give instructions to date
purchase entries on the date of receipt of goods?
_______ 7. Are shipping documents authorized and prepared for
goods returned to vendors?
_______ 8. Is the accounts payable department notified of goods
returned to vendors?
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