Answered: The prim

Business

Accounting

The prim

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

1. The primary objective of internal controls in the expenditure cycle is to:

A. Ensure the accuracy and completeness of financial transactions

B. Streamline the procurement process

C. Minimize the cost of purchases

D. Increase the speed of payment processing

2. A threat in the expenditure cycle that involves unauthorized individuals making purchases is known as:

Unauthorized access

Fraudulent disbursements

Data breaches

Inventory theft

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