EBK AUDITING & ASSURANCE SERVICES: A SY
11th Edition
ISBN: 9781260687668
Author: Jr
Publisher: MCGRAW-HILL LEARNING SOLN.(CC)
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Question
Chapter 11, Problem 11.14MCQ
To determine
Concept Introduction:
Internal controls are policies and procedures defined by the management to ensure the smooth functioning of the business processes. Internal controls ensure the complete and correct accounting and safeguards to the assets.
To choose: the step when goods are received by the receiving clerk.
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Students have asked these similar questions
When goods are received, the receiving clerk should match the good with_____?
A. The vendor invite and the vendor shipping document
B. The purchase order and the requisition form
C. The vendor shipping document and the purchase order
D. The vendor invite and the purchase order
In a good internal control system, which of the following sets of documents is required for proper approval of a payment to a supplier?
A.
a journal entry, a supplier invoice, and a description of the goods being purchased
B.
a supplier invoice, a bill of lading, and the supplier's financial statements
C.
a purchase order, a journal entry, and a price catalog
D.
a receiving report, an invoice, and a purchase order
In a manual system, after which event in the sales process should the customer be billed?
Chapter 11 Solutions
EBK AUDITING & ASSURANCE SERVICES: A SY
Ch. 11 - Prob. 11.1RQCh. 11 - Prob. 11.2RQCh. 11 - Prob. 11.3RQCh. 11 - Prob. 11.4RQCh. 11 - Prob. 11.5RQCh. 11 - Prob. 11.6RQCh. 11 - Prob. 11.7RQCh. 11 - Prob. 11.8RQCh. 11 - Prob. 11.9RQCh. 11 - Prob. 11.10RQ
Ch. 11 - Prob. 11.11RQCh. 11 - Prob. 11.12RQCh. 11 - Prob. 11.13MCQCh. 11 - Prob. 11.14MCQCh. 11 - Prob. 11.15MCQCh. 11 - Prob. 11.16MCQCh. 11 - Prob. 11.17MCQCh. 11 - Prob. 11.18MCQCh. 11 - Prob. 11.19MCQCh. 11 - Prob. 11.20MCQCh. 11 - Prob. 11.21MCQCh. 11 - Prob. 11.22MCQCh. 11 - Prob. 11.23MCQCh. 11 - Prob. 11.24PCh. 11 - Prob. 11.25PCh. 11 - Prob. 11.26PCh. 11 - Prob. 11.27PCh. 11 - Prob. 11.28PCh. 11 - Prob. 11.29PCh. 11 - Prob. 11.30P
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Similar questions
- When should entries from the sales journal be posted?arrow_forwardRecord the following transactions in the sales journal:arrow_forwardWhich one of the following documents is not needed to process a payment to a vendor? A. vendor invoice B. packing slip C. check request D. purchase orderarrow_forward
- What document signals that a company should record thepurchase of goods on account?a. Purchase requisitionb. Purchase orderc. Receiving reportd. Supplier invoicearrow_forwardBriefly describe each of the following documents or records: purchase requisition, purchase order, receiving report, vendor invoice, and voucher. Why would an entity combine all documents related to a purchase transaction into a “voucher packet”?arrow_forwardA form used to request the responsible person or department to purchase merchandise or other property is known as a a.purchase invoice. b.purchase order. c.purchase requisition. d.receiving report.arrow_forward
- Which one of the following departments does not have a copy of the purchase order?a. the purchasing departmentb. the receiving departmentc. accounts payabled. general ledgerarrow_forwardThe authority to accept incoming goods in receiving should be based on a(an): Multiple Choice O vendor's invoice. materials requisition. bill of lading. approved purchase order.arrow_forwardExplain how to record the purchase of supplies.arrow_forward
- Which one of the following statements best describes the purpose of a purchase order? It is issued to a supplier to request supply of goods from them on terms specified within the order A It is issued to a customer to confirm the supply of goods to them on terms specified in the order В It is issued to a supplier as notification of payment It confirms the price that will be charged by a supplier for goods supplied C Darrow_forward4. Indicate which department-accounts payable, cash disbursements, data processing, purchasing, inventory, or receiving- has ownership over the following files and registers: a. open purchase order file b. purchase requisition file C. open purchase requisition file d. closed purchase requisition file e. inventory f. closed purchase order file g. valid vendor filearrow_forwardPlease give me an example picture of Posting/ Ledger in Periodic Inventory system.arrow_forward
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