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ABC Limited has been in existence for over 15 years as a manufacturer of small compressors. The company purchased stationery from Superior Stationery Company Limited

ABC Limited has been in existence for over 15 years as a manufacturer of small compressors. The company purchased stationery from Superior Stationery Company Limited on credit for $150,000 for March 2021. The credit period is 15 days. Required:

Explain the Internal Control procedures for the following activities:

a. Purchasing the stationery from Superior Stationery Company Limited?

b. Receiving the goods from the company?

c. Paying the Superior Stationery Company for the goods?

d. What are the benefits of an Internal Control system to ABC Limited?

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