Question
17.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.
- 17.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 receiving report, an invoice, and a purchase order
B.
a purchase order, a journal entry, and a price catalog
C.
a journal entry, a supplier invoice, and a description of the goods being purchased
D.
a supplier invoice, a bill of lading, and the supplier's financial statements
16.
Morris Company established a petty cash fund with a $200 balance. Which of the following statements is incorrect?
A.
The sum of the cash plus the total of the petty cash tickets should equal $ 200at all times.
B.A journal entry is needed to debit the Cash account and credit the Petty Cash account for $ 200.
C.There is no net effect on current assets.
D.The petty cash custodian cashes a check for$ 200and places the currency in the petty cash fund box.
18.
A general ledger is an accounting journal designed to record one specific type of transaction.
True
False
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