Question
Which controls are designed to minimize the risk of making duplicate payments? (Check all that apply.) A. Restrict access to blank checks B. Require a
Which controls are designed to minimize the risk of making duplicate payments? (Check all that apply.)
A. | Restrict access to blank checks | |
B. | Require a complete voucher package before issuing payment | |
C. | Pay only from original copies of supplier invoices | |
D. | Use Positive Pay arrangements with banks | |
E. | Regularly reconcile the bank account
|
Sending the receiving report to the inventory control department first, before it is then sent on to accounts payable, is a control procedure designed to minimize the risks of which threats?
A. | Theft of cash | |
B. | Paying for items not received | |
C. | Cash flow problems | |
D. | Duplicate payments |
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started