Which of the following statements is FALSE? A commitment to purchase specified items at designated prices from a particular supplier for a set time period is commonly called a The expenditure cycle is defined as a recurring set of business activities and related information processing operations associated The primary objective of the expenditure cycle is to minimize the total cost of acquiring and maintaining inventories, supplies and v The formal policy disclosure to employees that a particular safety procedure should be performed is a detective control Regardless of how robust a company's internal control system may be, inherent weaknesses still exist. Which of the following O Decline in the value of the dollar due to inflation Management override of internal control O All people make mistakes Collusion to circumvent separation of duties Which of the following is not a principle under the control activities tier of COSO's internal control model? O Selecting and developing general control activities over technology Deploying control activities as specified in policies and relevant procedures A commitment to attract, develop, and retain competent individuals O Selecting and developing controls that might help mitigate risks to an acceptable level Which of the following revenue cycle threats is properly matched with a control procedure that helps reduce the threat Unauthorized disclosure of customer personal information - Physical access controls on inventory Mistakes in shipping orders to customers - Reconciliation of packing lists with sales orders Theft of inventory by employees - Mailing of monthly statements to customers Crediting customer payments to the wrong account - Backup and disaster recovery procedures A new employee in the Accounts Payable department forgot to record an outstanding liability owed that Overstated, transactions should be authorized Understated, transactions should be valid Overstated, transactions should be recorded Understated, transactions should be recorded Which of the following is an internal entity in the expenditure cycle of an organization? Receiving Department Vendor Sales Department Bank