Identify the control principles evidenced in the following statement: The company uses prenumbered cheques for all payments
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Identify the control principles evidenced in the following statement:
The company uses prenumbered cheques for all payments processed by its accounts payable clerks. Each clerk stamps “paid” on each invoice they process, recording the cheque number and their initials on it. At the end of the month, the accounts payable manager prepares a summary of the cheques used during the month. Any missing cheques are followed up.
Accounts PayableAccounts payable (AP) are bills to be paid as part of the normal course of business.This is a standard accounting term, one of the most common liabilities, which normally appears in the balance sheet listing of liabilities. Businesses receive...
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Related Book For
Understanding Financial Accounting
ISBN: 9781119406921
2nd Canadian Edition
Authors: Christopher D. Burnley
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