The following are typical questions that might appear on an internal control questionnaire for accounts payable. 1. Are monthly statements from vendors reconciled with the accounts payable listing? 2. Are vendors’ invoices matched with receiving reports before they are approved for payment?   Describe the purpose of each of the above internal control activities.

Question

 The following are typical questions that might appear on an internal control questionnaire for accounts payable.

1. Are monthly statements from vendors reconciled with the accounts payable listing?

2. Are vendors’ invoices matched with receiving reports before they are approved for payment?

 

Describe the purpose of each of the above internal control activities.

Expert Answer

Want to see the step-by-step answer?

Check out a sample Q&A here.

Want to see this answer and more?

Experts are waiting 24/7 to provide step-by-step solutions in as fast as 30 minutes!*

*Response times may vary by subject and question complexity. Median response time is 34 minutes for paid subscribers and may be longer for promotional offers.
Tagged in
Business
Accounting

Internal Controls

Related Accounting Q&A

Find answers to questions asked by students like you.

Q: AICPA Code of Professional Conduct. Reread the Module B introduction about ScottLondon, CPA.Required...

A:  

Q: Complete question detail is in image.

A: Click to see the answer

Q: Instruction: Answer the following questions and provide the necessary requirement. Problem 1 The Oct...

A: The calculation of cost per equivalent unit and cost of production report for the department 1 is as...

Q: Dividends Per Share Lightfoot Inc., a software development firm, has stock outstanding as follows: 3...

A: Dividends are paid to shareholders out of the profits of the company as distributions. Payment of di...

Q: Integrity and Objectivity. In 1997, a disagreement arose between Livent Inc. and its auditor, Deloit...

A: Click to see the answer

Q: Q1: Fill in the blanks a. The fundamental of accounting equation states that Assts = Liabilities + %...

A: As posted multiple independent questions we are answering only first question kindly repost the unan...

Q: What does it mean when ROI has decreased even though net income hasincreased?

A: Return on investment (ROI): This financial ratio evaluates how efficiently the assets are used in ea...

Q: Head owns 80% of Shoulders. Head reports Dividends of $300,000. Shoulders reports Net Income of $500...

A: As posted multiple sub parts we are answering only first three sub parts kindly repost the unanswere...

Q: The following selected accounts and their current balances appear in the ledger of Maroon Co. for th...

A: Income Statement is prepared to show the net profit or loss earned by the company during a particula...

Q: What is an audit, and how does it add to the integrity ofaccounting information?

A: A financial statement displays the financial information regarding an entity. The presented informat...

Q: The FASB’s conceptual framework sets forth the Board’s views on which topics?

A: This is the organization that creates, develops, and approves accounting standards; and administrate...

Q: A company selling a single product with the cost of producing and selling a single unit of this prod...

A: Solution:- Calculation of financial advantage or disadvantage of acceptance  special order from a ma...

Q: This is Question with complete detail

A: Direct materials: It is the basic input required to manufacture the finished products. The direct/ra...

Q: Sample Selection. Read each of the following cases. Explain for each case how you couldselect a samp...

A: a. In the given case, the difficulties are the fact that check numbers n accounts overlap, and the c...

Q: The following units of a particular item were available for sale during the calendar year: Jan. 1...

A: Companies do not follow up for the cost of each item of the inventory, so when these inventories are...

Q: The annual financial statements of all large, publicly owned corporations are audited.a. What is an ...

A: a. Audit is the process of verification of the compliance of the financial statements. It process of...

Q: The E.N.D partnership has the following capital balances as of the end of the current year: Pineda  ...

A: At the time of retirement,  the retiring partner is eligible for his share of goodwill as the goodwi...

Q: Can audit managers on the audit engagement team, who are also attorneys admitted to the state bar, a...

A: Auditing means the inspection of financial accounts of the company to determine if the records are a...

Q: Explain why all costs are controllable by someone at some time but in the short run some costs may b...

A: Cost accounting: The process of identifying, calculating and recording the cost related to the produ...

Q: Extracts from the statements of financial position of Nedburg are as follows. Statements of financia...

A: We have the following information: On 1 October 20X1 a bonus issue of one new share for every 10 h...

Q: Depreciation and Rate of Return Burrell Company purchased a machine for $44,000 on January 2, 2016. ...

A: Depreciation is defined as the process of cost allocation to tangible assets during the life of asse...

Q: Oriole Company owns 40% interest in the stock of Sandhill Corporation. During the year, Sandhill pay...

A: Consolidated net income: Net income calculated at the end of a particular period by the parent compa...

Q: Vidhi is investing in some rental property in Collegeville and is investigating her income from the ...

A: Given:

Q: The advantage of relating the bad debt experience to accounts receivable is that this approach

A: There is a convention of conservatism or prudence, it is the policy of playing safe. According to th...

Q: Green Company purchased a piece of machinery on credit for $10,000. Briefly state the way thistransa...

A: Accounting equation: It is consist of three components which are as follow: Assets Liabilities Equi...

Q: Transactions are first journalized and then posted to ledger accounts. In this exercise, however,you...

A: Journal entry: It is prepared to record the financial and non financial transaction of the business ...

Q: Understand recent developments that affect auditors’ liability to clients and third parties.

A: An auditor’s legal liability or responsibility is to offer customer’s an inexpensive assurance that ...

Q: The industry has invested $100,000.  They are trying to decide between two alternatives uses of the ...

A: Net Present value: Net Present value is calculeted by discounting all the future cash flows at requi...

Q: Hernandez, Inc., had the following transactions during the month of March 2011. Prepare anincome sta...

A: Revenue: It is the income earned by a business in the course of its regular business activities. Exp...

Q: Sales Mix and Break-Even Sales Dragon Sports Inc. manufactures and sells two products, baseball bats...

A: Break even point (BEP): Breakeven is the point where total expenses are equal to total revenue. at t...

Q: In a sampling application to determine the average weight of students enrolled in a fitnessclass, if...

A: Auditing: Auditing is the process by which assertions made by management about financial transactio...

Q: Solway Company is a sole proprietorship whose owner, Joe Solway, has an equity interest of $50,000. ...

A: Click to see the answer

Q: On September 1, 2020, the account balances of Tom Cruise Repair, Inc. were asfollows.No Debit No Cre...

A: I am answering the first three parts of the questions (a) The table below shows the opening balances...

Q: Identify and discuss several professional organizations that play important roles in preparing andco...

A: The organizations listed below formulate and execute policies for the interest of investors in the l...

Q: The following information is related to Sunglow Solar Ltd: Sales for the year ended 30 June 2019 wa...

A: 1. Date Account Titles and Explanation Debit  Credit  30 June 2019 Warranty expense $12,000   ...

Q: The following is the adjusted trial balance for Stockton Company. Stockton Company Adjusted Trial Ba...

A: The total liabilities for the period will be total of Accounts Payable and Notes Payable.

Q: On February 1, Watson Storage agreed to rent Hillbourne Manufacturing warehouse space for$175 per mo...

A: Adjusting entry: It can be defined as the journal entry that is recorded at the closing of the accou...

Q: please help

A: Job costing: It is the unique method of costing where cost of each job is calculated instead of whol...

Q: Direct Labor Efficiency Variance, Direct Labor Mix and Yield Variances Vet-Pro, Inc., produces a vet...

A: Labor Mix Variance: (Standard mix-Actual Hours)*Standard Price Labor Yield Variance: (standard Yield...