Which of the following is incorrect related to the purchasing and cash disbursement cycle? Group of answer choices A. The personnel in the receiving department should be separated from the personnel of the stock room department. B. Goods received should be physically controlled from the time of their receipt until their use or disposal. C. Appropriate records and forms should track the responsibility over the goods each time they are transferred. D. The accounting department is responsible for receiving the goods and preparing the receiving report.
Which of the following is incorrect related to the purchasing and cash disbursement cycle? Group of answer choices A. The personnel in the receiving department should be separated from the personnel of the stock room department. B. Goods received should be physically controlled from the time of their receipt until their use or disposal. C. Appropriate records and forms should track the responsibility over the goods each time they are transferred. D. The accounting department is responsible for receiving the goods and preparing the receiving report.
Chapter8: Fraud, Internal Controls, And Cash
Section: Chapter Questions
Problem 6MC: A company is trying to set up proper internal controls for their accounts payable/inventory...
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Which of the following is incorrect related to the purchasing and cash disbursement cycle?
Group of answer choices
A. The personnel in the receiving department should be separated from the personnel of the stock room department.
B. Goods received should be physically controlled from the time of their receipt until their use or disposal.
C. Appropriate records and forms should track the responsibility over the goods each time they are transferred.
D. The accounting department is responsible for receiving the goods and preparing the receiving report.
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