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Accounting Information Systems

11th Edition
Ulric J. Gelinas + 3 others
ISBN: 9781337552127

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BuyFindarrow_forward

Accounting Information Systems

11th Edition
Ulric J. Gelinas + 3 others
ISBN: 9781337552127
Textbook Problem

What are the key control plans associated with the purchasing process? Describe how each works and what it accomplishes.

Summary Introduction

To determine: The key control plans associated with the purchasing processes.

Introduction:

Accounting Information System (AIS) is said to be the specialized subsystem of the Information System (IS). AIS can be used in the business events for the purpose of collecting, processing, and reporting the financial information.

Explanation

Determine the key control plans associated with the purchasing processes:

Approve purchase requisition is the control plan that helps to ensure that the purchase is within the budget.

Use authorized vendor data is another control plan associated with the purchasing process. The firm should determine the financial viability and performance record of the vendor and use only authorized vendor data that includes bank account, address, and payment terms...

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