Chapter 2, Problem 3Q

Which of the following is true of the correcting entry method? a.It cannot be used to correct a manual entry. b.It cannot be used to correct computerized entry. c.It can be used only to correct an error before posting has taken place. d.It can be used to correct both manual and computerized entries.

Can someone please verify if my answer is correct and explain why if it is not. thank you.

Which of the following control procedures mitigates the threat of duplicate payments? Select one: a. When an invoice is paid, the invoice and the entire voucher package should be canceled (for example marked “paid”) in a way that it cannot be submitted again. b. When evaluated receipt settlement (invoice-less system) is used, receiving reports need not be marked as paid as no invoices are generated. c. Photocopied invoices can be paid. d. Invoices should be approved for payment only when accompanied by a valid purchase order.