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College Accounting (Book Only): A ...

13th Edition
Scott + 1 other
ISBN: 9781337280570

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BuyFindarrow_forward

College Accounting (Book Only): A ...

13th Edition
Scott + 1 other
ISBN: 9781337280570
Textbook Problem

Describe the four procedures that most companies follow to maintain internal control of purchases of merchandise.

To determine

Elaborate the four procedures that are in practice by the companies to ensure internal control of the purchases of merchandise.

Explanation

Internal control: Internal control is a process which ensures continuous reliability of accomplishment of a company’s objectives, related to operations, financial reporting, and in conformity with laws and regulations.

The four procedures that are in practice by the companies to ensure internal control of the purchases of merchandise are as follows:

  1. 1. Purchases should be made after proper authorization. To ensure that each form can be accounted, the purchase requisitions and purchase orders must be pre-numbered.
  2. 2...

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