For good internal control, the purchasing department should not be responsible for... Select one: Authorising the acquisition of goods. Finding the lowest supplier. Designing the purchase order form. All the answers are correct.
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- P Flag question Explain about the selective base of inventory control with its advantages. A- t. !! 0OWhich of the following is a control objective over sales? O a. None of the options O b. Compare goods dispatch note with sales order O . Only invoice customer for goods that were sent O d. Inspect signature on sales invoice confirming it has been checked to the order1. When merchandise is shipped FOB (free on board) Destination: Select one: A. The buyer pays for the shipment. B. Title passes to buyer when merchandise is shipped. C. Title passes to buyer when merchandise is delivered. D. None of the above 2. Which of the following is NOT an element of internal control? Select one: A. Control environment B. Control procedures C. Management risk D. Risk assessment 3. In a merchandising business, when merchandise sold on account, a journal entry is booked to Debit to Accounts Receivable and Credit to Sales. In addition: Select one: A. Cost of goods sold is debited and Merchandise inventory is credited. B. Cost of goods sold is credited and Merchandise inventory is debited. C. Accounts Receivable is credited and Sales is debited. D. None of the above. 4. One of the primary objectives of inventory controls is: Select one: A. Safeguarding inventory from damage or theft. B. Selling inventory at an affordable price C. Both A &…
- TRUE OR FALSE. If the statement is INCORRECT, explain why the statement is INCORRECT. 1. The approved purchased orders are normally issued to the seller.Explain the cost of inventory of a service provider. (Please explain throughtly and avoid plagiarism. Thank you!)one of Common Reactions to Negative Information Select one: a. Goods cannot be delivered as promised. Ob. Product failure c. Billing error d. Disappointment
- Question 15 Which feature helps streamline the purchasing process once a customer approves an estimate? Create invoice from estimate O Price Rules O Create purchase order from an estimate Create invoice from purchase order3 In accounting for consignment sales, sales revenue and the related cost of goods sold should be recognized by the Group of answer choices Consignor when the goods are shipped to the consignee Consignee when cash is received from the customer Consignor when notification is received that the consignee has sold the goods Consignor when the goods are shipped to the third partyWhich options do you select on the Requisition Preferences page? (Choose two) Favorite charge accounts for billing purposes Preferred carrier for transporting goods Shipping and delivery preferences Role Confirm X
- Question 2 All of the following controls can ensure input validity of shipping notice, except? O Compare shipment to sales order and picking ticket O Independent billing authorization O Compare shipping notice to sales order master data O Review file of open sales order AptsA company is trying to set up proper internal controls for their accounts payable/inventory purchasing system. Currently the purchase order is generated by the same person who receives the inventory. Together the purchase order and the receiving ticket are sent to accounts payable for payment. What changes would you make to improve the internal control structure? A. No changes would be made since the person paying the bills is different from the person ordering the inventory. B. The person in accounts payable should generate the purchase order. C. The person in accounts payable should generate the receiving ticket once the invoice from the supplier is received. D. The responsibilities of generating the purchase order and receiving the inventory should be separated among two different people.Explain cost of purchase. (Please explain throughtly and avoid plagiarism. thank you.)