Which of the following controls should prevent an invoice for the purchase of merchandise from being paid Multiple Choice The check signer reviews and cancels the voucher packets. An individual independent of cash operations prepares a bank reconciliation. Two check signers are required for all checks over a specified amount.
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Yujie W.
The following internal controls for the acquisition and payment cycle were selected from a standard internal control questionnaire: 1. Approved purchase orders are required for all acquisitions of goods. 2. Pre-numbered receiving reports are prepared as support for acquisitions and numerically accounted for. 3. Dates on receiving reports are compared with vendors' invoices before entry into the acquisitions journal. 4. Account classifications are reviewed by someone other than the preparer. 5. All supporting documents are canceled after checks are signed or electronic fund transfers are approved. 6. The authorized signer compares data on supporting documents with checks and electronic funds transfer authorizations. 7. Vendors' invoices are recalculated before payment. 8. All checks are signed by the owner or manager. 9. Checks are mailed by the owner or manager or a person under her supervision after signing. 10. The accounts payable master file is updated, balanced, and reconciled to the general ledger monthly.
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