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Unformatted text preview: Scotch Phota/document + Presentation and disclosure L. Existence d. Completeness Question 19 2.3 out of 2.5 points Why should the client's legal expenses be examined? Answerst 's. To determine the types of fraud occurring in the organization CHto determine if there is any litigation pending or threatened c. To ensure proper recording of vendor payables 4. To compare with previously released attorney's letters Question 20 2.5 cut 6: 2.5 joins Please indicate the proper sequence of the acquisition cycle: 1. Approval of items for payment. 2. Authorized requisition for goods or services 3, Cash disbursement. 4. Receipt of goods and services S. Authorized purchase of goods or services. Answers: -2. 2. 4. 5. 1. 3 b. 2. 5, 1. 4, 3 c. 2. 1. 4. 5. 3 ( 2, 5, 4. 1. 3 Question 21 2.5- out of 2, 2 points Which of the following is NOT an element of internal controls to guarantee the existence of inventory? Answers: a Disposals of inventory must be recorded timely b Inventory count must be performed semiannually ..Warehouse must be anteguarded (d. Price discounts must be approved by the CEO Question 22 2.5 out of 2.5 points...
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  • Fall '10
  • Exam 2, Recording, Following, Supply chain management terms

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