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Which of the following is an example of an input control in the expenditure cycle? a. Physical controls over inventory b. Reconciling the bank statement c. Document sequencing d. Access controls over the purchasing system 2. A control procedure that helps prevent duplicate payments is: a. Performing physical inventory counts b. Matching purchase orders, receiving reports, and vendor invoices c. Reconciling bank statements d. Conducting vendor audits 3.Which of the following is an example of an independent verification control in the expenditure cycle? a. Document sequencing

Which of the following is an example of an input control in the expenditure cycle? a. Physical controls over inventory b. Reconciling the bank statement c. Document sequencing d. Access controls over the purchasing system 2. A control procedure that helps prevent duplicate payments is: a. Performing physical inventory counts b. Matching purchase orders, receiving reports, and vendor invoices c. Reconciling bank statements d. Conducting vendor audits 3.Which of the following is an example of an independent verification control in the expenditure cycle? a. Document sequencing

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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1. Which of the following is an example of an input control in the expenditure cycle?
a. Physical controls over inventory
b. Reconciling the bank statement
c. Document sequencing
d. Access controls over the purchasing system
2. A control procedure that helps prevent duplicate payments is:
a. Performing physical inventory counts
b. Matching purchase orders, receiving reports, and vendor invoices
c. Reconciling bank statements
d. Conducting vendor audits
3.Which of the following is an example of an independent verification control in the expenditure cycle?
a. Document sequencing
b. Reconciling the bank statement
c. Segregation of duties
d. Physical controls over inventory
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