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Uploaded byMendoza Klarise 50% found this document useful (2 votes) 8K views 9 pages
Description:ch21 Original Titlech21 Copyright© © All Rights Reserved Available FormatsDOC, PDF, TXT or read online from Scribd Share this documentDid you find this document useful?Is this content inappropriate?Report this Document 50% found this document useful (2 votes) 8K views9 pages CH 11Original Title:ch21 Uploaded byMendoza Klarise Description:ch21 Full description The accounts payable department receives the purchase order form to accomplish all of the following except B. Ensure the purchase had been properly authorized. C. Compare invoice price to purchase order price. D. Compare quantity ordered to quantity purchased. 7. The accounts payable department receives the purchase order form to accomplish all of thefollowing except toA.Compare invoice price to purchase order priceB.Ensure that the purchase had been properly authorizedC.Ensure that the goods had been received by the party requesting the goodsD.Compare quantity ordered to quantity purchased AACSB: CommunicationsAICPA BB: IndustryAICPA FN: MeasurementDifficulty: EasyLearning Objective: 2Learning Objective: 4Learning Objective: 58. Unrecorded liabilities are most likely to be found during the review of which of the followingdocuments? C.Bills of ladingD.Unmatched sales invoicesAACSB: CommunicationsAICPA BB: IndustryAICPA FN: MeasurementDifficulty: EasyLearning Objective: 2Learning Objective: 49. To determine whether accounts payable are complete, an auditor performs a test to verify thatall merchandise received is recorded. The population of documents for this test consists of all AACSB: CommunicationsAICPA BB: IndustryAICPA FN: MeasurementDifficulty: EasyLearning Objective: 2Learning Objective: 4Learning Objective: 910. The cash disbursements journal also is called the AACSB: CommunicationsAICPA BB: IndustryAICPA FN: MeasurementDifficulty: EasyLearning Objective: 2Learning Objective: 411. An important purpose of the auditor's review of the client's procurement system should be todetermine the effectiveness of the activities to protect againstA.Improper materials handlingB.Unauthorized persons issuing purchase ordersC.Mispostings of purchase returnsD.Excessive shrinkage or spoilage AACSB: CommunicationsAICPA BB: IndustryAICPA FN: Risk AnalysisDifficulty: EasyLearning Objective: 2Learning Objective: 912. A client erroneously recorded a large purchase twice. Which of the following internalcontrols would be most likely to detect this error in a timely and efficient manner? B.Reconciling vendors' monthly statements with subsidiary payable ledger accountsC.Tracing totals from the purchases journal to the ledger accountsD.Sending written quarterly confirmations to all vendorsAACSB: CommunicationsAICPA BB: IndustryAICPA FN: Risk AnalysisDifficulty: EasyLearning Objective: 2Learning Objective: 9 What is the accounts payable department responsible for?The accounts payable department is responsible for accurately tracking what's owed to suppliers, ensuring payments are properly approved and processing payments. Accurate information on accounts payable is essential to producing an accurate balance sheet.
What is purchase order in accounts payable?Purchase orders are an agreement between a buyer and seller indicating items, quantities and prices for products that the seller will later provide to the buyer. After receiving the goods, the buyer will provide payment to the seller, most often through invoice processing (see section 2.3 Invoice Processing).
What are the three basic functions of accounts payable?Three major elements are typically required for execution within the accounts payable process – the purchase order (PO), receiving report (or goods receipt), and vendor invoice. However, PO and receipts are optional and are dependent on how the company runs its business.
Which of the payments are made by the accounts payable department of a company?Accounts payable is also referred to as the department that handles vendor invoices or bills and records the short-term debts in the general ledger (GL). The AP department will verify invoices against (purchase) orders and ensure the goods or services were received before issuing payment to their vendors.
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The accounts payable department receives the purchase order form to accomplish
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