Listed below are the major functions of the purchasing process.
1)Purchasing function.
2)General ledger function.
3)Invoice-processing function.
4)Disbursement function.
5)Accounts payable function.
6)Requisition and receiving function.
Name four pairs of functions that should be segregated from each other and explain why the segregation is important.
Correct Answer:
Verified
View Answer
Unlock this answer now
Get Access to more Verified Answers free of charge
Q61: Assertions about account balances at the period
Q62: Which of the following tests of details
Q63: There are several important disclosure items to
Q65: The mailing of disbursement checks and remittance
Q66: Which type of confirmation is used more
Q68: Describe three categories of expenses outlined in
Q69: Identify whether the following tests are substantive
Q75: Identify the types of substantive procedures used
Q78: Identify the primary functions in the purchases
Q80: The auditor can often obtain sufficient appropriate
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents