The fifth step in the acquisition / payment process promotes strong internal control through:

Question

Quizplus · Accepted Answer

Both bank reconciliations and separation of duties are important internal control measures in the acquisition/payment process. Bank reconciliations ensure that all transactions recorded in the company's bank account are accurate and properly recorded in the company's own accounting records. Separation of duties ensures that no single employee has control over all aspects of the acquisition/payment process, reducing the risk of fraudulent activities or errors. Therefore, choosing both options A and B is the best choice.

The Fifth Step in the Acquisition / Payment Process Promotes