Each category of processes in the typical purchasing system would include controls and risks.For each of the categories, the goal of the internal controls system is to reduce specific types of business risks.Which of the following is not one of those risks?
A)Recording invalid transactions
B)Recording transactions at the wrong amounts
C)Omitting actual transactions from the accounting records
D)Transactions properly accumulated or transferred to the correct accounting records

Question

Quizplus · Accepted Answer

Transactions properly accumulated or transferred to the correct accounting records is not a risk that the internal controls system aims to reduce. It is actually the desired outcome of the system. The other options (A, B, and C) are all risks that the internal controls system aims to reduce by ensuring that all transactions are recorded correctly and accurately.

Each Category of Processes in the Typical Purchasing System Would