The internal control process that requires vendor statements to be reviewed monthly and reconciled with accounts payable records, will help to minimize the risk of:
A)Invalid returns
B)Stolen goods
C)Wrong account numbers
D)Omitted returns

Question

Quizplus · Accepted Answer

Reviewing vendor statements and reconciling them with accounts payable records can help identify any missing returns, which can lower the risk of omitted returns. This process does not directly address invalid returns, stolen goods or wrong account numbers.

The Internal Control Process That Requires Vendor Statements to Be