Assume a voucher system is in use.When the bill for goods or services is obtained,which control principle(s)must be met when the related control procedures are designed?
A)Establish responsibility
B)Segregate duties
C)Segregate duties and restrict access
D)Document procedures and independently verify

Question

Quizplus · Accepted Answer

When the bill for goods or services is obtained,the company must (1)independently verify that the supplier charges only for items received at approved prices and (2)document procedures by preparing a journal entry to record the asset purchased and liability owed.

Assume a Voucher System Is in Use