Purchase orders are "open" from the time they are issued until the goods are received.
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Q5: Checks are signed by the accounts payable
Q6: Persons in charge of authorization and custody
Q7: Auditors can inspect the "unmatched invoice file"
Q8: Purchases are ordered by a purchasing department
Q11: Normally,liabilities should be recorded on the date
Q12: The principal goal of the physical inspection
Q13: The main feature of custody in the
Q14: Auditors' "search for unrecorded liabilities" should emphasize
Q15: Record keeping is performed by payroll and
Q34: When confirming accounts payable,emphasis should be put
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