When accounting for employee purchases,effective internal controls could include which of the following?
A)Credit card receipts are reconciled to credit card statements.
B)Employees should be required to provide receipts and justification for those receipts on a timely basis.
C)A separate employee reviews receipts and supporting documents to ensure all expenditures are made appropriately.
D)All of the other answers represent effective internal controls.

Question

Quizplus · Accepted Answer

All of the provided answers represent effective internal controls for accounting for employee purchases. Reconciling credit card receipts to statements ensures all purchases are accounted for, requiring employees to provide receipts and justification ensures expenses are legitimate and necessary, and having a separate employee review receipts and documents adds an additional layer of oversight to prevent errors or fraud. Combining all of these controls creates a comprehensive and effective system for managing employee purchases.

When Accounting for Employee Purchases,effective Internal Controls Could Include Which