10. Which of the following statements least justifies the need for receiving reports? a. They reduce...
10. Which of the following statements least justifies the need for
receiving reports?
a. They reduce the risk that goods will be purchased on behalf of
the Company for personal use by employees. b. They help prevent
paying for goods before they have been examined as satisfactory by
the Company. c. They create an audit trail that bridges the
purchasing and cash disbursements cycles. d. They help to ensure
that only authorized goods are received by the Company. e. They
provide assurance to the vendor that all goods were received in
good condition.
Homework Answers
Option e, They provide assurance to the vendor that all goods were received in good condition.
Reason: Reports are generated for the purpose of internal evaluation of payment procedures and to reduce risk to the business. Reports are utilized to provide assurance to an external vendor on how the goods have been received.
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