lah purchase orders. IE best example of a conflict of inte L RRH Corporation est

Question

lah purchase orders. IE best example of a conflict of inte L RRH Corporation established a list of preferred vendors. b. RKH's conflic c. RKH purc t-of-interest policy was developed by their auditors. hases 8 0 percent of its inventory from a firm where its purchasing agent is a stockholder. d. All of the above constitute conflicts of interest 13. Statement evaluation. Indicate whether each statement below is G) always true, (ii) sometimes true, or (ii) never true. For any statements that are (ii) sometimes true, explain when the statement is true. a. A bill of lading is required in the acquisition/payment process. b. A data flow diagram of the acquisition/payment process has six numbered circles. c. A vendor invoice triggers a cash disbursement event in a well-organized acquisition/ payment process. d. Companies without a conflict-of-interest policy have weak internal control over the acquisition/ payment process. e. Daily bank reconciliations eliminate the need for other forms of internal control over ash. f. Most of the documents in the acquisition/payment process are paper-based, rather than electronic g. Purchase orders are binding contracts between a customer and a vendor. h. The passage of time triggers events in the acquisition/payment process. i. The receiving department should have a blind copy of the purchase order. j. When two signatures are required, blank checks should be signed by one person to promote operating efficiency Process relationshins. The steps in the sales/collection and geauicition

Explanation / Answer

a) A bill of lading is required in the acquisition/payment process i.e ALWAYS TRUE

b) A data flow diagram of the acquisition/payment process has six numbered circles i.e. ALWAYS TRUE

c) A vendorinvoice triggers a cash disbursement event in a well-organized acquisition/payment process. i.e.NEVER TRUE

d). Companies without a conflict-of-interest policy have weak internal control over theacquisition/payment process i.e. ALWAYS TRUE

e) Daily bank reconciliations eliminate the need for otherforms of internal control over cash i.e.NEVER TRUE

f) Most of the documents in the acquisition/paymentprocess are paper-based, rather than electronic i.e. ALWAYS TRUE,

g) Purchase orders are binding contractsbetween a customer and a vendor i.e. SOMETIMES TRUE

h) The passage of time triggers events in theacquisition/payment process i.e ALWAYS TRUE

i) The receiving department should have a blind copy of thepurchase order i.e. SOMETIMES TRUE

j) When two signatures are required, blank checks should be signed by oneperson to promote operating efficiency i.e. NEVER TRUE

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