(Solution Document) Monthly control procedures give assurance that: Question options:


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1. Monthly control procedures give assurance that:

Question options:

EFT payments are complete

EFT payments are valid

Monthend payables balances are complete

Suspended transactions are resolved timely

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2.  Monthly control procedures, based on the report that finds payments with no EFT request, give assurance that EFT payments are valid.

Suppose that in one month that accounts payable staff, through a combination of sick days, vacation days, and training periods, spend about half the normal amount of time resolving suspended invoices. The most likely effect of this on the month end accounts payables balance is that the balance would be:

Question options:

Unpredictable

In the normal range

Higher than normal

Lower than normal

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Most likely, the payables balance would be lower than normal due to fewer invoices being resolved.

 







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