Which of the following controls could be used to mitigate the threat of unauthorized disclosure of sensitive information in the expenditure cycle? Encryption . You just studied 10 terms!
Which of the following controls could be used to mitigate the threat of unauthorized disclosure of sensitive information in the expenditure cycle? Encryption . You just studied 10 terms!
Which of the following controls helps minimize the threat of stock outs and excess inventory?
Which of the following controls can minimize the threat of stockouts and excess inventory? ... vendor-managed inventory . The traditional approach to inventory management to ensure sufficient quantity on hand to maintain production is known as. economic order quantity.
Which documents are used to create a three way match when approving the payment of a supplier invoice?
Preparing the organization for receipts and packing slips
The three documents required for a 3-way match process are Purchase order, Receipts, and Invoices . Purchase orders are generated as a part of the request process and invoices are submitted by your vendors.
Which of the following documents is used to record a reduction to the balance due to a supplier?
| Term expenditure cycle Definition a recurring set of business activities and related data processing operations associated with the purchase of and payment for goods and services | Term debit memo Definition a document used to record a reduction to the balance due to a vendor |
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Confidentiality . Confidentiality seeks to prevent the unauthorized disclosure of information: it keeps data secret. In other words, confidentiality seeks to prevent unauthorized read access to data.
- Keep Current on all Security Patches. ...
- Detect and Respond to Intrusions Quickly. ...
- Implement Principle of Least Privilege (Minimize Data Access) ...
- Use Multi-Factor Authentication. ...
- Implement IP Whitelisting. ...
- Encrypt Network Traffic Inside the System.
What is disbursement cycle?
The cash disbursement cycle is the process by which a business buys items, from parts for a manufacturing process to goods for commercial sale , with cash resources. This process relies heavily on the decisions and approval of the accounting department of a company.
What are the four basic expenditure cycle activities?
SUMMARY OF MATERIAL COVERED
The basic business activities and data processing operations that are performed in the expenditure cycle, including: (1) ordering goods, supplies, and services; (2) receiving and storing them; and (3) approving invoices and paying for them .
What is the expense cycle?
The expenditure cycle is a recurring set of business activities and related information processing operations associated with the purchase of and payment for goods and services . This focuses on the acquisition of raw materials, finished goods, supplies and services.
What is the 3-way matching for accounts payable?
A three-way match is the process of comparing the purchase order ; the goods receipt note and the supplier’s invoice before approving a supplier’s invoice for payment. A 3-way match helps in determining whether the invoice should be paid partly or in its entirety.
What is the 3-way match and why is it necessary before processing a payment to a supplier?
The primary purpose of 3-way matching is to prevent any incorrect and fraudulent invoice or payment from happening in a company . The 3-way match helps companies avoid problems related to AP by resolving any possible mismatches on bills and orders before payments are processed.
What is GRN in accounts payable?
GRNs, meaning goods received notes , play a major part in the accounts payable process by confirming that items have been received as expected, in accordance with the original order and that the items can then be invoiced by the supplier and paid for.
What is the meaning of voucher in accounting?
A voucher is a document used by a company’s accounts payable department containing the supporting documents for an invoice . A voucher is essentially the backup documents for accounts payable, which are bills owed by companies to vendors and suppliers.
What is difference between voucher and invoice?
The voucher is a document for recording liability while Invoice is a list of goods sold or services rendered, issued by the supplier to the customer when sales are made. ... Vouchers contain details of the total quantities, the total amount of the goods purchased and ledger to which it has been recorded.
What is voucher system in accounting?
: a system of accounting in which a voucher (as for an account payable) is prepared usually with supporting documents attached for each transaction or a series of transactions affecting a single account and when approved is entered in a voucher register.
