[Anonymous]

Since I had no luck under the aud study discussion

For effective internal control purposes, the vouchers payable department generally should:

a. Stamp, perforate, or otherwise cancel supporting documentation after payment is mailed.

b. Ascertain that each requisition is approved as to price, quantity and quality by an authorized employee.

c. Obliterate the quantity ordered on the receiving department copy of the purchase order.

d. Establish the agreement of the vendor’s invoice with the receiving report and purchase order.

Explanation

Choice “d” is correct. For effective internal control purposes, the vouchers payable department generally

should establish the agreement of the vendor’s invoice with the receiving report and purchase order.

What the heck is a voucher’s payable department. In fact what is a voucher.

Does anyone have tips regarding the responsibilities of the treasurer and anything to do with payrolls, and vouchers. I always get those questions wrong. I just have no idea what they do in terms of a business entity and I cannot think of it intuitively. I tried to understand the roles and the definition of the treasury and try to understand how payroll works. But some of the methods of internal control, or their methods are difficult to think intuitively.

Also, why is this answer right. How can I think of it more intuitively.

[Anonymous]

Vouchers Payable is probably just Accounts Payable in most places. To process a purchase the way you are supposed to, would take an accounting dept of about 2,000 people. LOL. If you have never worked anywhere that requires a purchase order to buy something then thinking “intuitively” is going to be difficult, not impossible. I would list the steps on there but there are way too many steps and I don't want to leave one out. I will look for a flow chart that will, hopefully, help you. Which review course are you using?

[Anonymous]

nm, I found an old post to address my question. Internal Controls for payroll still confuses me. The best thing to do is pretend I work as a clerk in payroll to understand the process. Maybe . . . ughhhh.

[littlenumberrobot]

Home Stretch I am right there with you! That is a tough subject for me too. In my opinion I think D is saying they match purchase orders with receiving reports before creating approved vouchers then it goes off to AP to get paid then to Treasurer to be signed.

CA CPA - All because of the journey listed below
-----------------------------------------------------------------------
FAR - 53('10), 8/25/12 79 PASSED!
REG - 66('11), 69('12), 12/06/12 77 PASSED!!
BEC - 58('10), 74('12), 01/05/13 77 PASSED!!!
AUD - 43('11), 66('12), 69('13), 74('13) 7/29/13 85 PASSED!!!!!

(Combinations of Roger, Yaeger, Wiley Book, Wiley TB, & NINJA Notes)

Ethics 90%

[Anonymous]

Thank you Kricket. The last post I found said the same thing you said. I have never heard of anyone working in the treasury or with the position as a cashier. I imagine the company must be pretty darn large. Even where I worked as an AP specialist, there was a lack of segregation of duties.

Kricket, you don't have to find a flow chart, I have one. It is just difficult to recall the picture each time I have to answer a transaction cycle problem. Thank you for your help though. I laughed at your response. It does seem like 20,000 people are working in the AP department, when usually it is 2. rofl

I have Auditing soon. guess what I will write when I get my exam? rtfq. hahaha. Probably more useful than anything.

I am using becker right now. I could have used more instructional lectures than the “highlight” this. but oh well.

[Author]

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