Question

Equipment acquisitions that are misclassified as maintenance expenses most likely would be detected by an internal control activity that provides for
a) segregation of duties for employees in accounts payable department
b) independent verification of invoices for disbursements recorded as equipment acquisitions
c)investigation of variances within a formal budgeting system
d) authorization by the board of directors of significant equipment acquisitions

Answer 1

Internal control activity that provides for the investigation of variances within a formal budgeting system.

The budgeting system is what?

The President and Congress can select how much money to spend, what to spend it on, and how to raise the money they have decided to spend using the budget system of the United States Government.

What is internal control?

Internal control is a practice used by management, the board of directors, and other employees of a firm with the goal of providing a reasonable level of assurance that the data is accurate, timely, and reliable. of compliance with pertinent laws, regulations, rules, agreements, policies, and procedures.

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