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FSOT: 500 Test Prep Study Questions

Category - Management

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When establishing an internal control system to determine the appropriate time to pay a supplier for a purchase, which of the following processes/reports must be included in the system?
  1. A performance report from the engineering department
  2. An updated report from the expeditor's office
  3. A comparison of the purchase order and the supplier's invoice
  4. A three-way match of critical information on the purchase order, the packing slip, and the invoice
Explanation
Answer: D - A three-way match of critical information on the purchase order, the packing slip, and the invoice.
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