Which of the following is not an accurate statement regarding the acquisition and payment cycle?
A) The personnel in the receiving department should be independent of the storeroom personnel.
B) Goods received should be physically controlled from the time of their receipt until their use or disposal.
C) Accounting records should transfer responsibility for the goods each time they are moved.
D) The accounting department should be responsible for receiving goods and preparing the receiving report.

Question

Quizplus · Accepted Answer

The accounting department should not be responsible for receiving goods as it creates a lack of segregation of duties. The receiving department should be responsible for physically receiving the goods, and the accounting department should record the transaction and manage the payment process.

Which of the Following Is Not an Accurate Statement Regarding