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What is one of the primary objectives of reviewing the internal control system over purchasing operations?
  • a)
    To ensure compliance with central and state laws.
  • b)
    To identify weaknesses in the management information system.
  • c)
    To verify the accuracy of financial statements.
  • d)
    To determine the quality of goods and services received.
Correct answer is option 'A'. Can you explain this answer?
Most Upvoted Answer
What is one of the primary objectives of reviewing the internal contro...
One of the primary objectives of reviewing the internal control system over purchasing operations is to ensure that procurement practices and procedures are documented and in compliance with central and state laws. This includes verifying whether transactions are properly authorized, recorded, and whether there's segregation of duties. The review helps identify potential risks, strengthen accountability, and ensure legal compliance in the purchasing process.
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What is one of the primary objectives of reviewing the internal control system over purchasing operations?a)To ensure compliance with central and state laws.b)To identify weaknesses in the management information system.c)To verify the accuracy of financial statements.d)To determine the quality of goods and services received.Correct answer is option 'A'. Can you explain this answer?
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What is one of the primary objectives of reviewing the internal control system over purchasing operations?a)To ensure compliance with central and state laws.b)To identify weaknesses in the management information system.c)To verify the accuracy of financial statements.d)To determine the quality of goods and services received.Correct answer is option 'A'. Can you explain this answer? for B Com 2024 is part of B Com preparation. The Question and answers have been prepared according to the B Com exam syllabus. Information about What is one of the primary objectives of reviewing the internal control system over purchasing operations?a)To ensure compliance with central and state laws.b)To identify weaknesses in the management information system.c)To verify the accuracy of financial statements.d)To determine the quality of goods and services received.Correct answer is option 'A'. Can you explain this answer? covers all topics & solutions for B Com 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for What is one of the primary objectives of reviewing the internal control system over purchasing operations?a)To ensure compliance with central and state laws.b)To identify weaknesses in the management information system.c)To verify the accuracy of financial statements.d)To determine the quality of goods and services received.Correct answer is option 'A'. Can you explain this answer?.
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