Accounting · Internal Control System
Which one of the following is an aim of the control system relating to payables and purchases?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1To ensure that all credit notes received are recorded in the general and payables ledger✓
- 2To ensure that goods and services are only supplied to customers with good credit ratings
- 3To ensure that all credit notes that have been issued are recorded in the general and receivables ledgers
- 4To ensure that potentially doubtful debts are identified
Correct answer
To ensure that all credit notes received are recorded in the general and payables ledger
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