Reference no: EM132694588

Problem 1: Which account and assertion will be most affected by the control that requires all purchase orders for amounts over $5,000 to be authorised by the purchasing manager?

Select one:
a. Existence of COGS
b. Completeness of Accounts Payable
c. Accuracy, valuation and allocation of Purchases
d. Occurrence of Purchases

Problem 2: Which account and assertion will be most affected if the company introduces an internal control that requires the amounts of all cash payments to be checked against the supplier statements before they are paid by the payments clerk?

Select one:
a. Accuracy of cash payments
b. Completeness of cash payments
c. Accuracy of accounts payable
d. Completeness of accounts payable