In achieving adequate internal control over operations of the accounts payable department, a company should establish procedures

Question:

In achieving adequate internal control over operations of the department, a company should establish procedures that will ensure that extensions and footings are proved on all invoices and that the propriety of prices is reviewed. What is the most effective means of assuring consistent performance of these duties?

Accounts Payable
Accounts payable (AP) are bills to be paid as part of the normal course of business.This is a standard accounting term, one of the most common liabilities, which normally appears in the balance sheet listing of liabilities. Businesses receive...