Multiple Choice Question 185 Expected direct materials purchases in Wade Company are $350,000 in the first quarter and $450,000 in the second quarter. Forty percent of the purchases are paid in cash as incurred, and the balance is paid in the following quarter. The budgeted cash payments for purchases in the second quarter are: Multiple Choke Question 73 A system of internal control is infallible. can be rendered ineffective by employee collusion. invariably will have costs exceeding benefits. is premised on the concept of absolute assurance. IFRS Multiple Choice Question 08 GAAP's, accounting and internal control procedures related to cash and the definition of cash equivalents, as compared to IFRS are