Problem related to poor internal control

Assignment Help Accounting Basics
Reference no: EM13141679

Budd, the purchasing agent of Lake Hardware Wholesalers, has a relative who owns a retail hardware store. Budd arranged for hardware to be delivered by manufacturers to the retail store on a COD basis, thereby enabling his relative to buy at Lake's wholesale prices. Budd was probably able to accomplish this because of Lake's poor internal control over:

a. Purchase requisitions.

b. Cash receipts.

c. Perpetual inventory records.

d. Purchase orders.

Reference no: EM13141679

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