Budd the purchasing agent of lake hardware wholesalers has, Ask an Expert

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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.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M973979

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