ACC-315 Problem Set 6 Question 4

Using the following table as a guide, describe for each function   A risk (an event or action that will cause the organization to fail to meet its goals/objectives).   A control/process or use of technology that will address the risk.   Function   Risks   Controls and Technology   Logistics           Purchasing   Receiving   Inventory (Debit ??? (Credit) SP 12-3 The following is a list of six control plans from this chapter or from Chapters 9, 10, and 11. This is followed be a list of five statements describing either the achievement of a control goal (i.e., a system success) or a system deficiency (i.e., a system failure). Match the five control goals or systems deficiencies with a control plan that would best achieve the desired goal or prevent the system deficiency. Each letter may be used only once, with one letter left over.   Control Plans   File completed and signed receiving report in receiving:   Select vendors who can provide goods with appropriate quality   Approve purchase…

A company is trying to set up proper internal controls for their accounts payable/inventory purchasing system. Currently the purchase order is generated by the same person who receives the inventory. Together the purchase order and the receiving ticket are sent to accounts payable for payment. What changes would you make to improve the internal control structure? Group of answer choices 1.The person in accounts payable should generate the purchase order. 2.The person in accounts payable should generate the receiving ticket once the invoice from the supplier is received. 3.No changes would be made since the person paying the bills is different from the person ordering the inventory. 4.The responsibilities of generating the purchase order and receiving the inventory should be separated among two different people.

.Internal Controls and RiskReview the following description of the purchasing and AP procedures for a company and answer the questions at the end.The purchasing agent receives an inventory status report on his computer terminal from the inventory control application, which identifies the items that need to be reordered. The agent selects the suppliers and enters this information into the computer terminal to create a digital purchase order. He then prints and sends a copy of the PO to the supplier.When the goods are received directly into the warehouse, the warehouse manager counts and inspects them. The manager then creates a digital receiving report and updates the inventory subsidiary ledger from the warehouse terminal.A few days later, the supplier sends an invoice to the AP clerk who reconciles it with the digital copy of the receiving report. From her computer terminal, the clerk records the purchase in the purchases journal and records the liability by adding a record to the AP…

Answer multi choice question in photo please

Provide an example of each of the following; Conspicuous consumption Information you will need to fill out an application to rent an apartment A government agency you can contact to file a fraud complaint A way to prevent fraud on your credit card A way to protect yourself from identity theft

Understanding internal control, components, procedures, and laws Match the following terms with their definitions.

Listed below are five procedures followed by Gilmore Company.Indicate whether each procedure is an example of good internal control or of weak internal control. If it is an example of good internal control, indicate which internal control principle is being followed. If it is an example of weak internal control, indicate which internal control principle is violated. Use the table below. Procedure   IC Good or Weak?   Related Internal Control Principle 1.   Employees are required to take vacations.   Select a weakness in internal control                                                           GoodWeak   Select a control principle that is violated                                                           Independent Internal VerificationSegregation of DutiesEstablishment of ResponsibilityPhysical ControlsHuman Resource ControlsDocumentation Procedures 2.   Any member of the sales department can approve credit sales.   Select a weakness in internal control…

Listed below are five procedures followed by Gilmore Company.Indicate whether each procedure is an example of good internal control or of weak internal control. If it is an example of good internal control, indicate which internal control principle is being followed. If it is an example of weak internal control, indicate which internal control principle is violated. Use the table below. Procedure   IC Good or Weak?   Related Internal Control Principle 1.   Employees are required to take vacations.   Select a weakness in internal control  GoodWeak   Select a control principle that is violated  Human Resource ControlsIndependent Internal VerificationEstablishment of ResponsibilityPhysical ControlsSegregation of DutiesDocumentation Procedures 2.   Any member of the sales department can approve credit sales.   Select a weakness in internal control  WeakGood   Select a control principle that is violated  Segregation of DutiesDocumentation ProceduresEstablishment…

Match the items with the related statements that follow.

Consider each situation separately Identify the missing internal control procedure from these characteristics •Assignment of responsibilities •Separation of duties •Audits Electronic devices ⚫ Other controls (specify) (Click the icon to view the situations.) (Leave the "Reason for "Other" control column blank if "Other controls" is not selected for the "Internal Control Procedure" co a. While reviewing the records of Quality Pharmacy, you find that the same employee orders merchandise and approves invoices for payment b. Business is slow at Amazing Amusement Park on Tuesday, Wednesday, and Thursday nights To reduce expenses, the business decides not to use a ticket taker on those nights. The ticket seller (cashier) is told to keep the tickets as a record of the number sold c. The same trusted employee has served as cashier for 12 years d. When business is brisk, Fast Mart deposits cash in the bank several times during the day. The manager at one store wants to reduce the time employees…

1. When merchandise is shipped FOB (free on board) Destination: Select one: A. The buyer pays for the shipment.  B. Title passes to buyer when merchandise is shipped. C. Title passes to buyer when merchandise is delivered. D. None of the above   2. Which of the following is NOT an element of internal control?   Select one: A. Control environment B. Control procedures C. Management risk D. Risk assessment   3. In a merchandising business, when merchandise sold on account, a journal entry is booked to Debit to Accounts Receivable and Credit to Sales. In addition: Select one: A. Cost of goods sold is debited and Merchandise inventory is credited. B. Cost of goods sold is credited and Merchandise inventory is debited. C. Accounts Receivable is credited and Sales is debited.  D. None of the above.   4. One of the primary objectives of inventory controls is: Select one: A. Safeguarding inventory from damage or theft. B. Selling inventory at an affordable price C. Both A &…

Need Help on the following question. Question #1 You have been hired by the CEO of a soon-to-be-opened bookstore to develop procedures to help control inventory. List, describe, and defend four procedures you recommend be implemented to control inventory. As part of your response, be sure to describe any potential costs associated with these procedures.

Match the following elements of internal control:   Question 4 options:   information and communication   control environment   risk assessment   monitoring   control procedures   1. provides reasonable assurance that business goals will be achieved 2. used by management for guiding operations and ensuring compliance with requirements 3. overall attitude of management and employees 4. used to locate weaknesses and improve controls 5. identify, analyze and assess likeliness of vulnerabilities

Using the following table as a guide, describe for each function (see Figure 11.1): A risk (an event or action that will cause the organization to fail to meet its goals/objectives). A control/process or use of technology that will address the risk. Function Risks Controls and Technology Marketing     Finance     Billing       AR (debit)         Sales (credit)     Collections       Cash (debit)         AR (credit)

What is the answer please

Identify which department has stewardship (having the job of supervising or taking care of) over the following journals, ledgers, and files. (Please be reminded of the Honor Pledge written in your answer sheet.) 1. Customer open order file   2. Sales journal  3. Journal voucher file   4. Cash receipts journal  5. Inventory subsidiary ledger  6. Accounts receivable subsidiary ledger  7. Sales history file  8. Shipping report file  9.  Credit memo file10. Sales order file11.  Closed sales order file       PreviousNext