ACC 315 6-2 Problem Set Question 6 of 7

UESTION 33 Consider the following five situations:    (I)    Relative performance evaluation is used for evaluating store managers.  (II)   Insurabce policy holders pay deductibles before being covered by the insurance  (III)  The warehouse manager is not held responsible for damages and stolen goods during a riot.   (IV)  Individual stores are allocated (charged) for the cost of advertising done by the headquarters.  (V)   In performance evaluation, the actual outcome is compared witht the flexible budget, not the original budget.   Which of the above would be examples that go againt the controllability principle (concept)?   A. I, II, and III   B. I, II, and IV   C. I and III   D. II and IV   E. III and V

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.

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Which of the following best describes the objectives of internal controls? O Ensuring the compliance with tax regulation O Enhancing the health of the employees O Safeguarding assets and improving the accuracy and the reliability of financial information. O Ensuring the business is profitable. ASUS f3 f7 f8 f11 f6 X f4 f5 f9 f10 4. 5 7 9. E Y U D F G J K 08 田 近 96 图

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

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…

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…

.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…

ning Objective 1 S8-1 Defining internal control Internal controls are designed to safeguard assets, encourage employees to follow company policies, promote operational efficiency, and ensure accurate accounting records. Requirements 1. Which objective do you think is most important? 2. Which objective do you think the internal controls must accomplish for the busi- ness to survive? Give your reason.

Chester Company has established internal control policies and procedures in order to achieve the following objectives: 1) Effective evaluation of management performance. 2) Assure that the accounting records contain reliable information. 3) Safeguard the company's assets. 4) Assure that employees comply with company policy. Which of these objectives are achieved by accounting controls? Multiple Choice All four objectives Objectives 3 and 4 Objectives 1 and 2 Objectives 2 and 3

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