. Identify the relevant control to address each WCGW. Answers should be in not less than three sentences.
. Identify the relevant control to address each WCGW. Answers should be in not less than three sentences.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
![The table below shows the financial process with corresponding significant account and relevant assertions. Each financial process shows what could go
wrong (WCGW). Identify the relevant control to address each WCGW. Answers should be in not less than three sentences.
Significant account and
Relevant control to
Financial Process
What Could Go Wrong
relevant assertion(s)
address WCGW
Purchase order is inappropriate because:
the purchase order does not match a valid requisition;
Purchases
Trade accounts payable (EA)
purchase is at incorrect price; or an inappropriate or
authorized vendor is selected.
Plant, equipment and leasehold Errors are made in the capitalization of fixed assets because:
Property, plant and
improvement, net (EAO)
inappropriate items are capitalized; items are capitalized at
equipment
Land and Building, net (EAO)
an inappropriate amount; or additions are not recorded.
Answer with text and/or attachments:](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fd3a0e795-d5b1-4f69-902a-0aedd2127163%2Faf6b6ff9-adf3-4fa3-ae5f-10a59c9fec29%2F3b6cekj_processed.png&w=3840&q=75)
Transcribed Image Text:The table below shows the financial process with corresponding significant account and relevant assertions. Each financial process shows what could go
wrong (WCGW). Identify the relevant control to address each WCGW. Answers should be in not less than three sentences.
Significant account and
Relevant control to
Financial Process
What Could Go Wrong
relevant assertion(s)
address WCGW
Purchase order is inappropriate because:
the purchase order does not match a valid requisition;
Purchases
Trade accounts payable (EA)
purchase is at incorrect price; or an inappropriate or
authorized vendor is selected.
Plant, equipment and leasehold Errors are made in the capitalization of fixed assets because:
Property, plant and
improvement, net (EAO)
inappropriate items are capitalized; items are capitalized at
equipment
Land and Building, net (EAO)
an inappropriate amount; or additions are not recorded.
Answer with text and/or attachments:
Expert Solution
![](/static/compass_v2/shared-icons/check-mark.png)
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
![Blurred answer](/static/compass_v2/solution-images/blurred-answer.jpg)
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
![FINANCIAL ACCOUNTING](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9781259964947/9781259964947_smallCoverImage.jpg)
![Accounting](https://www.bartleby.com/isbn_cover_images/9781337272094/9781337272094_smallCoverImage.gif)
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
![Accounting Information Systems](https://www.bartleby.com/isbn_cover_images/9781337619202/9781337619202_smallCoverImage.gif)
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
![FINANCIAL ACCOUNTING](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9781259964947/9781259964947_smallCoverImage.jpg)
![Accounting](https://www.bartleby.com/isbn_cover_images/9781337272094/9781337272094_smallCoverImage.gif)
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
![Accounting Information Systems](https://www.bartleby.com/isbn_cover_images/9781337619202/9781337619202_smallCoverImage.gif)
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
![Horngren's Cost Accounting: A Managerial Emphasis…](https://www.bartleby.com/isbn_cover_images/9780134475585/9780134475585_smallCoverImage.gif)
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
![Intermediate Accounting](https://www.bartleby.com/isbn_cover_images/9781259722660/9781259722660_smallCoverImage.gif)
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
![Financial and Managerial Accounting](https://www.bartleby.com/isbn_cover_images/9781259726705/9781259726705_smallCoverImage.gif)
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education