Identify three control weaknesses depicted in the flowchart below. CustomerSales DepartmentBillingAccounts ReceivableWarehouseGeneral LedgerCustomerCustomerВSOLedgerСорyOrderOrderSO StockСоpySO GLСоpySales ClerkPrepares VariousSales Order (SO)Copies andPosts to JournalSOLedgerСоpyAdds Pricesand BillsRemitAdviceCustomer/CheckPicks andUpdatesAR andShips Goods,UpdatesLedgerJournalSO InvoiceСоpySO LedgerСоpySO GLСоpySO StockСорySalesJournalSOLedgerCopySOInvoiceСорyInventorySub LedgerRemitAdviceUpdatesAR andGeneralSOStockLedgerJournalCheckСоpyCustomerAR SubLedgerCarrierВCash RecJournalCheckBank

The company produces a flowchart to evaluate how a process operates. It is a helpful tool for…

Customer Sales Department Billing Accounts Receivable Warehouse General Ledger Customer Order Customer Order SO Ledger Copy Сорy SO Stock Соpy SO GL Сорy Sales Clerk Prepares Various Sales Order (SO) Copies and Posts to Journal SO Ledger Copy Remit Advice Check Adds Prices and Bills Customer Picks and Ships Goods, Updates Ledger Updates AR and Journal SO Invoice Sales Journal SO Copy SO Ledger Сору Ledger Inventory Sub Ledger Соpу SO Invoice Copy Remit Advice Check Copy SO GL Copy SO Stock Copy Updates AR and Journal SO Stock General Ledger Сорy Copy Customer AR Sub

Customer Sales Department Billing Accounts Receivable Warehouse General Ledger Customer Order Customer Order SO Ledger Copy Сорy SO Stock Соpy SO GL Сорy Sales Clerk Prepares Various Sales Order (SO) Copies and Posts to Journal SO Ledger Copy Remit Advice Check Adds Prices and Bills Customer Picks and Ships Goods, Updates Ledger Updates AR and Journal SO Invoice Sales Journal SO Copy SO Ledger Сору Ledger Inventory Sub Ledger Соpу SO Invoice Copy Remit Advice Check Copy SO GL Copy SO Stock Copy Updates AR and Journal SO Stock General Ledger Сорy Copy Customer AR Sub

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Briefly describe record counts, batch totals, and hash totals. What types of errors in input would each of these controls likely identify?
State the four-step approach to designing tests of controls andsubstantive tests of transactions
What are the components of the Control Environment?
Give three examples of application controls.
Discuss the three common methods of handling errors in transaction files.
Is it necessary to have several entries in a control structure? why?
Describe some common examples of Control Activities.