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PROBLEM 8: PHYSICAL CONTROLS Vendor Purchases Inventory Control Receiving Accounts Payable Cash Disbursements General Ledger Purchasing Propares Three Copies of PO Goodh Ative trom Vendor Purchase Orde with Packing Sip Packing Invoice Invoice Purchase Order Updae Inventory Ledger Check Recond Lbity AP S Leager Copy ventory Purchase Purchase Order Ledger Receiving Report Update Inventory Ledger General Ledge Invoice Invoice Invoioe Check Copy Fle Chdk Fle Invoice Check Copy Check Copy Check F

PROBLEM 8: PHYSICAL CONTROLS Vendor Purchases Inventory Control Receiving Accounts Payable Cash Disbursements General Ledger Purchasing Propares Three Copies of PO Goodh Ative trom Vendor Purchase Orde with Packing Sip Packing Invoice Invoice Purchase Order Updae Inventory Ledger Check Recond Lbity AP S Leager Copy ventory Purchase Purchase Order Ledger Receiving Report Update Inventory Ledger General Ledge Invoice Invoice Invoioe Check Copy Fle Chdk Fle Invoice Check Copy Check Copy Check F

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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PHYSICAL CONTROLS
Using the flowchart of a purchases system for Problem8, identify six major physical control weaknesses in the system. Discuss the unmitigated risks associated with each weakness.

PROBLEM 8: PHYSICAL CONTROLS Vendor Purchases Inventory Control Receiving Accounts Payable Cash Disbursements General Ledger Purchasing Propares Three Copies of PO Goodh Ative trom Vendor Purchase Orde with Packing Sip Packing Invoice Invoice Purchase Order Updae Inventory Ledger Check Recond Lbity AP S Leager Copy ventory Purchase Purchase Order Ledger Receiving Report Update Inventory Ledger General Ledge Invoice Invoice Invoioe Check Copy Fle Chdk Fle Invoice Check Copy Check Copy Check F
Transcribed Image Text:PROBLEM 8: PHYSICAL CONTROLS Vendor Purchases Inventory Control Receiving Accounts Payable Cash Disbursements General Ledger Purchasing Propares Three Copies of PO Goodh Ative trom Vendor Purchase Orde with Packing Sip Packing Invoice Invoice Purchase Order Updae Inventory Ledger Check Recond Lbity AP S Leager Copy ventory Purchase Purchase Order Ledger Receiving Report Update Inventory Ledger General Ledge Invoice Invoice Invoioe Check Copy Fle Chdk Fle Invoice Check Copy Check Copy Check F
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