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What are 5 things that could go wrong in this cycle and what control should be placed for each problem?

What are 5 things that could go wrong in this cycle and what control should be placed for each problem?

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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What are 5 things that could go wrong in this cycle and what control should be placed for each problem?

Purchasing Department Receiving Department Accounting Department Treasury Department User Department START Receptionist Goods Receiving Report Purchase Vendor's Reviews Voucher Purchase to be Requisition Slips Invoice Package and Prepares Check and Daily Summary Orden Order received Check Vendor Three-Way General Match Prepares Receiving Report and Updated Goods Received Report B Accounting Vendor Prepares Voucher Package and Daily Summary General A Accounting B Records Collection END
Transcribed Image Text:Purchasing Department Receiving Department Accounting Department Treasury Department User Department START Receptionist Goods Receiving Report Purchase Vendor's Reviews Voucher Purchase to be Requisition Slips Invoice Package and Prepares Check and Daily Summary Orden Order received Check Vendor Three-Way General Match Prepares Receiving Report and Updated Goods Received Report B Accounting Vendor Prepares Voucher Package and Daily Summary General A Accounting B Records Collection END
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