Which of the following is an internal control weakness for a company whose inventory of supplies consists of a large number of individual items?a. Supplies of relatively little value are expensed when purchased.b. The cycle basis is used for physical counts.c. The warehouse manager is responsible for maintenance of perpetual inventory records.d. Perpetual inventory records are maintained only for items of significant value

Q: 45. Which of the following statements islare false about the steps in a purchase transaction? * 1.…

A: Normally a purchase transaction has the following steps:  The first step is to knowing the required…

Q: Discuss how the inventory process supports the production planning process and the risk to the…

A: The term inventory control process includes overseeing things from the second they are ordered all…

Q: f reconciliation as a control is properly implemented at Company, Inc. it would detect all of the…

A: Reconciliation is a process of comparing two sets of records to ensure that they are in agreement…

Q: A business using the perpetual inventory system, with its detailed subsidiary records, does not need…

A: The company can maintain its records of inventory on basis of two different systems: 1. Perpetual…

Q: The receiving department compares the quantity received with the quantity prin on the receiving…

A: PO termed as Purchase order refers to the document which legally binds and it is created through…

Q: Which of the following procedure is designed to prevent the company from ordering unnecessary items?…

A: D) Approval of purchase requisitions is the procedure designed to prevent the company from ordering…

Q: Ethics within inventory estimates and other creative accounting methods. Channel stuffing, swaps,…

A: Ethics implies the arrangement of rules that the association ought to follow. While in business,…

Q: Which of the following could signal internal control problems within the accounting system? (1)…

A: Internal controls are the systems, rules, and strategies executed by an organization to guarantee…

Q: Which of the following statements best explains the relationship between the acquisition/payment…

A: Solution Explanation - Sales collection process is a series of operating events that collectively…

Q: A master production schedule is most likely to be useful in O identifying erroneous journal entries.…

A: Solution: A master production schedule is the prepared by company to estimate its production for the…

Q: Internal control is strengthened when the quality of merchandise orderd is omitted from the copy of…

A: Internal control in accounting refers to the process designed to provide reasonable assurance…

Q: For companies that use a perpetual inventory system, all of the following are reasons for taking a…

A: The inventory valuation method used to evaluate the closing inventory and cost of goods sold on the…

Q: Which of the following expenditure cycle tasksshould not be separated?a. Purchasing inventory items…

A: Human intervention is required for certain tasks.

Q: Is it necessary to do a physical count of inventory if the company is using a perpetual system?  Why…

A: The perpetual inventory system is one of the approaches or systems used in inventory management…

Q: A two bin system for inventory control eliminates the need for the perpetual inventory tracking. Is…

A: Two bin system:Two bin inventory control system is a very useful system for material control. With…

Q: ent manages the physical goods inventory in the warehouse and he also maintains the accounting…

A: Internal control means the doing of work in an enterprises and related tight control so that chances…

Q: Which inventory system would allow a business to determine inventory shrinkage (breakage, theft,…

A: Introduction:- Under Perpetual inventory system tracking of all sales and inventory immediately.…

Q: Inquiries of warehouse personnel concerning possible obsolete inventory items provide assurance…

A: The value of inventory, the lower of cost and net realizable value, and obsolete items are among…

Q: B-Marts' large proportion of merchandise held on consignment from suppliers. Which account balance…

A: Audit is the process of checking and verifying books of account of the business in order to ensure…

Q: Which of the following is not considered an important element of segregation of duties in the…

A: The assignment of distinct steps in a process to different personnel is known as the segregation of…

Q: Which of the following best represents a key control for ensuring sales are properlyauthorized when…

A:

Q: Physical counts of inventory are never made with perpetual inventory systems. True or False True…

A: The perpetual inventory system is the one where the total purchases or total goods available for…

Q: Provide the name of a business and example inventory for that business. List one or more examples of…

A: Introduction For every business, inventory or stock plays a key role. Stock may be in the form of…