Which of the following procedures is least effective in preventing the purchasing agent from receiving kickbacks?   a. Prenumbering and periodically accounting for all purchase orders     b. Requiring purchasing agents to disclose any financial investments in potential suppliers     c. Requiring approval of all purchase orders     d. Maintaining a list of approved vendors and requiring all purchases to be made from vendors on that list

Q: A high average collection period may indicate:     a. Management's willingness to quickly write-off…

A: The average collection period(ACP) refers to the time gap between the credit sale date and the date…

Q: or. The product is owne it is delivered from ABC i do you think will be th

A: An inventory system refers to the process of a company tracks its goods starting from the point of…

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A: In the realm of auditing and attestation services, maintaining an acceptable level of threats while…

Q: You are developing the policies and procedures in relation to credit sales. What processes would you…

A: Payments for credit sales are made several days or weeks after a product is delivered. In contrast…

Q: up of answer choices a.The personnel in the receiving department should be separated from the…

A: the purchase you also known as account payable system and the cash disbursement cycle execute the…

Q: The prim

A: The expenditure cycle begins when a need for goods or services is identified and ends when the…

Q: An example of a preventive control in the expenditure cycle is: A. Requiring management approval for…

A: There are mainly 3 types of controls in internal control system : 1. Preventive Controls : That…

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: Indicate the primary audit objective for the following audit procedure: Determine whether sales…

A: Auditing is the process of examining financial statements, records, and other financial information…

Q: The primary objective of internal controls in the expenditure cycle is to: A. Ensure the accuracy…

A: The expenditure cycle begins when a need for goods or services is identified and ends when the…

Q: An effective revenue security system will help you accomplish the following important tasks: a)…

A: Revenue security refers to the procedure by which a company may match the total amount of sales with…

Q: What does it mean to say that internal control has limitations and what are these limitations?

A: Note: “Since you have asked multiple question, we will solve the first question for you. If you want…

Q: You will have the opportunity in this discussion to recommend adequate internal controls over sales…

A: To address the issues described in the scenarios, here are some internal controls that can be…

Q: Which of the following is a control objective over sales? O a. None of the options O b. Compare…

A: The question is multiple choice question regarding control objective over sales.

Q: d. The sales department approves sales credit memos as the result of product returns and forwards…

A: The sales department of the company is responsible for recording the sales made by the company…

Q: . A threat to the expenditure cycle that involves an employee creating and approving fictitious…

A: The type of fraud can be difficult to detect, as the employee may take steps to cover their tracks…

Q: Which of the following manipulations would understate accounts payable on the financial statements?…

A: Account payable  means the amount owed by business to outsider for the goods received and services…

Q: One internal control that companies often have is an official “approved vendor” list for purchases.…

A: The approved vendor list (AVL) can be referred to as the list containing the information of the…

Q: Which of the following is a test of control relating to purchases? a. None of the options b. Give…

A: Test of controls refers to the audit procedure followed by the auditors while conducting an audit of…

Q: The accounts payable department usually has responsibility for approving acquisitions for payment by…

A: SOLUTION-   AN ACCOUNTS PAYABLE DEPARTMENT'S  MAIN RESPONSIBILITY IS TO PROCESS AND REVIEW…

Q: which of the following account will be least likely involved in the purhasing sub-process of the…

A: Purchasing of transaction involves checking at various stages such as receiving the goods and…

Q: Critically explain why online purchase is not safe for the customer. What step do you take to check…

A: The era in which we live today is highly into online shopping. It may be for the fact that it is…

Q: Which of the following is NOT a client protection principle?   a. Methods that prevent client of…

A: Clients protection principles are very important in financial and loans.

Q: 1. An example of a detective control in the expenditure cycle is: A. Requiring dual signatures for…

A: Effective controls are critical in the expenditure cycle to ensure that transactions are properly…

Q: Which of the following is not related to the control of purchase of goods and services? O Approval…

A: Several measures have been suggested as a control of purchase of goods and services. We have to find…

Q: Which assertion is most likely being tested when an auditor vouches transactions from the sales…

A: In auditing and financial reporting, an assertion refers to a representation or statement made by…

Q: Identify the weakness and the risk relating to the above.

A: Answer: The weakness is the shortcoming in any process and risk is the factor that result due to…

Q: Which of the following is an internal control measure regarding purchases made by a company during a…

A: Internal control measures are policies and procedures put in place by a company to ensure the…

Q: How can an organisation use their information system to prevent employees from making inappropriate…

A: Here discuss about the details about find out of the fraudulent purchases which are related with the…

Q: nvoices, and the AR department posts to the customers’ accounts. B The sales department approves…

A:

Q: Which of the following statements is false? Explain Why?? a. It is the best practice to verify…

A: Intra company transfer represents the transfer of the inventory from one department to another…

Q: 1. A threat in the expenditure cycle that involves unauthorized individuals making purchases is…

A: “Since you have asked multiple question, we will solve the first question for you. If you want any…

Q: Vendor invoices are recorded for items that were never ordered by the company. Which of the…

A: If the invoices are recorded for items that were never ordered by the company then such an issue can…

Q: The following are key controls over the purchasing and disbursement cycle except: A. Proper…

A: The purchasing  cycle involve various controls such as receiving the goods and invoice on timely…