Accounting Information Systems;  Quickbooks 2015: A Complete Course (without Software); Access Card For Intuit Quickbooks 2015 (13th Edition)
Accounting Information Systems; Quickbooks 2015: A Complete Course (without Software); Access Card For Intuit Quickbooks 2015 (13th Edition)
13th Edition
ISBN: 9780134404080
Author: Marshall B. Romney, Paul J. Steinbart
Publisher: PEARSON
Question
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Chapter 12, Problem 2P

a.

To determine

Describe an internal control procedure that the company can adopt to prevent their workers stealing inventory at the docks.

b.

To determine

Describe an internal control procedure that the company can adopt to prevent their employee posting sales amount to the wrong customer account.

c.

To determine

Describe an internal control procedure that the company can adopt to prevent their employee making credit sales to a customer who is already four months behind in making payments.

d.

To determine

Describe an internal control procedure that the company can adopt to prevent their employee from authorizing a credit memo for sales return where the goods were not returned for the same.

e.

To determine

Describe an internal control procedure that the company can adopt to prevent their employee from writing off customer accounts receivable balance as uncollectable to conceal a theft.

f.

To determine

Describe an internal control procedure that the company can adopt to prevent the customers being billed but the quantity of products shipped is less than the ordered inventory.

g.

To determine

Describe an internal control procedure that the company can adopt to prevent their mailroom clerk from stealing checks and endorsing them for personal gains.

h.

To determine

Describe an internal control procedure that the company can adopt to prevent the cashier from stealing funds of the business.

i.

To determine

Describe an internal control procedure that the company can adopt to prevent the waiter from stealing cash by destroying the customer sales tickets.

j.

To determine

Describe an internal control procedure that the company can adopt to prevent the issue of the customers not being billed for their transaction.

k.

To determine

Describe an internal control procedure that the company can adopt to prevent the business loss due to stock outs.

l.

To determine

Describe an internal control procedure that the company can adopt to prevent unauthorized disclosure of known customers.

m.

To determine

Describe an internal control procedure that the company can adopt to prevent their database from being destroyed due to uncontrollable events.

n.

To determine

Describe an internal control procedure that the company can adopt to maintain the business operations even in power failure.

o.

To determine

Describe an internal control procedure that the company can protect the credit card information of their customers over the internet.

p.

To determine

Describe an internal control procedure that the company can implement to follow a systematic pricing data and authorizing discounts.

q.

To determine

Describe an internal control procedure that the company can implement to restrict unauthorized access to their customer account information.

r.

To determine

Describe an internal control procedure that the company can implement to ensure the effectiveness of their backup and storage strategies.

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Students have asked these similar questions
Company sells blankets for $40 each. The following information was taken from the inventory records during May. The company had no beginning inventory on May 1. Company uses a perpetual inventory system. Date Blankets Units Cost May 3     Purchase 11 $20 10     Sale 4   17     Purchase 10 $17 20     Sale 6   23     Sale 3   30     Purchase 8 $24 Determine the May 31 inventory balance using the FIFO inventory costing method. a. $328 b. $272 c. $320 d. $384
On the basis of the following data, what is the estimated cost of the inventory on May 31 using the retail method? Date Line Item Description Cost Retail May 1 Inventory $23,800 $39,670 May 1-31 Purchases 42,600 67,540 May 1-31 Sales   91,090   a. $24,690 b. $19,580 c. $29,564 d. $9,984
00000000 The following lots of Commodity Z were available for sale during the year. Line Item Description Units and Cost Beginning inventory 12 units at $48 First purchase 15 units at $53 Second purchase 55 units at $56 Third purchase 13 units at $61 The firm uses the periodic inventory system, and there are 25 units of the commodity on hand at the end of the year. What is the ending inventory balance of Commodity Z using LIFO? a. $1,465 b. $1,265 c. $5,244 d. $1,200
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