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

Question

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

Answer 1

Question

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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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

Answer 2

Question

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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Answer 3

Question

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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Answer 4

Question

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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Answer 5

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.

Answer 6

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.

Answer 7

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.

Answer 8

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.

Answer 9

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.

Answer 10

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.

Answer 11

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.

Answer 12

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.

Answer 13

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.

Answer 14

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.

Answer 15

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.

Answer 16

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.

Answer 17

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.

Answer 18

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.

Answer 19

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.

Answer 20

h.

To determine

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

Answer 21

h.

To determine

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

Answer 22

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.

Answer 23

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.

Answer 24

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.

Answer 25

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.

Answer 26

k.

To determine

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

Answer 27

k.

To determine

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

Answer 28

l.

To determine

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

Answer 29

l.

To determine

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

Answer 30

m.

To determine

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

Answer 31

m.

To determine

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

Answer 32

n.

To determine

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

Answer 33

n.

To determine

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

Answer 34

o.

To determine

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

Answer 35

o.

To determine

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

Answer 36

p.

To determine

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

Answer 37

p.

To determine

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

Answer 38

q.

To determine

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

Answer 39

q.

To determine

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

Answer 40

r.

To determine

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

Answer 41

r.

To determine

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

Answer 42

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Answer 43

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Answer 53

Ch. 12 - Prob. 1CQ Ch. 12 - Prob. 2CQ Ch. 12 - Which method is most likely used when a company...Ch. 12 - Prob. 4CQ Ch. 12 - Prob. 5CQ Ch. 12 - Prob. 6CQ Ch. 12 - Prob. 7CQ Ch. 12 - Prob. 8CQ Ch. 12 - Prob. 9CQ Ch. 12 - Prob. 10CQ

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

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

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

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.

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.

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.

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.

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

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

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

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

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

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

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

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

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

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

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

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

Chapter 12 Solutions