Pkg Acc Infor Systems MS VISIO CD
10th Edition
ISBN: 9781133935940
Author: Ulric J. Gelinas
Publisher: CENGAGE L
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Question
Chapter 12, Problem 3SP
1)
Summary Introduction
To determine: The control plan for each process failure given.
Introduction:
2)
Summary Introduction
To determine: The control plan for each process failure given.
Introduction:
Accounting Information System (AIS) is said to be the specialized subsystem of the Information System (IS). AIS can be used in the business events for the purpose of collecting, processing, and reporting the financial information.
3)
Summary Introduction
To determine: The control plan for each process failure given.
Introduction:
Accounting Information System (AIS) is said to be the specialized subsystem of the Information System (IS). AIS can be used in the business events for the purpose of collecting, processing, and reporting the financial information.
4)
Summary Introduction
To determine: The control plan for each process failure given.
Introduction:
Accounting Information System (AIS) is said to be the specialized subsystem of the Information System (IS). AIS can be used in the business events for the purpose of collecting, processing, and reporting the financial information.
5)
Summary Introduction
To determine: The control plan for each process failure given.
Introduction:
Accounting Information System (AIS) is said to be the specialized subsystem of the Information System (IS). AIS can be used in the business events for the purpose of collecting, processing, and reporting the financial information.
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Students have asked these similar questions
What internal control procedure(s) would provide protection against the following threats?
a. Theft of goods by the shipping dock workers, who claim that the inventory shortages reflect errors in the inventory records.b. Posting the sales amount to the wrong customer account because a customer account number was incorrectly keyed into the system
.c. Making a credit sale to a customer who is already four months behind in making payments on his account.
d. Authorizing a credit memo for a sales return when the goods were never actually returned.
e. Writing off a customer’s accounts receivable balance as uncollectible to conceal the theft of subsequent cash payments from that customer.
f. Billing customers for the quantity ordered when the quantity shipped was actually less due to back ordering of some items
.g. Lost sales because of stockouts of several products for which the computer records indicated there was adequate quantity on hand.
h. A sales clerk sold a $7,000 wide-screen TV…
A serious exposure in the ordering process of the expenditure cycle is increased inventory costs. What is the related threat and applicable control procedure that address this exposure?
A. mistakes in counting; do not inform receiving employees about quantity ordered
B. paying for items not received; requiring that all supplier invoices be matched to supporting documents
C. purchasing at inflated prices; review of purchase orders
D. theft of inventory; periodic physical counts of inventory and reconciliation to recorded quantities
E. mistakes in posting to accounts payable; reconciliation of detailed accounts payable to the general ledger control account
Matching Type: Choose appropriate controls with the given possible frauds and errors.- You can choose multiple controls for 1 number of possible errors and controls
- controls already answered from preceding number can still be answered for succeeding number.
Chapter 12 Solutions
Pkg Acc Infor Systems MS VISIO CD
Ch. 12 - Prob. 1RQCh. 12 - What primary functions does the purchasing process...Ch. 12 - Prob. 3RQCh. 12 - What are the fundamental responsibilities of each...Ch. 12 - Describe supply chain management (SCM).Ch. 12 - Prob. 6RQCh. 12 - Prob. 7RQCh. 12 - Prob. 8RQCh. 12 - Prob. 9RQCh. 12 - Prob. 10RQ
Ch. 12 - Prob. 11RQCh. 12 - What types of frauds are typically found in the...Ch. 12 - What are the typical effectiveness goals of the...Ch. 12 - What characterizes a valid PO input? What...Ch. 12 - Prob. 15RQCh. 12 - Describe the impact that entity-level controls...Ch. 12 - Prob. 1DQCh. 12 - Explain why ambiguities and conflicts exist among...Ch. 12 - Prob. 3DQCh. 12 - Prob. 4DQCh. 12 - Prob. 5DQCh. 12 - Prob. 6DQCh. 12 - Prob. 7DQCh. 12 - Prob. 1SPCh. 12 - Prob. 2SPCh. 12 - Prob. 3SPCh. 12 - Prob. 4SPCh. 12 - Prob. 4PCh. 12 - Prob. 5PCh. 12 - Prob. 6P
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Similar questions
- An employee in the receiving department keyed in a shipment from a remote terminal and inadvertently omitted the purchase order number. The best systems control to detect this error would be aa. batch total.b. completeness test.c. sequence check.d. reasonableness test.e. compatibility test.arrow_forwardTests of Controls and Errors/Frauds. The following four questions are taken from an internal control questionnaire. For each question, state (a) one test of controls procedure you could use to find out whether the control technique was really functioning and (b) what error or fraud could occur if the question were answered “no” or if you found the control was not effective.1. Are blank sales invoices available only to authorized personnel?2. Are sales invoices prenumbered and are all numbers accounted for?3. Are sales invoices checked for the accuracy of quantities billed? Prices used? Mathematical calculations?4. Are the duties of the accounts receivable bookkeeper separate from all cash functions?5. Are customer accounts regularly balanced with the control account?6. Do customers receive a monthly statement even when the ending balance on the account is zero?arrow_forwardwhich, if any of the following situations represents improper segregation of functions? Explain your answer. a. the billing department prepares the customers' invoices and records the sale in the sales journal b. The mailroom clerk opens a cash receipt envelopes from customers and also prepared the remittance risk c. Accounting clerk receives journal vouchers from various departments and also posts to the GL accounts d. The sales department approves sales credit memos as the result of product returns and forwards these to the AR department, which adjusts the customer accounts to reflect the return.arrow_forward
- 1. Which of the following is a control procedure to address the threat of purchasing goods or services at inflated prices? A. Requiring multiple approvals for purchases B. Performing regular physical inventory counts C. Conducting vendor audits D. Implementing encryption for sensitive data 2. Which of the following is not a common error in the expenditure cycle? A. Recording the wrong purchase order number B. Recording the wrong vendor name for goods received C. Recording the wrong quantity of goods received D. Recording the wrong price for goods received 3. The primary objective of internal controls in the expenditure cycle is to: A. Ensure the accuracy and completeness of financial transactions B. Streamline the procurement process C. Minimize the cost of purchases D. Increase the speed of payment processingarrow_forward1. Match the description on the left with the type of theft on the right using Excel spreadsheet. See notes below. 1. Most common type of noncash theft 2. Goods shipped to an accomplice 3. Altering physical inventory counts to cover theft 4. Goods are stolen, then a receiving document is created showing fewer goods received a. Fraudulent write-off b. Unconcealed larceny c. Falsified shipping or receiving report d. Fraudulent shipmentarrow_forwardWhich of the following is not generally an internal control activity? a.Physically counting inventory in a perpetual inventory system b.Establishing clear lines of authority to carry out specific tasks c.Reducing the cost of hiring seasonal employees d.Limiting access to computerized accounting recordsarrow_forward
- Which of the following situations is NOT a segregation of duties violation?a. The treasurer has the authority to sign checks but gives the signature block to the assistant treasurer to run the check-signing machine.b. The warehouse clerk, who has custodial responsibility over inventory in the warehouse, selects the vendor and authorizes purchases when inventories are low.c. The sales manager has the responsibility to approve credit and the authority to write off accounts.d. The department time clerk is given the undistributed payroll checks to mail to absent employees.e. The accounting clerk who shares the record keeping responsibility for the accounts receivable subsidiary ledger performs the monthly reconciliation of the subsidiary ledger and the control account.arrow_forwardWhich 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 valuearrow_forwardWhen the store manager receives a requisition note, he issues three copies of purchase order. Two copies of these orders are sent to the vendor and one copy remains in the stores file. When the goods are received, the store manager matches the purchase order with the invoice and forwards them to accounts payable department for payment of dues. Which of the following statement best describes the internal control over the purchasing process? Inadequate control over accounts payable. Inadequate segregation of duties. Inadequate segregation of duties. Adequate internal control exists.arrow_forward
- Solve pleaser itarrow_forwardWhich of the following is a test of control relating to purchases? a. None of the options b. Give samples to customers before they order c.accept goods into warehouse without any checking. d. Observe goods being received to verify goods are quality checked onarrow_forwardSales orders are written by sales people who have no access to the goods, which are released by warehouse personnel. This is example of: an analytical review establishing a system for storing and counting inventory proper documentation that is monitored properly segregation of dutiesarrow_forward
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