Chapter 2, Problem 3Q

In one sentence, what does updating a master file record involve?

Provide an appropriate response based on the following scenarios. Assume that the accounting clerk posts a customer’s payment for the wrong amount, giving the customer credit for less than he or she actually paid. How will this error be detected? How might this error have been prevented?  Assume that the employee who opens the mail steals a customer payment. How will this theft be detected? How might this theft have been prevented?

The collection of accounts of Customer Alexander is recorded as a credit to the ledger of Customer Sean. What is the effect of the error in the total assets of the entity?

In your own words, explain the meaning of authentication and authorization. Be sure to distinguish between these two items. Give a specific example of how a compan achieves thiese. That is, one example for authentication and one other example for authorization.

Which of the following control procedures mitigates the threat of duplicate payments? Select one: a. When an invoice is paid, the invoice and the entire voucher package should be canceled (for example marked “paid”) in a way that it cannot be submitted again. b. When evaluated receipt settlement (invoice-less system) is used, receiving reports need not be marked as paid as no invoices are generated. c. Photocopied invoices can be paid. d. Invoices should be approved for payment only when accompanied by a valid purchase order.

This answer is incorrect, can someone double check?

A sales transaction was coded with an invalid customer account code (XXX-XX-XXX rather than XXX-XXX-XXX). The error was not detected until the updating run when it was found that there was no such account to which the transaction could be posted. A control procedure that would serve as a preventive control for this situation would be: Select one: O a. Hash total O b. Check digit O c. Validity test O d. Either B or C

Listed here are five scenarios. For each scenario, discuss the possible damages that can occur. Suggest a preventive control.a. An intruder taps into a telecommunications device and retrieves the identifying codes and personal identification numbers for ATM cardholders. (The user subsequently codes this information ontoa magnetic coding device and places this strip on a piece of cardboard.)b. Because of occasional noise on a transmission line, electronic messages received are extremely garbled.c. Because of occasional noise on a transmission line, data being transferred is lost or garbled.d. An intruder is temporarily delaying important strategic messages over the telecommunications lines.e. An intruder is altering electronic messages before the user receives them.

The need to physically check bills of lading and other documents can be eliminated by using RFID. Select one: a. True b. False