Suggest a control to prevent it from happening for the misstatement, if a bill from a supplier was paid even though the shipment was not received.

Question

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Answer 1

Question

Chapter 7A, Problem 4SPA

1.

To determine

Suggest a control to prevent it from happening for the misstatement, if a bill from a supplier was paid even though the shipment was not received.

2.

To determine

Suggest a control to prevent it from happening for the misstatement, if a supplier’s bill was paid twice for the same purchase.

3.

To determine

Suggest a control to prevent it from happening for the misstatement, if a plant employee increased the pay rate by entering the computer system using a plant terminal and altering the payroll records.

4.

To determine

Suggest a control to prevent it from happening for the misstatement, if the cash receipts clerk kept a portion of the regular bank deposits for personal use and concealed the theft by manipulating the monthly bank reconciliation prepared.

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The following data were selected from the records of Fluwars Company for the year ended December 31, current year: Balances at January 1, current year: Accounts receivable (various customers) $ 111,500 Allowance for doubtful accounts 11,200 The company sold merchandise for cash and on open account with credit terms 1/10, n/30, without a right of return. The following transactions occurred during the current year: Sold merchandise for cash, $252,000. Sold merchandise to Abbey Corp; invoice amount, $36,000. Sold merchandise to Brown Company; invoice amount, $47,600. Abbey paid the invoice in (b) within the discount period. Sold merchandise to Cavendish Inc.; invoice amount, $50,000. Collected $113,100 cash from customers for credit sales made during the year, all within the discount periods. Brown paid its account in full within the discount period. Sold merchandise to Decca Corporation; invoice amount, $42,400. Cavendish paid its account in full after the…

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Answer 2

Question

Chapter 7A, Problem 4SPA

1.

To determine

Suggest a control to prevent it from happening for the misstatement, if a bill from a supplier was paid even though the shipment was not received.

2.

To determine

Suggest a control to prevent it from happening for the misstatement, if a supplier’s bill was paid twice for the same purchase.

3.

To determine

Suggest a control to prevent it from happening for the misstatement, if a plant employee increased the pay rate by entering the computer system using a plant terminal and altering the payroll records.

4.

To determine

Suggest a control to prevent it from happening for the misstatement, if the cash receipts clerk kept a portion of the regular bank deposits for personal use and concealed the theft by manipulating the monthly bank reconciliation prepared.

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Answer 3

Question

Chapter 7A, Problem 4SPA

1.

To determine

Suggest a control to prevent it from happening for the misstatement, if a bill from a supplier was paid even though the shipment was not received.

2.

To determine

Suggest a control to prevent it from happening for the misstatement, if a supplier’s bill was paid twice for the same purchase.

3.

To determine

Suggest a control to prevent it from happening for the misstatement, if a plant employee increased the pay rate by entering the computer system using a plant terminal and altering the payroll records.

4.

To determine

Suggest a control to prevent it from happening for the misstatement, if the cash receipts clerk kept a portion of the regular bank deposits for personal use and concealed the theft by manipulating the monthly bank reconciliation prepared.

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Answer 4

Question

Chapter 7A, Problem 4SPA

1.

To determine

Suggest a control to prevent it from happening for the misstatement, if a bill from a supplier was paid even though the shipment was not received.

2.

To determine

Suggest a control to prevent it from happening for the misstatement, if a supplier’s bill was paid twice for the same purchase.

3.

To determine

Suggest a control to prevent it from happening for the misstatement, if a plant employee increased the pay rate by entering the computer system using a plant terminal and altering the payroll records.

4.

To determine

Suggest a control to prevent it from happening for the misstatement, if the cash receipts clerk kept a portion of the regular bank deposits for personal use and concealed the theft by manipulating the monthly bank reconciliation prepared.

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Answer 5

Chapter 7A, Problem 4SPA

1.

To determine

Suggest a control to prevent it from happening for the misstatement, if a bill from a supplier was paid even though the shipment was not received.

2.

To determine

Suggest a control to prevent it from happening for the misstatement, if a supplier’s bill was paid twice for the same purchase.

3.

To determine

Suggest a control to prevent it from happening for the misstatement, if a plant employee increased the pay rate by entering the computer system using a plant terminal and altering the payroll records.

4.

To determine

Suggest a control to prevent it from happening for the misstatement, if the cash receipts clerk kept a portion of the regular bank deposits for personal use and concealed the theft by manipulating the monthly bank reconciliation prepared.

Answer 6

Chapter 7A, Problem 4SPA

1.

To determine

Suggest a control to prevent it from happening for the misstatement, if a bill from a supplier was paid even though the shipment was not received.

Answer 7

Chapter 7A, Problem 4SPA

1.

To determine

Suggest a control to prevent it from happening for the misstatement, if a bill from a supplier was paid even though the shipment was not received.

Answer 8

2.

To determine

Suggest a control to prevent it from happening for the misstatement, if a supplier’s bill was paid twice for the same purchase.

Answer 9

2.

To determine

Suggest a control to prevent it from happening for the misstatement, if a supplier’s bill was paid twice for the same purchase.

Answer 10

3.

To determine

Suggest a control to prevent it from happening for the misstatement, if a plant employee increased the pay rate by entering the computer system using a plant terminal and altering the payroll records.

Answer 11

3.

To determine

Suggest a control to prevent it from happening for the misstatement, if a plant employee increased the pay rate by entering the computer system using a plant terminal and altering the payroll records.

Answer 12

4.

To determine

Suggest a control to prevent it from happening for the misstatement, if the cash receipts clerk kept a portion of the regular bank deposits for personal use and concealed the theft by manipulating the monthly bank reconciliation prepared.

Answer 13

4.

To determine

Suggest a control to prevent it from happening for the misstatement, if the cash receipts clerk kept a portion of the regular bank deposits for personal use and concealed the theft by manipulating the monthly bank reconciliation prepared.

Answer 14

Expert Solution & Answer

Answer 15

Expert Solution & Answer

Answer 16

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Answer 17

Ch. 7A - Prob. 1RQ Ch. 7A - Prob. 2RQ Ch. 7A - Prob. 3RQ Ch. 7A - Prob. 4RQ Ch. 7A - Prob. 5RQ Ch. 7A - Prob. 6RQ Ch. 7A - Prob. 7RQ Ch. 7A - Prob. 8RQ Ch. 7A - Prob. 9RQ Ch. 7A - Prob. 1SEA

Suggest a control to prevent it from happening for the misstatement, if a bill from a supplier was paid even though the shipment was not received.

Solution Summary: The author enumerates the policies and procedures that are established to assist the management in meeting its control objectives.

Suggest a control to prevent it from happening for the misstatement, if a bill from a supplier was paid even though the shipment was not received.

Suggest a control to prevent it from happening for the misstatement, if a supplier’s bill was paid twice for the same purchase.

Suggest a control to prevent it from happening for the misstatement, if a plant employee increased the pay rate by entering the computer system using a plant terminal and altering the payroll records.

Suggest a control to prevent it from happening for the misstatement, if the cash receipts clerk kept a portion of the regular bank deposits for personal use and concealed the theft by manipulating the monthly bank reconciliation prepared.

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Chapter 7A Solutions