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.

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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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16. Candy Company projects the following sales: BB (Click on the icon to view the projected sales.) Candy collects sales on account in the month after the sale. The Accounts Receivable balance on January 1 is $12,300, which represents December's sales on account. Candy projects the following cash receipts from customers: BEE (Click on the icon to view the cash receipts from customers.) Recalculate cash receipts from customers if total sales remain the same but cash sales are only 5% of the total. Begin by computing the cash sales and sales on account for each month if cash sales are only 5% of the total. January February March Cash sales (5%) Sales on account (95%) Total sales $ 31,000 $ 27,000 $ 33,000 Data table X I Data table - X January February March January February March Cash sales (10%) $ 3,100 $ 27,900 Sales on account (90%) 2,700 $ 24,300 3,300 29,700 Cash receipts from cash sales Cash receipts from sales on account $ 3,100 $ 2,700 $ 12,300 27,900 3,300 24,300 $ 31,000 $…

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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