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 financial statement information is from five separate companies. Beginning of year Assets Liabilities Compan Compan Compan Compan Compan УА y B ус y D y E $ 55,000 $34,000 $24,000 $60,000 $1,19,00 24,500 21,500 9,000 40,000 ? End of year Assets Liabilities Changes during 58,000 40,000 ? 85,000 1,13,000 ? 26,500 29,000 24,000 70,000 the year Owner 6,000 1,400 9,750 ? 6,500 investments Net income (loss) 8,500 ? 8,000 14,000 20,000 Owner 3,500 2,000 5,875 0 11,000 withdrawals Compute the amount of liabilities for Company E at the beginning of the year. End of the year Assets = Liabilities + Equity $ 1,13,000 = $ 70,000 + $ 43,000 Statement of Owner's equity Equity, beginning of year $ 43,000 Add: Investment by owner 6,500 Add: Net Income 20,000 69,500 Less: Withdrawal by owner 11,000 Equity, end of year ?

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

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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