Homework Answers
The four control weaknesses depicted in the Flowchart are:
1. In Sales : Sales may be Cash or Credit
2. In Credit: After 'Authorising the Customer's credit, 'Approve the Credit copy' before 'prepare Invoice and Bill Customer'
3.In Billing : It may be Credit Invoice or Cash Memo
4. In Cash Receipt: Remittance may be in Cash or Check
Accordingly the Flow chart has to be amended
Add Answer to:
Sales Credit Billing Customer Cash Receipt Credit Copy Warehouse Approved Credit Copy Customer Customer Order Invoice...
Sales Order Processing System The customer sales order is received via phone or through the mail. Gus Grinwich, the sales clerk, receives the sales order and checks the customer’s credit record. Once...
Sales Order Processing System The customer sales order is received via phone or through the mail. Gus Grinwich, the sales clerk, receives the sales order and checks the customer’s credit record. Once Grinwich checks the customer’s credit record, he prepares the sales order. From this sales order, Grinwich prepares a customer copy, stock release, shipping notice, two copies of the invoice, ledger copy, packing slip, and the file copy. One of the invoice copies, the ledger copy, and the file...
Green Products Garden Supply (Stand-Alone PC-Based Accounting System) Green Products Garden (GPG) Supply sells and distributes...
Green Products Garden Supply (Stand-Alone PC-Based Accounting System) Green Products Garden (GPG) Supply sells and distributes a wide range of garden products and equipment including organic fertilizers, premium flower and grass seeds, organic pesticides, and garden spreaders. GPG's headquarters and warehouse is located in Hopewell, Virginia. Their customers are primarily small garden centers and landscape companies in the Mid-Atlantic States. Sales are on credit. GPG's current information system includes manual procedures supported by independent (non-networked) PCs in each department. Communications...
Please create a narrative/summary for the given business process diagram. Sales Order Process Warehouse Sales Credit...
Please create a narrative/summary for the given business process
diagram.
Sales Order Process Warehouse Sales Credit Shipping Inventory Control A/R Customer Customer Accounts Accounts Receivable Verify inventory on hand Ship goods, mark order complete, and notify customer Update inventory records Update A/R records Sales Orders Credit check Yes Sufficient inventory? Inventory Credit purchase? Accounts Receivable No Approved credit? Packing slip Yes Revise sales order and notify customer Request payment Carrier Customer Fill order Sales Orders Sales Orders No Yes Payment...
At Kingston Industries, the revenue processes are conducted by five employees. The five employees are the...
At Kingston Industries, the revenue processes are conducted by five employees. The five employees are the sales clerk, warehouse clerk, accountant 1, accountant 2, and the collection clerk. A description of their duties is as follows: The sales clerk receives customer orders by phone. She prepares a four‐copy sales order form. She files one copy, one copy goes to the warehouse clerk, one copy goes to accountant 1, and one copy is mailed to the customer. After receiving a sales...
Reference the narrative for Figure 3-12(picture 1) to complete picture 2 the missing labels and data flows. ...
Reference the narrative for
Figure 3-12(picture 1) to complete picture 2 the missing labels and
data flows.
3.12 Charting, Inc., a new audit client of yours, processes its sales and cash receipts documents in the following manner: 1 Payment on account. Each morning a mail clerk in the sales department opens the mail. The mail clerk prepares a remittance advice (showing customer and amount paid) if one is not received. The checks and remittance advices are then for warded to...
Billing When Mr. Harris receives a delivery advice he matches them with the open sales orders and...
Billing When Mr. Harris receives a delivery advice he matches them with the open sales orders and reviews them for agreement in products and quantities ordered and delivered. If they match, Mr. Harris initials the delivery advice and enters the date of delivery into the open sales order file on the PC. The computer automatically prices the products, calculates product amounts, totals the invoice, and calculates the cash discount, which is 2/10 net 30. The computer then prints a sequentially...
List the weaknesses and suggest improvements in internal controls related to revenue cycle. Identify weaknesses in...
List the weaknesses and
suggest improvements in internal controls related to revenue
cycle.
Identify weaknesses in the internal control structure relating
to the activities of
1) warehouse clerk
2)bookkeeper #1
3)bookkeeper #3
4)collection clerk
SALES CLERK WAREHOUSE CLERK BOOKKEEPER #1 BOOKKEEPER #2 COLLECTION CLERK RECEIVES CUSTOMER ORDER BY PHONE APPROVED SALES ORDER 1 SALES ORDER SALES ORDER INVOICE CUSTOMER CHECK FROM MAIL CLERK 2 1 INVOICE 3 PREPARES 4-COPY SALES ORDER PREPARES SHIPPING ADVICE AUTHORIZED CUSTOMER'S CREDIT MATCHES INV &...
At Kingston Industries, the revenue processes are conducted by five employees. The five employees are the...
At Kingston Industries, the revenue processes are conducted by five employees. The five employees are the sales clerk, warehouse clerk, accountant 1, accountant 2, and the collection clerk. A description of their duties is as follows: A. The sales clerk receives customer orders by phone. She prepares a four-copy sales order form. She files one copy, one copy goes to the warehouse clerk, one copy goes to accountant 1, and one copy is mailed to the customer. B. After receiving...
Medina Co. is a seller of electronic equipment used by other companies in their business such...
Medina Co. is a seller of electronic equipment used by other companies in their business such as modified iPads to process customer payments, record and perform services, etc. Customers prepare a Purchase order (1 Copy received) and send it to the Sales Department of the Company. Once the Customer Purchase Order is received the Sales team manually prepared a "Sales Order" (5 copies). One copy of the Sales Order is given to the customer, one copy is sent to the...
Merchandise Sales and Shipping Process • A customer at Budget Electronics submits an order to the...
Merchandise Sales and Shipping Process • A customer at Budget Electronics submits an order to the Marketing Department, where the sale clerk enters it into the sales order system. Three copies of the sales order are produced, one is mailed to the customer and the two copies are sent to the Warehouse for processing. • The Credit Department checks credit for new customers only. If credit is approved, the master customer file is updated for credit limits. • First, the...
Please create a narrative/summary for the given business process
diagram.
Sales Order Process Warehouse Sales Credit Shipping Inventory Control A/R Customer Customer Accounts Accounts Receivable Verify inventory on hand Ship goods, mark order complete, and notify customer Update inventory records Update A/R records Sales Orders Credit check Yes Sufficient inventory? Inventory Credit purchase? Accounts Receivable No Approved credit? Packing slip Yes Revise sales order and notify customer Request payment Carrier Customer Fill order Sales Orders Sales Orders No Yes Payment...
Reference the narrative for
Figure 3-12(picture 1) to complete picture 2 the missing labels and
data flows.
3.12 Charting, Inc., a new audit client of yours, processes its sales and cash receipts documents in the following manner: 1 Payment on account. Each morning a mail clerk in the sales department opens the mail. The mail clerk prepares a remittance advice (showing customer and amount paid) if one is not received. The checks and remittance advices are then for warded to...
List the weaknesses and
suggest improvements in internal controls related to revenue
cycle.
Identify weaknesses in the internal control structure relating
to the activities of
1) warehouse clerk
2)bookkeeper #1
3)bookkeeper #3
4)collection clerk
SALES CLERK WAREHOUSE CLERK BOOKKEEPER #1 BOOKKEEPER #2 COLLECTION CLERK RECEIVES CUSTOMER ORDER BY PHONE APPROVED SALES ORDER 1 SALES ORDER SALES ORDER INVOICE CUSTOMER CHECK FROM MAIL CLERK 2 1 INVOICE 3 PREPARES 4-COPY SALES ORDER PREPARES SHIPPING ADVICE AUTHORIZED CUSTOMER'S CREDIT MATCHES INV &...
At Kingston Industries, the revenue processes are conducted by five employees. The five employees are the sales clerk, warehouse clerk, accountant 1, accountant 2, and the collection clerk. A description of their duties is as follows: A. The sales clerk receives customer orders by phone. She prepares a four-copy sales order form. She files one copy, one copy goes to the warehouse clerk, one copy goes to accountant 1, and one copy is mailed to the customer. B. After receiving...
Merchandise Sales and Shipping Process • A customer at Budget Electronics submits an order to the Marketing Department, where the sale clerk enters it into the sales order system. Three copies of the sales order are produced, one is mailed to the customer and the two copies are sent to the Warehouse for processing. • The Credit Department checks credit for new customers only. If credit is approved, the master customer file is updated for credit limits. • First, the...
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