Which of the following controls can minimize the threat of theft of cash? A Separation of...
Which of the following controls can minimize the threat of theft of cash?
| A |
Separation of billing and shipping functions. |
|
| B |
Use of cash registers. |
|
| C |
Bar-code and RFID technology. |
|
| D |
Restriction of access to master data. |
Identify one way to improve the accuracy of inventory records that use a perpetual inventory approach
| A |
use of an MRP inventory system |
|
| B |
require the accounting department to calculate cost of goods sold periodically |
|
| C |
use of an ERP system |
|
| D |
use IT to eliminate the need for manual data entry |
In transaction processing, generally which activity comes first?
| A |
capturing data on source documents |
|
| B |
recording data in a journal |
|
| C |
posting items to special journals |
|
| D |
recording data in a general ledger |
Homework Answers
|
1. Option B Using of cash registers significantly reduces the threat of theft of cash |
||
|
2. Option D Using the information technology to eliminate the need for physical data entry |
||
| 3. Option A |
Add Answer to:
Which of the following controls can minimize the threat of theft
of cash?
A
Separation of...
20) In a revenue cycle with proper controls, the involved in any cash handling activities. A)...
20) In a revenue cycle with proper controls, the involved in any cash handling activities. A) accounts receivable clerk, treasurer B) accounts receivable clerk; controller C) cashier, controller D) cashier; treasurer who reports to the is not 21) A serious exposure in the revenue eyele is loss of assets. What is the related applicable control procedure that address this exposure? A) shipping errors: reconciliation of sales order with picking ticket and packing B) theft of cash; segregation of duties and...
Implementation of an ERP system requires increased focus on all except which of the following controls? A...
Implementation of an ERP system requires increased focus on all except which of the following controls? A controls over access to data B data entry controls on validity and accuracy C appropriate disposal of hard copy reports D segregation of duties between custody, authorization, and recording
Create a system flowchart and review the controls in the process. See attached document for details....
Create a system flowchart and review the controls in the
process. See attached document for details.
Flowchart Assignment Business Process Diagramming and Control Evaluation The project is based on the business processes and controls for Order Entry/ Shipping and Billing / Cash Receipts at NashGulch Furnishings. NashGulch Furnishing sells high end, i.e. expensive and unique, home and office furnishings to design studios, building contractors, and architects. Customers place orders over the phone to the NashGulch customer fulfillment center, Nash Gulch...
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1. Consider the following statements: I. Lapping involves covering a theft related to accounts receivable...
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11-32(Objective 11-3) The following is the description of sales and cash receipts for the Lady’s Fashion Fair, a retail...
11-32(Objective 11-3) The following is the description of sales and cash receipts for the Lady’s Fashion Fair, a retail store dealing in expensive women’s clothing. Sales are mainly on account using the store’s own billing rather than credit cards; however, some customers prefer to pay cash. Salesclerks assist customers and then direct them to the central desk for payment. The computer used to enter sales is operated by the store supervisor, who has been employed for 10 years by Alice...
11-32 (Objective 11-3) The following is the description of sales and cash receipts for the Lady’s...
11-32 (Objective 11-3) The
following is the description of sales and cash receipts for the
Lady’s Fashion Fair, a retail store dealing in expensive women’s
clothing. Sales are mainly on account using the store’s own billing
rather than credit cards; however, some customers prefer to pay
cash.
Salesclerks assist customers and then direct them to the central
desk for payment. The computer used to enter sales is operated by
the store supervisor, who has been employed for 10 years by...
8. If a line is balanced with 80 percent efficiency, the "balance delay" will be: 20 percent. B. 80 pe...
8. If a line is balanced with 80 percent efficiency, the "balance delay" will be: 20 percent. B. 80 percent. C. 100 percent. D. unknown, since balance delay is not related to efficieney. E. depends on the next operation. 9. A common goal in designing process layouts is: A. minimizing the number of workers. B. minimizing number of machines. minimizing transportation costs. maximizing workstation productive time E. maximizing transportation distances. 07) vnit 10. The maximum allowable cycle time is computed...
8. Which of the following accounts has a normal debit balance? a. Accounts Payable b. Sales...
8. Which of the following accounts has a normal debit balance? a. Accounts Payable b. Sales Returns and Allowances c. Sales d. Interest Revenue 9. Using a perpetual inventory system, the entry to record the purchase of $30,000 of merchandise on account would include a a. debit to Sales b. debit to Merchandise Inventory c. credit to Merchandise Inventory d. credit to Sales 10. A retailer purchases merchandise with a catalog list price of $15,000. The retailer receives a 30%...
20) In a revenue cycle with proper controls, the involved in any cash handling activities. A) accounts receivable clerk, treasurer B) accounts receivable clerk; controller C) cashier, controller D) cashier; treasurer who reports to the is not 21) A serious exposure in the revenue eyele is loss of assets. What is the related applicable control procedure that address this exposure? A) shipping errors: reconciliation of sales order with picking ticket and packing B) theft of cash; segregation of duties and...
Create a system flowchart and review the controls in the
process. See attached document for details.
Flowchart Assignment Business Process Diagramming and Control Evaluation The project is based on the business processes and controls for Order Entry/ Shipping and Billing / Cash Receipts at NashGulch Furnishings. NashGulch Furnishing sells high end, i.e. expensive and unique, home and office furnishings to design studios, building contractors, and architects. Customers place orders over the phone to the NashGulch customer fulfillment center, Nash Gulch...
11-32 (Objective 11-3) The
following is the description of sales and cash receipts for the
Lady’s Fashion Fair, a retail store dealing in expensive women’s
clothing. Sales are mainly on account using the store’s own billing
rather than credit cards; however, some customers prefer to pay
cash.
Salesclerks assist customers and then direct them to the central
desk for payment. The computer used to enter sales is operated by
the store supervisor, who has been employed for 10 years by...
8. If a line is balanced with 80 percent efficiency, the "balance delay" will be: 20 percent. B. 80 percent. C. 100 percent. D. unknown, since balance delay is not related to efficieney. E. depends on the next operation. 9. A common goal in designing process layouts is: A. minimizing the number of workers. B. minimizing number of machines. minimizing transportation costs. maximizing workstation productive time E. maximizing transportation distances. 07) vnit 10. The maximum allowable cycle time is computed...
8. Which of the following accounts has a normal debit balance? a. Accounts Payable b. Sales Returns and Allowances c. Sales d. Interest Revenue 9. Using a perpetual inventory system, the entry to record the purchase of $30,000 of merchandise on account would include a a. debit to Sales b. debit to Merchandise Inventory c. credit to Merchandise Inventory d. credit to Sales 10. A retailer purchases merchandise with a catalog list price of $15,000. The retailer receives a 30%...
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