ZuoTi.Pro
Question

Internal controls: Question 3 options A) are not subject to collusion. B) are never affected by...

Internal controls:

Question 3 options

A)

 are not subject to collusion.

B)

 are never affected by fatigue and negligence.

C)

 can never be beat.

D)

 can be circumvented.

A receiving report:

Question 1 options:

A)

 identifies that the merchandise has been received and ends the purchasing process.

B)

 is sent by the purchasing department to the customer who purchases the item.

C)

 identifies the need for merchandise and begins the purchasing process.

D)

 includes the invoice, receiving report, purchase order and purchase request.
business   accounting   
0 0
Add a comment Improve this question Transcribed image text
Next > < Previous
Sort answers by oldest

Homework Answers

Answer #1

(1)

OPTION D: Can be circumvented

EXPLANATION:

Internal controls are subject to certain limitations such as human intervention by way of overriding the controls established, collusion etc

(2)

OPTION A: identifies that the merchandise has been received and ends the purchasing process.

EXPLANATION:

A Receiving report confirms that the merchandise is arrived at the company. It is an important record of merchandise.

0 0
Add a comment
Know the answer?
Add Answer to:
Internal controls: Question 3 options A) are not subject to collusion. B) are never affected by...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions

  • Evaluation and testing of controls at Hales Ltd Tyrone has provided a narrative of controls over...

    Evaluation and testing of controls at Hales Ltd Tyrone has provided a narrative of controls over inventory at Hales Ltd and would like you to provide some advice on making the preliminary control risk assessment. Hales is a distributor of haircare products, including shampoos, conditioners and styling products throughout Australia. Hales uses an on-line ordering system. Hales does not manufacture any goods in house, instead, an inventory of raw materials is kept, with manufacturing being outsourced to other companies. Hales...

  • Evaluation and testing of controls at Hales Ltd Tyrone has provided a narrative of controls over...

    Evaluation and testing of controls at Hales Ltd Tyrone has provided a narrative of controls over inventory at Hales Ltd and would like you to provide some advice on making the preliminary control risk assessment. Hales is a distributor of haircare products, including shampoos, conditioners and styling products throughout Australia. Hales uses an on-line ordering system. Hales does not manufacture any goods in house, instead, an inventory of raw materials is kept, with manufacturing being outsourced to other companies. Hales...

  • Cloud 9 - Continuing Case Sharon Gallagher and Josh Thomas have assessed the internal controls at...

    Cloud 9 - Continuing Case Sharon Gallagher and Josh Thomas have assessed the internal controls at Cloud 9 as being effective at an entity level. This means that, at a high level, the company demonstrates an environment where potential material misstatements are prevented or detected. Answer the following questions based on the information presented for Cloud 9 in the appendix to this text and the current and earlier chapters. You should also consider your answers to the case-study questions in...

  • The Commissioner of Internal Revenue ("Commissioner") appeals the Tax Court's decision that he abused his discretion...

    The Commissioner of Internal Revenue ("Commissioner") appeals the Tax Court's decision that he abused his discretion in requiring Jim Turin & Sons, Inc. ("taxpayer"), to use the accrual method of accounting to compute its federal taxes for the tax years at issue. In particular, the Commissioner contests the Tax Court's finding that emulsified asphalt is not "merchandise," as that term is used in 26 C.F.R.S 1.471-1. The Tax Court had jurisdiction pursuant to 26 U.S.C.SS 6213, 6214, and 7442. We...

  • The Commissioner of Internal Revenue ("Commissioner") appeals the Tax Court's decision that he abused his discretion...

    The Commissioner of Internal Revenue ("Commissioner") appeals the Tax Court's decision that he abused his discretion in requiring Jim Turin & Sons, Inc. ("taxpayer"), to use the accrual method of accounting to compute its federal taxes for the tax years at issue. In particular, the Commissioner contests the Tax Court's finding that emulsified asphalt is not "merchandise," as that term is used in 26 C.F.R.S 1.471-1. The Tax Court had jurisdiction pursuant to 26 U.S.C.SS 6213, 6214, and 7442. We...

  • need help for solve multiple choice question... 1.The employee summary report option shows Select one: a....

    need help for solve multiple choice question... 1.The employee summary report option shows Select one: a. earnings and deductions from a paycheque b. all information entered in employee records c. wage or salary amounts d. all year-to-date totals 2.In the process of correcting a wrong employee error all but one is used – Select one: a. prepare a new entry for the correct employee b. one should remember to recalculate the taxes c. open the adjust cheque window for the...

  • How can we assess whether a project is a success or a failure? This case presents...

    How can we assess whether a project is a success or a failure? This case presents two phases of a large business transformation project involving the implementation of an ERP system with the aim of creating an integrated company. The case illustrates some of the challenges associated with integration. It also presents the obstacles facing companies that undertake projects involving large information technology projects. Bombardier and Its Environment Joseph-Armand Bombardier was 15 years old when he built his first snowmobile...

  • Super stuck on a couple of questions on this scenario. Advanced Scenario 7: Mark and Barbara...

    Super stuck on a couple of questions on this scenario. Advanced Scenario 7: Mark and Barbara Matthews Directions Using the tax software, complete the tax retum, including Form 1040 and all appropri- ate forms, schedules, or worksheets. Answer the questions following the scenario. Note: When entering Social Security numbers (SSNS) or Employer identification Numbers (EINS), replace the Xs as directed, or with any four digits of your choice. Interview Notes • Mark and Barbara are married and want to file...

  •   1. When it comes to financial matters, the views of Aristotle can be stated as:...

      1. When it comes to financial matters, the views of Aristotle can be stated as: a. usury is nature’s way of helping each other. b. the fact that money is barren makes it the ideal medium of exchange. c. charging interest is immoral because money is not productive. d. when you lend money, it grows more money. e. interest is too high if it can’t be paid back.  2. Since 2008, when the monetary base was about $800 billion,...

  • Case: Enron: Questionable Accounting Leads to CollapseIntroductionOnce upon a time, there was a gleaming...

    Case: Enron: Questionable Accounting Leads to CollapseIntroductionOnce upon a time, there was a gleaming office tower in Houston, Texas. In front of that gleaming tower was a giant “E,” slowly revolving, flashing in the hot Texas sun. But in 2001, the Enron Corporation, which once ranked among the top Fortune 500 companies, would collapse under a mountain of debt that had been concealed through a complex scheme of off-balance-sheet partnerships. Forced to declare bankruptcy, the energy firm laid off 4,000...

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
Active Questions
ADVERTISEMENT