Question

Preu ای ما بر اردنهر تیم مهم لمنع سرير اطار سعر 1. Which of the following is a control designed to prevent inventory theft? Prenumbered and controlled requisitions, receiving reports, inventory tags and sales tickets Making sure that the same employee who receives inventory also does the year-end physical count of inventory C. Making sure that the employee who keeps the ledger inventory accounts also does the year-end physical count of inventory d. Having one employee control shipping, receiving, and inventory records

Answer 1

Part - 1) option A

Internal control are very important for making the working conditions transparent and thus reducing scams. For reducing inventory theft, the firm should use pre-numbered requisitions, inventory tags, receiving reports, etc. so that before issuing any inventory to the internal staff or any other personnel, the particular specific inventory can be identified and the chances of intentional omitting of inventory record is also eliminated.

Part - 2) option D

Different persons should perform different duties i.e. the important control principle of internal control called segregation of duties. A single person should not be allowed to do multiple works as such acts may increase the chances of fraud. For example, Cashier should only collect and paid the cash and some other person should record the transaction in the cash register. This will ensure transparency. Hence, requisition, conversion of stock into scrap, disbursement of stock, receipt, etc.should be handled by different persons.