what specific internal control procedure would prevent the sale of goods on account to a fictitious...
Homework Answers
specific internal control procedure would prevent the sale of goods on account to a fictitious customer
The company should periodically, perhaps monthly, send an account summary to each customer listing invoices and amounts paid by check number and date. This form allows the customer to verify the accuracy of the records. If any payments are not recorded, they will notify the company of the discrepancy. These reports should not be handled by the accounts receivable clerk or the cashier
Add Answer to:
what specific internal control procedure would prevent the
sale of goods on account to a fictitious...
what specific internal control procedure would prevent a customer from being billed for all 50 items...
what specific internal control procedure would prevent a customer from being billed for all 50 items ordered although only 40 items were shipped
2. State two specific functions or jobs that should be segregated in the sales processing system....
2. State two specific functions or jobs that should be segregated in the sales processing system. 3. State two specific functions or jobs that should be segregated in the cash receipts system. 4. For the revenue cycle, state two specific independent verifications that should be performed. What task can the accounts receivable department engage in to verify that all checks sent by the customers have been appropriately deposited and recorded? 6. What specific internal control procedure would prevent the sale...
a credit sale is made to a customer, even though the customer account is four months...
a credit sale is made to a customer, even though the customer account is four months overdue. describe a specific internal control procedure that would prevent this from happening
the clerk who open the mail routinely steals remittances. describe a specific internal control procedure that...
the clerk who open the mail routinely steals remittances. describe a specific internal control procedure that would prevent or detect this fraud
A clerk embezzles customer payments on account and covers up the theft by making an adjustment...
A clerk embezzles customer payments on account and covers up the theft by making an adjustment to the accounts receivable ledger. Describe a specific internal control procedure that would prevent this fraud.
What internal control procedure(s) would be most effective in preventing the following errors or fraudulent acts?...
What internal control procedure(s) would be most effective in preventing the following errors or fraudulent acts? a) An inadvertent data entry error caused an employee’s wage rate to be overstated in the payroll master file. b) A fictitious employee payroll record was added to the payroll master file. c) During data entry, the hours worked on an employee’s time card for one day were accidentally entered as 80 hours, instead of 8 hours. d) A computer operator used an online...
Pick one of the following and describe a control procedure. Basically, each one has more than...
Pick one of the following and describe a control procedure. Basically, each one has more than one control that can be implemented. What internal control procedure(s) would provide protection against the following threats? Theft of goods by the shipping dock workers, who claim that the inventory shortages reflect errors in the inventory records Posting the sales amount to the wrong customer account because a customer account number was incorrectly keyed into the system Making a credit sale to a customer...
Please write a case study about "Internal Control" This case study should tell a story using fictitious scenarios/r...
Please write a case study about "Internal Control" This case study should tell a story using fictitious scenarios/roles and may be designed from different angles. Please feel free to choose one of the following three angles and write one paragraph with 150-300 words. Suggested angles: How would we execute internal control when we have cash receipts? • What about internal control in our cash payment process? • Why is internal control important to our business?
What are internal control functions performed by a cash register and point-of-sale system? How are these...
What are internal control functions performed by a cash register and point-of-sale system? How are these functions performed when cash is received by mail? Two laragraphs specific and thiughtful response to the topic
Two laragraphs specific and thiughtful response to the topic What are internal control functions performed by...
Two
laragraphs specific and thiughtful response to the topic
What are internal control functions performed by a cash register and point-of-sale system? How are these functions performed when cash is received by mail?
2. State two specific functions or jobs that should be segregated in the sales processing system. 3. State two specific functions or jobs that should be segregated in the cash receipts system. 4. For the revenue cycle, state two specific independent verifications that should be performed. What task can the accounts receivable department engage in to verify that all checks sent by the customers have been appropriately deposited and recorded? 6. What specific internal control procedure would prevent the sale...
Please write a case study about "Internal Control" This case study should tell a story using fictitious scenarios/roles and may be designed from different angles. Please feel free to choose one of the following three angles and write one paragraph with 150-300 words. Suggested angles: How would we execute internal control when we have cash receipts? • What about internal control in our cash payment process? • Why is internal control important to our business?
What are internal control functions performed by a cash register and point-of-sale system? How are these functions performed when cash is received by mail? Two laragraphs specific and thiughtful response to the topic
Two
laragraphs specific and thiughtful response to the topic
What are internal control functions performed by a cash register and point-of-sale system? How are these functions performed when cash is received by mail?
Most questions answered within 3 hours.
-
A hospital performs 100 surgeries per week. The probability that
complications after surgery occur is 10%....
asked 37 seconds ago -
A 5.20 mW helium neon laser emits a visible laser beam with a
wavelength of 633...
asked 1 minute ago -
In preparing its cash flow statement for the year ended December
31, 2018, Green Co. gathered...
asked 2 minutes ago -
Donna is 18 years old and full time accounting student.She is
saving for an overseas holiday...
asked 2 minutes ago -
Service-oriented architectures (SOA) provide
object-oriented architectures for web platforms that represent a
collection of services. SOA...
asked 3 minutes ago -
Le Terroir Winery is considering an expansion project to produce
fine wines. The trial expansion will...
asked 12 minutes ago -
The Bahraini public budget experiences deficit in the last
seven years, what are procedures are taken...
asked 19 minutes ago -
You invested $30,000 in a mutual fund at the beginning of the
year when the NAV...
asked 23 minutes ago -
Would you expect the price elasticity of supply for guitars to
be more inelastic in the...
asked 24 minutes ago -
A snowmobile is originally at the point with position vector
30.1 m at 95.0° counterclockwise from...
asked 24 minutes ago -
MAN3240 Organizational Behavior
In one to two paragraphs
6.) How can understanding emotions make me more...
asked 32 minutes ago -
Identify one individual who, in your opinion, is an excellent
leader. List the qualities that this...
asked 30 minutes ago