Homework Answers
In a good internal control system, to make the payment to supplier, required documents are purchase order from the company, Invoice from the supplier and goods receiving report from the company.
Sp only option a is correct as all other option miss one or more of the above mentioned documents.
Add Answer to:
20) In a good internal control system, which of the following sets of documents is required...
13-26 (Objectives 13-1, 13-4, 13-5) The following are independent internal controls commonly found in the acquisition...
13-26 (Objectives 13-1, 13-4, 13-5) The following are independent internal controls commonly found in the acquisition and payment cycle. Each control is to be considered independently. Before a check is prepared to pay for acquisitions by the accounts payable department, the related purchase order and receiving report are attached to the vendor’s invoice being paid. A clerk compares the quantity on the invoice with the receiving report and purchase order, compares the price with the purchase order, recomputes the extensions,...
Good internal control policies dictate that the purchasing agent should prepare the: O A. checks for payment. O B....
Good internal control policies dictate that the purchasing agent should prepare the: O A. checks for payment. O B. receiving report. O C. purchase order and receiving report. OD. purchase order.
เล. SYSTEM DOCIENTATON--EXPENDITURE CYCLE (MANUAL PROCEDURES) The folowing describes the expenditure cycle manual procedures for a hypothetical company. The inventory control clerk examines the i...
เล. SYSTEM DOCIENTATON--EXPENDITURE CYCLE (MANUAL PROCEDURES) The folowing describes the expenditure cycle manual procedures for a hypothetical company. The inventory control clerk examines the inventory records for items that must be replenished and prepares a two- part purchase requisition Copy 1 of the requisition is sent to the purchasing department, and Copy 2 is fied. Upon receipt of the requisition, the purchasing clerk selects a supplier from the valid vendor file (reference fie) and prepares a three part purchase order...
question c) You are interviewing for a new, internal audit position at Widgets INC. As part...
question c)
You are interviewing for a new, internal audit position at Widgets INC. As part of your interview process you have been asked to document the company's accounts payable process. You are provided the following description of the current accounts payable system at Widgets INC: “Before Widgets INC pays a vendor invoice, the invoice is first matched against both the purchase order that requested the goods and the receiving report that the receiving department prepared. As these documents enter...
vided the procedure (1-9) the auditor could implement to test the operating electiveness of the Internal...
vided the procedure (1-9) the auditor could implement to test the operating electiveness of the Internal control Select from the option list provided the procedure (1-9) the following situations. Each choice may be used once, more than once, or not at all. 1. Match prenumbered shipping documents with entries in the sales journal. 2. Trace sales invoices to account receivable subsidiary ledger 3. Vouch bill of lading file to approved sales invoices. 4. Observe client comparing receiving quantities, and inspect...
The following control procedures are used in Bunny’s Boutique Shoppe for cash disbursements. (a) For each...
The following control procedures are used in Bunny’s Boutique Shoppe for cash disbursements. (a) For each procedure, explain the weakness in internal control and identify the internal control principle that is violated. Procedure Weakness Principle Violated 1. Each week, 100 company checks are left in an unmarked envelope on a shelf behind the cash register. select the weakness in internal control Use...
Which of the following procedures most likely represents an internal control designed to reduce the risk...
Which of the following procedures most likely represents an internal control designed to reduce the risk of errors in the billing process? 1. Requiring customers that purchase on account to be approved by the credit department. 2. Comparing control totals for shipping documents with corresponding totals for sales invoices. 3. Matching receiving documents with approved sales orders before invoice preparation. 4. Reconciling the control totals for sales invoices with the accounts receivable subsidiary ledger.
Requirement a. For each control, identify which element of the five categories of control activities is...
Requirement a. For each control, identify which element of the five categories of control activities is applicable (separation of duties, proper authorization, adequate documents or records, physical control over assets and records, or independent checks on performance). Internal Controls Control Activity 1. Approved purchase orders are required for all acquisitions of goods. Prenumbered receiving reports are prepared as support for acquisitions and 2. numerically accounted for. Dates on receiving reports are compared with vendors' invoices before entry 3. into the...
Risk analysis and internal control
Review the following description of the purchasing and AP procedures for a company and answer the questions at the end.The purchasing agent receives an inventory status report on his computer terminal from the inventory control application, which identifies the items that need to be reordered. The agent selects the suppliers and enters this information into the computer terminal to create a digital purchase order. He then prints and sends a copy of the PO to the supplier.When the goods are...
INTERNAL CONTROL ANALYSIS A company that produces component parts for automobile manufacturers has
INTERNAL CONTROL ANALYSIS A company that produces component parts for automobile manufacturers has grown rapidly since its incorporation several years ago. Management is concerned about internal controls over the purchasing cycle because the cost of goods sold percentage has continued to rise even though it seems that many of the raw materials and supplies used in production are costing less. The following description of the purchasing process is available: Pre-numbered purchase requisitions are used to order ...
Good internal control policies dictate that the purchasing agent should prepare the: O A. checks for payment. O B. receiving report. O C. purchase order and receiving report. OD. purchase order.
เล. SYSTEM DOCIENTATON--EXPENDITURE CYCLE (MANUAL PROCEDURES) The folowing describes the expenditure cycle manual procedures for a hypothetical company. The inventory control clerk examines the inventory records for items that must be replenished and prepares a two- part purchase requisition Copy 1 of the requisition is sent to the purchasing department, and Copy 2 is fied. Upon receipt of the requisition, the purchasing clerk selects a supplier from the valid vendor file (reference fie) and prepares a three part purchase order...
question c)
You are interviewing for a new, internal audit position at Widgets INC. As part of your interview process you have been asked to document the company's accounts payable process. You are provided the following description of the current accounts payable system at Widgets INC: “Before Widgets INC pays a vendor invoice, the invoice is first matched against both the purchase order that requested the goods and the receiving report that the receiving department prepared. As these documents enter...
vided the procedure (1-9) the auditor could implement to test the operating electiveness of the Internal control Select from the option list provided the procedure (1-9) the following situations. Each choice may be used once, more than once, or not at all. 1. Match prenumbered shipping documents with entries in the sales journal. 2. Trace sales invoices to account receivable subsidiary ledger 3. Vouch bill of lading file to approved sales invoices. 4. Observe client comparing receiving quantities, and inspect...
Requirement a. For each control, identify which element of the five categories of control activities is applicable (separation of duties, proper authorization, adequate documents or records, physical control over assets and records, or independent checks on performance). Internal Controls Control Activity 1. Approved purchase orders are required for all acquisitions of goods. Prenumbered receiving reports are prepared as support for acquisitions and 2. numerically accounted for. Dates on receiving reports are compared with vendors' invoices before entry 3. into the...
Most questions answered within 3 hours.
-
1.How large must the coefficient of static friction be between
the tires and the road if...
asked 14 minutes ago -
What is the time complexity (Big-O) of the following code?
class Main
{
// Recursive...
asked 13 minutes ago -
Economists look at any situation in terms of its component
parts: the people making decisions, the...
asked 19 minutes ago -
What is a population?
Select one:
a. All of the individual organisms belonging to the same...
asked 23 minutes ago -
You have a yeast cell culture with a concentration of 5x10^4
cells/ml. If you dilute this...
asked 28 minutes ago -
In which direction the Reaction goes? Show detailed process.
SeO3 + 2ClO2. + 2H3O <---> Se...
asked 41 minutes ago -
Unexposed silver halides are removed from photographic film when
they react with sodium thiosulfate
(Na2S2O3, called...
asked 41 minutes ago -
A 0.3054 gram sample of the mineral chalcopyrite (CuFeS2)
yielded 0.6525 gram BaSO4 precipitate. What is...
asked 41 minutes ago -
An short-seller in Tesla is worried the latest management
earnings forecast is too aggressive and the...
asked 1 hour ago -
Question 3 (1 point)
Fill in the blank. Speed Car Rental company found that the tire...
asked 1 hour ago -
1. A copper wire is 26.61 cm long and weighs 1.265 g. The
density of copper...
asked 1 hour ago -
Remember that a concept sketch consists of a sketch (or
series of sketches), labels, and complete...
asked 1 hour ago