Describe what is likely to occur if company personnel erroneously recorded a purchase transaction for the wrong vendor? What if a cash disbursement was posted to the wrong vendor? Identify internal controls that would detect or prevent this from occurring.
Answer to relevant QuestionsExpenditure systems are crucial in the automobile manufacturing industry, where hundreds or thousands of parts must be purchased to manufacture cars. Briefly describe how EDI would be beneficial in this industry. Chris Smith’s coffee and pastry cart and a procurement card. Suggest some controls that should be in place. Identify some resources that need to be purchased for this business. Using a search engine, search the internet for information about Electronic Invoice Presentment and Payment. You may have more success by searching for the terms EIPP and invoices together in one search. Based on what you ...Explain why an employee’s individual record is accessed frequently, but changed relatively infrequently. The authorization to purchase fixed assets should include investment analysis. Explain the two parts of investment analysis.
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