Identify the internal control principle represented by each point in the following diagram. 4. Merchandise orders 1.
Question:
Transcribed Image Text:
4. Merchandise orders 1. One office employee places all merchan- dise orders are recorded on a purchase order form. 6. Goods billed by suppliers are compared to purchase orders and receiving reports before being paid. 5. Receiving reports 2. Goods are received only by warehouse employees are completed to indicate goods recelved. 3. The warehouse is locked and activities electron ically monitored
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 83% (12 reviews)
1 Establish responsibility ...View the full answer
Answered By
Parvesh Kumar
I am an experienced Mathematics and Statistics tutor with 10 years of experience teaching students and working professionals. I love teaching students who are passionate to learn subjects or wants to understand any mathematics and statistics concept at graduation or master’s level. I have worked with thousands of students in my teaching career. I have helped students deal with difficult topics and subjects like Calculus, Algebra, Discrete Mathematics, Complex analysis, Graph theory, Hypothesis testing, Probability, Statistical Inference and more. After learning from me, students have found Mathematics and Statistics not dull but a fun subject. I can handle almost all curriculum of mathematics. I did B.Sc (mathematics), M.Sc (mathematics), M.Tech (IT) and am also Gate (CS) qualified. I have worked in various college and school and also provided online tutoring to American and Canadian students. I look forward to discussing with you and make learning a meaningful and purposeful
5.00+
4+ Reviews
10+ Question Solved
Related Book For
Fundamentals of Financial Accounting
ISBN: 978-0078025914
5th edition
Authors: Fred Phillips, Robert Libby, Patricia Libby
Question Posted:
Students also viewed these Accounting questions
-
Match each of the following cash receipt activities to the internal control principle to which it best relates. Enter the appropriate letter in the space provided. 1. A list of checks received in the...
-
Using the information in M5- 8, prepare any journal entries needed to adjust the company's books. Reconciling Item Bank Statement Company's Books a. Outstanding checks of $12,000 b. Bank sevice...
-
The September 30 bank statement for Cadieux Company and the September ledger account for cash are summarized here: No outstanding checks and no deposits in transit were noted in August. However,...
-
Suppose you want to reduce the level of trash disposed by your household. Develop an emission standard, a technology standard, and an ambient standard that would accomplish the reduction.
-
A closed organ pipe has a fundamental frequency of 528 Hz (a C note) at 20 oC. What is the fundamental frequency of the pipe when the temperature is 0 o?
-
The sum of eight consecutive odd numbers is 656. The average of four consecutive even numbers is 87. What is the sum of the smallest odd number and second largest even number?
-
Could a contract be difficult to categorize as either public or private international law? What would such a contract look like?
-
Minesweeper, the well-known computer game, is closely related to the wumpus world. A minesweeper world is a rectangular grid of N squares with M invisible mines scattered among them. Any square may...
-
Identify 2 tools used for backup purposes that would support business continuity to ensure that the data can be accessed during the disaster. Explain who is responsible for the backup. How often...
-
Gaseous hydrogen and oxygen are burned at latm under rich conditions: O2 + 5H2 aH20 + bH2 + CH The gases enter at 298 K. Calculate the adiabatic flame temperature and the product composition a,b and...
-
Fox Erasing has a system of internal control with the following procedures. Match the procedure to the corresponding internal control principle. Procedure Internal Control Principle A. Establish...
-
Each situation below describes an internal control weakness in the cash receipts process. Identify which of the five internal control principles is violated, explain the weakness, and then suggest a...
-
What information security issues does electronic records management address?
-
Bavarian Sausage is expected to pay a $1.25 dividend next year and investors expect that dividend to grow by 3% each year forever. If the required return on the stock investment is 11%, what should...
-
A fraud examiner who is investigating the disappearance of $5,000 in cash funds finds a debit in the legal expense account and a corresponding credit in the cash accounting for $5,000 but cannot find...
-
What does fresh start accounting mean? When it is utilized, how are a company's assets and its liabilities reported? Explain and support What do you know about statement of realization and...
-
A 4000 Swedish Krona bill with a 200 Krona coupon is trading for 3500 Krona, and a 5000 Swiss Franc Bill with a 50 Franc coupon is trading for 4500 Francs. Both mature in 1 year. The Franc is...
-
Compute the mean of the following population values: 14, 10, 14, 6, 14, 8.
-
A number of years ago the United Food and Commercial Workers Union organized 800 workers of the 1035 employees at one of the Wilson Brothers food operations in Toronto, Ontario. The employees include...
-
1. As of December 29, 2013, how many shares were authorized? How many shares were issued? What does this suggest to you about the number of shares outstanding? 2. According to the Statement of...
-
1. Did The Home Depot have more or fewer authorized common shares than Rona Inc. at the beginning of the fiscal year-end 2013? 2. From the Retained Earnings column in the Statement of Shareholders'...
-
Consultex Company was founded in 2011 as a small financial consulting business. The company had done reasonably well in 2011-2013, but noticed that its cash was beginning to dwindle early in 2014. In...
-
Prepare a short report for David on the financial analysis completed. Your report should include: The results of your analysis Your recommendation based on the required rate of return, if the...
-
Michelle is a 47-year old woman who has not been to see any healthcare provider since the birth of her third child 6 years ago. She is considering making an appointment to discuss medical options for...
-
The starting salaries of recent graduates and their majors in college were surveyed. Specifically, 300 graduates were included in the survey. You conduct a test to determine whether majors and...
Study smarter with the SolutionInn App