Several risks are paired with potential internal controls in the list below. Place an X in the
Question:
Transcribed Image Text:
Does the control address the risk? Risk 1. Sales are lower than expected 2. Salesperson extends credit limit 3. Customer exceeds credit limit 4. Order is filled incorrectly 5. Merchandise is damaged during Control Echo checks Separation of duties Employee background checks Adequate supervision Sequentially numbered bill of lading Yes 0 shipment 6. Merchandise is shipped to the wrong Shipping via common carrier address 7. Customer is billed prematurely 8. Customer bill contains mathematical Document matching Bank reconciliation errors 9. Mailroom clerk steals cash from bank Employee bonding deposit 10. Uncollectable accounts exceed Video surveillance estimates
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 75% (8 reviews)
1 No 2 Yes 3 N...View the full answer
Answered By
Anthony Ngatia
I have three academic degrees i.e bachelors degree in Education(English & Literature),bachelors degree in business administration(entrepreneurship option),and masters degree in business administration(strategic management) in addition to a diploma in business management.I have spent much of my life in the academia where I have taught at high school,middle level colleges level and at university level.I have been an active academic essays writer since 2011 where I have worked with some of the most reputable essay companies based in Europe and in the US.I have over the years perfected my academic writing skills as a result of tackling numerous different assignments.I do not plagiarize and I maintain competitive quality in all the assignments that I handle.I am driven by strong work ethics and a firm conviction that I should "Do Unto others as I would Like them to do to me".
4.80+
76+ Reviews
152+ Question Solved
Related Book For
Accounting Information Systems basic concepts and current issues
ISBN: 978-0078025334
3rd edition
Authors: Robert Hurt
Question Posted:
Students also viewed these Accounting questions
-
The values in the list below are measured maximum breadths of male Egyptian skulls from different epochs (in mm, based on data from Ancient Races of the Thebaid, by Thomson and Randall-Maciver)....
-
The following questions concern internal controls in the acquisition and payment cycle. Choose the best response. a. An auditor traced a sample of purchase orders and the related receiving reports to...
-
Following are 10 key internal controls in the payroll cycle for Gilman Stores, Inc. Key Controls 1. To input hours worked, payroll accounting personnel input the employee's Social Security number....
-
Maicom Construction Materials Inc. , hereinafter referred to as "MCM", is a construction materials company established in Moncton, New Brunswick. Its facilities (warehouse, store and offices) are...
-
Claim: 1 = 2 ; = 0.05. Assume 1 2 = 2 2 . Sample statistics: x 1 = 228, s 1 = 27, n 1 = 20 and x 2 = 207, s 2 = 25, n 2 = 13 Test the claim about the difference between two population means 1...
-
On July 1, 2022, Wheeler AG purchased 4,000,000 of Duggen Companys 8% bonds, due on July 1, 2027. The bonds, which pay interest semiannually on January 1 and July 1, were purchased for 3,604,062 to...
-
To what extent did central banks face a dilemma in 2008, when faced with rising inflation and the onset of recession?
-
Trinh Inc. had the following inventory situations to consider at January 31, its year-end. (a) Goods held on consignment for MailBoxes Corp. since December 12. (b) Goods shipped on consignment to...
-
The Real Estate Law is found in Division 4 of the Group of answer choices D. Business and Professions Code. P. 2 A. Civil Code. P.2 B. Financial Code. P.2 C. Government Code. P. 2
-
Building One Properties is a limited partnership formed with the express purpose of investing in commercial real estate. The firm is currently considering the acquisition of an office building that...
-
Several potential problems in the sales/collection process are listed below. Indicate at least two internal controls that would address the problem. For each control you suggest, explain whether it...
-
a. What is the basic purpose of the acquisition/payment process? b. What steps do companies commonly complete as part of the acquisition/payment process? c. What documents are important in the...
-
Continuing the previous problem, the file P20_56.xlsx contains 2 more weeks of data for D&D's. a. By plotting each employee's weekly fraction of "mess ups," does it appear that Amanda is a problem?...
-
Suppose the function f ( ( x ) ) is defined as the following, x + 4 , + 4 , if x < 0 , < 0 , f ( ( x ) = ) = x 4 + 4 , 4 + 4 , if x 0 . 0 . Write a C + + + + program to calculate the value f ( ( u )...
-
Your company is interested in hosting a database for a month. You have received a quotation from different platforms. Based on the table below, which platform seems to be the most expensive per...
-
Consider the representation of 3 3 D scenes using multi - view images. What do you need to know about the acquisition of a set of multi - view images from the same 3 3 D scene in order to use the...
-
(4) Using full-adders, implement the following functions: S=X+Y (X and Y are 3-bit numbers) S=X-Y (X and Y are 4-bit numbers) S=X+Y+Z+1 (X, Y and Z are 2-bit numbers)
-
How do you move to worksheet 2 ? 2 ? CTRL + _ _ _ _ _ _ _ _ _ _ _ _ _ _ ? + _ _ _ _ _ _ _ _ _ _ _ _ _ _ ? Group of answer choices TAB PAGEDOWN PAGEUP LEFT ARROW RIGHT ARROW
-
In Problems 516, determine whether the given rational expression is proper or improper. If the expression is improper, rewrite it as the sum of a polynomial and a proper rational expression. 3x + x x...
-
Write a function that reads a Float24_t value: Float24_t float24_read(void) A legitimate float24 value string is of the form: "mantissabexponent" where the mantissa (m) and the exponent (e) may have...
-
Describe some of the issues the SEC must consider in deciding whether the United States should adopt IFRS.
-
The financial statements of Zetar plc are presented in Appendix C. The companys complete annual report, including the notes to its financial statements, is available at www.zetarplc.com. Instructions...
-
The financial statements of Zetar plc are presented in Appendix C. The companys complete annual report, including the notes to its financial statements, is available at www.zetarplc.com. Instructions...
-
Sometimes the governments of free market countries try to control prices to support an industry rather than the functions of supply and demand. For example, the US government supports various...
-
This problem presents a variation of the rancher-farmer example that we discussed in class. Suppose that a rancher faces a choice of how many cattle to put on his property. If he puts more than 21,...
-
Listen Jessica jogged 9km in an hour. She covered the last 4km at a speed that was 2k(m)/(h) slower than her speed in the first 5km. What was her speed over the first 5km ?
Study smarter with the SolutionInn App