a. Workers on the shipping dock steal goods, claiming that the inventory shortages reflect errors in...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
a. Workers on the shipping dock steal goods, claiming that the inventory shortages reflect errors in the inventory records. (3) 1) Segregation of duties between Shipping (handling of inventory), Inventory Control (maintaining inventory subsidiary ledgers) 2) Bar codes or RFID tags to eliminate errors in data entry of item numbers 3) Video surveillance of shipping dock b. An employee records a sale to the wrong customer account because he incorrectly enters the customer account number into the system. (4) c. An employee makes a credit sale to a customer who is already four months behind in making payments on his account. (3) d. A mail clerk creates a credit memo to write off a customer's accounts receivable balance a uncollectible, steals subsequent payments mailed from that customer, and deposits the checks into the clerk's personal bank account. (8) e. Customers are billed for the quantity ordered, but the quantity shipped is actually less, because some items have been backordered. (2) 1. A retail store cashier steals cash from the cash register drawer. (6) g. Goods are shipped to a customer, but the customer is not billed. (6) h. A business loses sales because of stockouts of several products, even though the perpetual inventory system indicated there was adequate quantity on hand. (6) a. Workers on the shipping dock steal goods, claiming that the inventory shortages reflect errors in the inventory records. (3) 1) Segregation of duties between Shipping (handling of inventory), Inventory Control (maintaining inventory subsidiary ledgers) 2) Bar codes or RFID tags to eliminate errors in data entry of item numbers 3) Video surveillance of shipping dock b. An employee records a sale to the wrong customer account because he incorrectly enters the customer account number into the system. (4) c. An employee makes a credit sale to a customer who is already four months behind in making payments on his account. (3) d. A mail clerk creates a credit memo to write off a customer's accounts receivable balance a uncollectible, steals subsequent payments mailed from that customer, and deposits the checks into the clerk's personal bank account. (8) e. Customers are billed for the quantity ordered, but the quantity shipped is actually less, because some items have been backordered. (2) 1. A retail store cashier steals cash from the cash register drawer. (6) g. Goods are shipped to a customer, but the customer is not billed. (6) h. A business loses sales because of stockouts of several products, even though the perpetual inventory system indicated there was adequate quantity on hand. (6)
Expert Answer:
Answer rating: 100% (QA)
a Improper recording of sales to the wrong customer account due to incorrect entry of customer accou... View the full answer
Related Book For
Accounting Information Systems
ISBN: 978-0133428537
13th edition
Authors: Marshall B. Romney, Paul J. Steinbart
Posted Date:
Students also viewed these accounting questions
-
Segregation of duties is an important concept in internal control. However, segregation of duties is often a challenge for smaller businesses because they do not have sufficient staff to always...
-
Some customers of a retail chain have a store credit card that earns them bonus gifts when they make purchases at the chain. Currently, 40 customers are shopping in a store in this chain. Of these,...
-
Goods purchased FOB shipping point were shipped to Merkley & Co. on December 31, 2011. The purchase was recorded in 2011, but the goods were not included in ending inventory . (a) What effect would...
-
Transfer pricing is a significant area of concern for taxing authorities and multinational entities (MNE). Examine at least two (2) potential transfer pricing issues that create concern for both...
-
Solve the following differential equation using Laplacetransforms. d'x(t) dx(t) + 6- di + 8x(1) = 2e dr dx(0) x(0) = 0 and dt 2e +e - 3 a. 3* +e* +e c. d. |4" - e" - 2e" Jut)
-
Two hemispheres are held together by a cord which maintains a spring under compression (the spring is not attached to the hemispheres). The potential energy of the compressed spring is 120 J and the...
-
AFN produces plastic that is used for injection molding applications such as gears for small motors. In 2002, the first year of operations, AFN produced 4,000 tons of plastic and sold 3,000 tons. In...
-
Raleigh Department Store converted from the conventional retail method to the LIFO retail method on January 1, 2009, and is now considering converting to the dollar-value LIFO retail inventory...
-
In Exercises 5-9 you are asked to find all the specified roots of certain real or complex numbe Use exact values. 5. Find all 8th roots of unity. 6. Find all cubic roots of 27. 7. Find all quartic...
-
Professional and Scientific Staff Management (PSSM) is a unique type of temporary staffing agency. Many organizations today hire highly skilled technical employees on a short-term, temporary basis to...
-
no need detail explination. but please correct answer. Question 34 1 pts The following graph shows a hypothetical yield curve for the Treasury discount bonds. According to the expectations hypothesis...
-
Develope an essay on this question: How is the concept of resilience developed in novel and two other texts from the course? I have chosen Medicine Walk, Oedipus Rex and I Found The House My...
-
Christmas Anytime Issues $700,000 of 5% bonds, due in 15 years, with Interest payable semiannually on June 30 and December 31 each year. Calculate the issue price of a bond and complete the first...
-
6) A 50-kg sofa up a moving ramp at constant speed. The ramp makes an angle of 10 with the horizontal. The coefficient of kinetic friction between the sofa and the ramp is 0.3. Determine the force...
-
A borrower can obtain an 80 percent loan with an 9 percent interest rate and monthly payments. The loan is to be fully amortized over 25 years. Alternatively, he could obtain a 90 percent loan at an...
-
You have just invested in a portfolio of three stocks. The amount of money that you invested in each stock and its beta are summarized below. Stock Investment Beta A $204,000 1.50 B 306,000 0.60...
-
4/5/23, 3:46 PM Assignment Print View 4. Award: 10.00 points Sharon Sutherland owned a home in Toronto, Ontario, a ski chalet in Whistler, British Columbia, and a condominium in Florida, U.S., until...
-
Find the image of x = k = const under w = 1/z. Use formulas similar to those in Example 1. y| y = 0 -21 -2 -1 -1, /1 12 T -1 -1 y= -2 x =0
-
In what situations would you expect to model a relationship between an agent and a resource?
-
Sues Gallery sells original paintings by local artists. All sales occur in the store. Sometimes customers purchase more than one painting. Individual customers must pay for purchases in full at the...
-
Download the payroll spreadsheet from the course website. The spreadsheet contains a number of errors. Write a report that identifies the following types of problems: Error in a formula Hardwiring...
-
United Limited, a company that manufactures sporting equipment and accessories, owns a number of properties, which are listed below: 1. Trafford Lane: a freehold factory and office block used...
-
Helix Limited (Helix) purchased three identical properties (Right, Left and Up), and leased a fourth (Down), which has been classified as a right-of-use asset in accordance with IFRS 16 Leases,...
-
What are the principal accounting and disclosure differences between IAS 40 and FRS 102, Section 16?
Study smarter with the SolutionInn App