Garys Great Cars purchases high-performance auto parts from a Nebraska vendor. Dave Simon, the accountant for Garys,
Question:
Gary’s Great Cars purchases high-performance auto parts from a Nebraska vendor. Dave Simon, the accountant for Gary’s, verifies receipt of merchandise and then prepares, signs, and mails the check to the vendor.
Requirements
1. Identify the internal control weakness over cash payments.
2. What could the business do to correct the weakness?
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 66% (9 reviews)
Requirement 1 The same person is responsible for verifyin...View the full answer
Answered By
Muhammad Umair
I have done job as Embedded System Engineer for just four months but after it i have decided to open my own lab and to work on projects that i can launch my own product in market. I work on different softwares like Proteus, Mikroc to program Embedded Systems. My basic work is on Embedded Systems. I have skills in Autocad, Proteus, C++, C programming and i love to share these skills to other to enhance my knowledge too.
3.50+
1+ Reviews
10+ Question Solved
Related Book For
Horngrens Financial and Managerial Accounting
ISBN: 978-0133255584
4th Edition
Authors: Tracie L. Nobles, Brenda L. Mattison, Ella Mae Matsumura
Question Posted:
Students also viewed these Cost Accounting questions
-
Gary's Motors purchases high-performance auto parts from a Winnipeg vendor. Joel Sieben, the accountant for Gary's, verifies receipt of merchandise and then prepares, signs, and mails the cheque to...
-
Identify the internal control weakness in the following situations. State how the person can hurt the company. a. James Mason works as a security guard at SAFETY parking in Detroit. Mason has a...
-
Identify the internal control weakness in the following situations. State how the person can hurt the company. a. Jason Monroe works as a security guard at CITY parking in Dayton. Monroe has a master...
-
The input file for this assignment is Weekly_Gas_Average.txt. The file contains the average gas price for each week of the year. Write a program that reads the gas prices from the file into an...
-
An aqueous solution is 2.00 M urea. The density of the solution is 1.029 g/mL. What is the molal concentration of urea in the solution?
-
Why is gasoline a more dangerous flammable substance than peanut oil?
-
Assume an auditor sets acceptable risks of incorrect rejection and incorrect acceptance at .10 and .05, respectively, applies ratio estimation, and obtains the following results: estimated population...
-
Sandcastles, Inc.s management has recently been looking at a proposal to purchase a new brick molding machine. With the new machine, the company would not have to buy bricks. The estimated useful...
-
Consider the following 1) Draw the block diagram of 1:32 Demultiplexer. 2) Implement the 1:16 Demultiplexer in multisim. 3) Draw the truth table. 4) What are the practical applications of DEMUX.
-
In your opinion, is the primary reason that analysts use inappropriate scales for their charts primarily due to an error related to naivete (or ineffective training), or are the inappropriate scales...
-
Dogtopia sells pet supplies and food and handles all sales with a cash register. The cash register displays the amount of the sale. It also shows the cash received and any change returned to the...
-
Match the following terms with their definitions. 1. Internal control 2. Control procedures 3. Firewalls 4. Encryption 5. Environment 6. Information system 7. Separation of duties 8. Collusion 9....
-
You have the following information about the activities of Martin Inc. for 2014: Sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,500,000 Factory...
-
Let C = BS(S;X; ; r; ) denote the price of a European call option on this stock, where BS(:) is the Black-Scholes formula derived in class. (a) Suppose that we want to estimate the implied volatility...
-
1) Suppose the economy starts from full employment level and suddenly the money demand decreases. Use the DD-AA model to explore the effects of monetary and fiscal policies to maintain full...
-
1. [6 pt] Consider the subprime securitization shown in figure 1 (last page of midterm). If the losses on the subprime mortgages are 1.48%. a) Determine the percentage losses in each category of the...
-
1 . Why is scientific rigor important? How is the rigor for qualitative research different than quantitative? 2 . Describe phenomenological, grounded theory, ethnography, and exploratory research...
-
Compute the value that optimists and pessimists respectively attach to a zero-coupon treasury bond that promises to pay 1 Euro at maturity T. Call these values Vor and Ves. Use exponential disounting.
-
Having just returned from a lengthy meeting with the dean of Birdwood Business School and the director of its development office, Janel Lehman sat down at her desk to gather her thoughts. As...
-
Players A, B, and C toss a fair coin in order. The first to throw a head wins. What are their respective chances of winning?
-
When an \(800 \mathrm{~kg}\) compact car accelerates from rest to \(27 \mathrm{~m} / \mathrm{s}\), it consumes \(0.0606 \mathrm{~L}\) of gasoline, and \(1.0 \mathrm{~L}\) of gasoline contains...
-
On October 1, 2014, Edwards, French, and Gill formed the E, F, and G partnership. Edwards contributed $21,000; French, $35,000; and Gill, $44,000. Edwards will manage the store; French will work in...
-
LOT is a partnership owned by Maggie Leen, Susan Osterlitz, and Tara Tripp. The partners' profit-and-loss-sharing agreement is 1:3:4, respectively. The adjusted trial balance of the partnership at...
-
On October 1, 2014, Elliot, Ford, and Grant formed the E, F, and G partnership. Elliot contributed $24,000; Ford, $34,000; and Grant, $42,000. Elliot will manage the store; Ford will work in the...
-
The wheels of a skateboard roll without slipping as it accelerates at 0.45 m/s down an 80-m-long hill. Part A If the skateboarder travels at 1.5 m/s at the top of the hill, what is the average...
-
A 2.30 g air-inflated balloon is given an excess negative charge, q = -3.50 10-8 C, by rubbing it with a blanket. It is found that a charged rod can be held above the balloon at a distance of d =...
-
A positive charge q = 2.60 C on a frictionless horizontal surface is attached to a spring of force constant k as in the figure shown below. When a charge of 42 = -8.350 C is placed 9.50 cm away from...
Study smarter with the SolutionInn App