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?
-
Describe the four key steps in managing bottleneck operations.
-
It can be shown that for any three events \(A, B\), and \(C\), the probability that at least one of them will occur is given by \[\begin{aligned} P(A \cup B \cup C)= & P(A)+P(B)+P(C) \\ & -P(A \cap...
-
What type of user interface will you design for the sales clerks? Before you come to your solution, do a careful analysis in three paragraphs that compares and contrasts various user...
-
A researcher believes that 48% of people who grew up as the only child have an IQ score over 100. However, unknown to the researcher, this figure is actually 50% , which is the same as in the general...
-
Assume that a private internet requires that the messages at the application layer be encrypted and decrypted for security purposes. If we need to add some information about the encryption/decryption...
-
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...
-
Which of the three classes of rocks is formed at low temperatures?
-
Carnoustie Capital Management, Ltd. (CCM), a UK-based global investment advisory firm, is considering adding an emerging market currency product to its offerings. CCM has for the past three years...
-
Based on her investigation, Al-Khalili would most likely recommend: A. active currency management. B. a hedging ratio closer to 100%. C. a narrow discretionary band for currency exposures. Kalila...
-
Which of Yellows statements regarding the factors affecting the selection of a trading strategy is correct? A. Statement 1 B. Statement 2 C. Statement 3 Robert Harding is a portfolio manager at...
-
Discuss two advantages of Hedge Fund B relative to Hedge Fund C with respect to investment characteristics. Sushil Wallace is the chief investment officer of a large pension fund. Wallace wants to...
-
Given the parameters for the benchmark given by Harding, Yellow should recommend a benchmark that is based on the: A. arrival price. B. time-weighted average price. C. volume-weighted average price....
-
A boat travels 20 mph in still water, and the rate of the current is t mph. (a) What is the rate of the boat when it travels upstream? (b) What is the rate of the boat when it travels downstream?
-
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...
-
When considering a private cloud for a large clinic or hospital, identify two key issues that you believe should be examined by the auditor for each of the following risks: (1) regulatory risk, (2)...
-
Consider a memory system with a cache access and mapped time of 110 ns and a memory access time of 210 ns (assume the memory access time includes the time to check the cache, page table, and access...
-
Assume you are long the gold future contract. In six months, the price of gold is $1300. Spot Price of Gold Future Price in 6 month contract $1200 $1275
Study smarter with the SolutionInn App