Match each threat in the first column to an appropriate control procedure in the second column....
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Match each threat in the first column to an appropriate control procedure in the second column. Choose the most relevant control for each threat. Only one control for each threat is allowed. Threat 1) Sending incorrect merchandise 2) Crediting customer payment to wrong account 3) Giving goods away for free 4) Sales made to customers with poor credit 5) Data entry errors by warehouse staff 6) Theft of customer payments 7) Fire damage to computer centre 8) Inventory shrinkage due to theft by staff 9) Failing to take advantage of purchase discounts 10) Purchasing goods from unauthorised suppliers Control Procedures a) File invoice by due date b) Credit sales approved by credit manager c) Reconcile sales orders to packing slips d) Periodically review lists of approved vendors for unapproved changes e) Use bar-code scanners f) Document inventory transfers 18 regate shipping and billing functions site data storage of backup files i) Closed-loop verification j) Install a surveillance CCTV system Match each threat in the first column to an appropriate control procedure in the second column. Choose the most relevant control for each threat. Only one control for each threat is allowed. Threat 1) Sending incorrect merchandise 2) Crediting customer payment to wrong account 3) Giving goods away for free 4) Sales made to customers with poor credit 5) Data entry errors by warehouse staff 6) Theft of customer payments 7) Fire damage to computer centre 8) Inventory shrinkage due to theft by staff 9) Failing to take advantage of purchase discounts 10) Purchasing goods from unauthorised suppliers Control Procedures a) File invoice by due date b) Credit sales approved by credit manager c) Reconcile sales orders to packing slips d) Periodically review lists of approved vendors for unapproved changes e) Use bar-code scanners f) Document inventory transfers 18 regate shipping and billing functions site data storage of backup files i) Closed-loop verification j) Install a surveillance CCTV system
Expert Answer:
Answer rating: 100% (QA)
Solution Threat 1 Uncollectible sales 2 Mistakes in shipping orders to customers 3 Crediting custome... View the full answer
Related Book For
Fundamental financial accounting concepts
ISBN: 978-0078025365
8th edition
Authors: Thomas P. Edmonds, Frances M. Mcnair, Philip R. Olds, Edward
Posted Date:
Students also viewed these accounting questions
-
An individual with a sole proprietorship business recorded accounting profits for the year of $268,400. The following expenses were included in this profit amount: amortization expense - $78,500;...
-
Computation of selected ratios. The following data is given: December 31, 2015 2014 Cash$ 66,000 $50,000 Accounts receivable (net) 90,000 60,000 Inventories 90,000 110,000 Plant assets (net) 383,000...
-
Use the information in the adjusted trial balance to prepare (a) the income statement for the year ended December 31, (b) the statement of retained earnings for the year ended December 31 (Note...
-
ABC Company produces mode trains. During the month of July, it produced 4,000 trains. The actual labor hours were 8 hours per train. Its standard labor hours are 10 hours per train. The standard...
-
In end-of-chapter exercise 6.10. we analyzed cases where the interest rates for borrowing and saving are different. Part of the reason they might be different is because of government policy. A....
-
Reflection on "How does workforce development contribute to individual and societal progress, and what are the key factors that make it an indispensable aspect of economic growth." Please include a...
-
Suppose your name is Grant Scheffer, and Advanced Automotive repaired your car. You settled the bill as noted on the following invoice. To you this is a purchase invoice. To Advanced Automotive, it...
-
In the current year, Madison Corporation had $50,000 of taxable income at a tax rate of 25%. During the year, Madison began offering warranties on its products and has a warranty liability for...
-
The following data for Throwback Industries Inc. relate to the payroll for the week ended December 9, 2018: Hours Hourly Weekly Federal Employee Worked Rate Salary Income Tax Retirements Savings...
-
In our society it is generally considered improper for a man to sleep, shower, and dress amid a group of women to whom he normally would be sexually attracted. It seems to me, then, to be equally...
-
Post a 1-2 paragraph discussion explaining what a diversity iceberg is and name 5 highly visible characteristics of your personal culture you would put on top and 10 less visible or not visible...
-
what scenarios is thread-local storage beneficial, and how does it compare to other state-sharing techniques in terms of efficiency and maintainability ?
-
1. What velocity must a 2.5 kg croquet mallet have in order to have the same momentum as a 1.25 kg ball that has a momentum of 6.25 kg m/s to the west. 2. A 1,200 kg car travels at 20 m/s. what is...
-
The motions of objects after they collide can be determined from their previous motions if the forces acting during the collision are known. In most collisions, however,these forces are not known.The...
-
Add. 8b-7y 5b-11y + 2b 2b Simplify your answer as much as possible.
-
A 40.5kg traffic light hangs over a roadway between two posts. A cable attached to one post exhibits a tension of 333N and pulls upward at a 34.5 o angle. What tension in N is found in the second...
-
Capital budgeting is the process by which investors determine the value of a potential investment project. The three most common approaches to project selection are payback period (PB), internal rate...
-
Cobb Manufacturing Company uses a process cost system and average costing. The following production data is for the month of June 2011. Production Costs Work in process, beginning of the month:...
-
What is the effect on the right side of the accounting equation when cash is collected in advance of performing services?
-
At the beginning of 2013, the Bradley Company had the following balances in its accounts: During 2013, the company experienced the following events: 1. Purchased inventory that cost $4,400 on account...
-
The following information is available for the employees of Hoover Company for the first week of January 2013: 1. Tom earns $32 per hour and 1 times his regular rate for hours over 40 per week. Tom...
-
Assume you are working on a project to improve customer service. Create a Pareto chart based on the information in the following table. Use the Pareto chart template from the companion website or...
-
Brainstorm two different quality related problems that you are aware of at your college or organization. Then review the charts found in the section of this chapter on the seven basic tools of...
-
Updating processes, policies, procedures, and knowledge bases is part of __________. A. updating organizational process assets B. archival C. updating project documents D. lessons learned
Study smarter with the SolutionInn App