The management at Sampson, Inc. understands that an effective internal control system provides many positives. Among these
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•Bank deposits and cash receipts do not always reconcile.
•Decisions and the actual write-offs of bad debt are performed by the same person.
•Occasional discrepancies exist between physical inventory and the perpetual inventory records.
•Adjustments to physical inventory counts and the perpetual inventory records have been observed.
•Customer refunds and credits are not unusual.
•Original source documents are missing. However, substitute copies of the original source documents are available.
•Many source documents lack appropriate management approval.
Analyze the seven situations of this case study and discuss the possible cause of the situation.
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Related Book For
Accounting Information Systems
ISBN: 978-0133428537
13th edition
Authors: Marshall B. Romney, Paul J. Steinbart
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