How can the auditors determine whether Precision Industries, Inc., has made a proper year-end cutoff of sales transactions?

Q: The following procedures are used by Complete Wholesale Incorporated.a. All sales are made on…

A: a. Strength: the company is following correct procedure. b. Weakness: the receptionist is not…

Q: The sales department clerk receives hard-copy customer orders and manually prepares a six-part…

A: Answer: The weakness in this process is duplication of work is being made and it has made overall…

Q: returns some merchandise that had been purchased on account (accounts receivable), NetSolutions will…

A: when ever the goods are sold and purchased different type of document that are issued by the buyer…

Q: Which of the following will be the Correct source document assuming that your business received…

A: The various documents are prepared to be provided to customer or received from supplier.

Q: SOPP of XYZ Limited The sales department receives the unstandardised sales order since customer…

A: Internal control weakness refers to a situation where implemented internal controls are not applied…

Q: Sawicki Music Supply is a mail-order business that accepts merchandise orders by telephone and mail.…

A: Data Flow Diagram: Data flow diagram can be defined as the method to show the data flow of a process…

Q: In the revenue cycle (for sales on credit), a customer places an order for a certain product. Which…

A: Every time an order is received by an organisation, there is whole set of process that needs to be…

Q: Credit is granted by a credit department. Once shipment occurs and is recorded in the sales journal,…

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Q: Describe the nature of the following documents and records andexplain their use in the sales and…

A: Bill of lading: Bill of lading refers to the written contract between the carrier and the seller for…

Q: The purchasing agent receives an inventory status report on his computer terminal from the inventory…

A: Internal control weaknesses is a failure in the implementation or effectiveness of internal…

Q: The functions of and documents generated by which of the below departments determine when a…

A: Lets understand the basics. In organization, there are various department which are inter connected…

Q: Gaurav Mirchandaniis is the warehouse manager for a large office supply wholesaler. Mirchandaniis…

A: Inventory control is the procedure followed to maintain appropriate level of inventory and…

Q: Prepare in good form level zero data flow diagram that articulates with links to context diagram in…

A:

Q: ile, or archive file. a. customer ledgers b. purchase orders c. list of authorized vendors d.…

A: Master file, transaction file, reference file and archive files are computer processing files.…

Q: draw the system flow chart for the following narrative? Cornick, Inc. sells office products to…

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Q: The following is a description of manufacturing company’s purchasing procedures. All computers in…

A: Definition:

Q: defective

A: Weaknesses in the internal controls relating to the cash receipts procedure are listed as follows:…

Q: 1. What would a credit manager do if a sales order received caused a customer to exceed its credit…

A: The credit manager should disapprove the sales order as it will increase the collection period…

Q: XYZ pharmaceutical company has the following situation involving the processing of purchases…

A: Context diagram: - The Context diagram shows the system under consideration as a single high-level…

Q: The Soap Manufacturing Company has three employees who work in the warehouse. All of the warehouse…

A: The following are some of the system's potential internal control risks: The inventory is directly…

Q: Choose only one answer as well as state their reasons/rationale for the answer chosen. 10) An…

A: Record count is the count of the total number of records of a batch. here there will be a count of…

Q: A company is trying to set up proper internal controls for their accounts payable/inventory…

A:

Q: The sales department clerk receives hard-copy customer orders and manually prepares a six-part…

A: Internal control is an important part of every organization. It helps in maintaining the efficiency…

Q: In a good internal control​ system, which of the following sets of documents is required for proper…

A: Solution: In a good internal control system, for approval of payment we should do 3 way matching…

Q: Vendors send invoices to the AP department where they are reviewed and approved for payment. Once…

A:

Q: A bill of lading, an invoice, a credit note, a remittance advise, and a monthly statement to clients…

A: Bill of Lading: The contract between seller and carrier for receipt and shipping of goods is…

Q: As orders are received from customers, a personnel in the sales department prepares a sales order…

A: What area in the transaction cycle is deemed a control weakness instead of strength? a. The approval…

Q: Which statement about the Expenditure Cycle is correct? The blind copy of the purchase order goes…

A: Step 1 The expenditure cycle is the flow of activities related to the acquisition of and payment for…

Q: The bill of lading is prepared by the a. sales clerk. b. warehouse clerk. c. shipping clerk. d.…

A: Bill of Lading:   A contract occurs between two parties which contain some important details such…

Q: procedure will complete the purchase procedure in a company?

A: Option a is wrong because approving suppliers invoice is usually done at the beginning stage of…

Q: What are the risks that are caused by the following combination of tasks? - The warehouse clerk who…

A: Solution- Warehouse clerk: Warehouse clerk has custodial responsibility as well as record keeping…

Q: The sales department receives the unstandardised sales order since customer orders are mailed,…

A: Internal control is the system of control inside the organization, used by an organization to…

Q: Following describes the credit sales procedures for clothing wholesaler that sells name-brand…

A: It means all the policies and procedures (internal controls) adopted by the management of the…

Q: You are working for a company and process a credit memo. This indicates that: merchandise was…

A: A credit memo is issued by a seller to the buyer indicating that amount due from the buyer has been…

Q: Read and analyze each of the transactions and explain whether they are considered improper…

A: Since there are multi sub-parts, we will solve first three for you. To get the remaining questions…

Q: Gaurav Mirchandaniis is the warehouse manager for a large office supply wholesaler. Mirchandaniis…

A: Control in the warehouse is very important for the proper execution of work, prevention of fraud and…

Q: Sales executives will negotiate and confirm the selling price and credit term with the customers…

A: Internal control is implemented by the management so as to ensure that the operations are running…

Q: Upon reciept of requisition, the stores manager initiates a three part purchase order. To copies go…

A: Given: Which of the given statements properly describe the over purchasing internal cost. The…

Q: Why does billing receive a copy of the sales order when the order is approved but does not bill…

A:

Q: Tracing copies of computer-prepared sales invoices to copies of the corresponding computer-prepared…

A: Shipping documents contained the number of units shipped, sales invoice contain the number of units…

Q: The purchasing agent receives an inventory status report on his computer terminal from the inventory…

A: Internal Control Weaknesses: Internal control weaknesses can be defined as the lack of the…

Q: What controls should exist for inventory movements at the local store level and the central office?…

A: Inventory movement starts from the acquisition of materials and end up with being delivered to the…

Q: Select all of the source documents: Group of answer choices   Check written for office supplies…

A: A source document may be referred to as a document which contains information about a transaction.…

Q: Richard Palm is the accounting clerk of Olive Limited. He uses the source documents such as purchase…

A: Richard Palm uses the source documents to record the entries into journal. He daily records the…

Q: Describe the flow of data in the purchasing process that is initiated when the purchasing…

A: A data flow diagram is a flow of data that analyzes the beginning criteria and end results of a…

Q: Mighty Tools Hardware runs a network of small hardware retail outlets across the state. All sales…

A:

Q: Which, if any,of the followingsituations represent improper segregationof functions? Explain your…

A: Segregation of functions is the method in which more than one individual is responsible to complete…

Q: When aninventory itemfalls to the recorder point, a purchase requisition is automatically generated…

A: Develop system flow chart of expenditure cycle: The existing system performs the functions in…

Q: What controls should exist for inventory movements at the local store level and the central office?…

A: Audit: An audit is defined as: the independent examination of and expression of opinion on the…