In the sales/OE system, when a customer's order is entered into the system, and before accepting the order, the system usually checks the customer master data, the accounts receivable master data, and the inventory master data. In the table below, briefly describe why those master data stores are checked prior to the customer's order being accepted. (c)

Q: Which files are often found in a sales order module as opposed to an account receivable (customer)…

A: The Answer

Q: control weakness

A: Option a is wrong because the approval of consumer credit is done by the credit department, the…

Q: Can you explain how the internal control of Documentation Procedure is violated in this question?…

A: The controls that are implemented to ensure the accountability and the integrity of the financial…

Q: Which function should the billing department NOT perform? a. record the sales in the sales journal…

A: Accounting Information System: The system which helps to gather, store and process the accounting…

Q: Which files do you usually find in a sales order module versus an account receivable (customer…

A: The sales order module contains an open sales order which is an internal document issued by seller…

Q: 1. SEGREGATION OF FUNCTIONSWhich, if any, of the following situations representsimproper segregation…

A: Segregation Function: Segregation of function refers to an important physical control. This…

Q: As a form of internal control, what documents would you review prior to paying an invoice received…

A:

Q: Which of the following automated application controls would offer reasonable assurancethat inventory…

A: Auditing is a gathering of information and evaluation of evidence as to report on the degree of…

Q: Identify which department has stewardship over the following journals,ledgers,and files. a.customer…

A: The answer is as fallows

Q: The computer processing portion of a sales order system is represented by the flowchart. Answer the…

A: Data Processing: This is a batch processing system so as to make use of direct access storage…

Q: The auditor is verifying whether all goods received by the company have been recorded appropriately.…

A: Auditor is one who audits the financial statement of company so as to provide fair view on the…

Q: the auditor is verifying whether all goods received by the company have been recorded appropriately.…

A: Source Documents - Source documents are the document using which auditor can check the genuineness…

Q: The accounting clerk for the RAM System Company receives source documents such as purchase orders,…

A: Internal control refers to the process to ensure that that the organization complies with the…

Q: For each of the following processes, state whether OLTP or OLAP is appropriate and why.a. An order…

A: Meaning OLTP & OLAP OLAP means Online Analytical Processsing and OLTP means Online Transaction…

Q: The following internal controls were identified by the auditor while gaining an understanding of…

A: Internal Controls: These are controls implemented by the management to oversee the business…

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

A:

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

A: Definition:

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: purchases and disbursements cycle usually begins when a. a user department request for acquisition…

A: Solution: The purchase and disbursement cycle is the cycle in which the purchase needs of a business…

Q: Which statement about Revenue Cycle is correct?

A: The revenue cycle begins with providing a product or service and ends when the invoice is paid in…

Q: a) Prepare the purchase ledger (account payables) control account and the sales ledger (account…

A: (a)

Q: Describe briefly the processing of transactions, including internal control features, in the…

A: Internal control:   It is a business activity that aids in the protection of a company's assets. It…

Q: Question: What would be the correct system flowchart for this given process:  Accounts Payable and…

A: The question is based on the concept of preparation of flow chart. A flowchart is a  graphical…

Q: Which, if any, of the following situations represent improper segregation of functions?a. The…

A:

Q: An auditors would vouch copies of sales invoices to shipping documents in order to determine that:…

A: The auditing is a process to analyze the financial statements of the business.

Q: Which of the following are examples of preventive controls? Select all that apply. O account coding…

A: Preventive controls are the controls placed in the system prior to the occurrence of any threat to…

Q: Explain, on what criteria or by what internal controls in place, where Billing could be responsible…

A: It is the process followed by the organization in order to ensure the reliability of the financial…

Q: The purchases and disbursements cycle usually begins when Group of answer choices A user department…

A: A disbursement seems to be the transfer of funds from one account to another, whether for a purchase…

Q: V

A: trainee in an audit firm and you have been assigned to   Sales

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: nvoices, and the AR department posts to the customers’ accounts. B The sales department approves…

A:

Q: The accounting clerk for the Ram System company receives source documents such as purchase orders,…

A: Financial Reporting System: The financial reporting system (FRS) overview the financial resources of…

Q: Precision Industries, Inc., is a manufacturer of electronic components. When a purchase order is…

A:

Q: Which of the following is NOT an independent verification control?a. The shipping department…

A: Answer:   Option d.

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: All records in a file must be uniquely identifiable in at least one attribute, which is its primary…

A: The primary key is unique and cannot be the same in a table. It is a basis through which every…

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

A: Flowchart: Flowchart is representation of procedures concerned with the transactions in the…

Q: How can the auditors determine whether Precision Industries, Inc., has made a proper year-end cutoff…

A: Cutoff of transactions verification:   Substantive audit procedure for asset accounts like accounts…

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: Which of the following best represents a key control for ensuring sales are properlyauthorized when…

A:

Q: Which one of the following departments does not have a copy of the purchase order?a. the purchasing…

A: Answer:   Option d.

Q: What is a walkthrough of a sales transaction? How can the walkthrough work complement the use of an…

A: Internal control- It is a process of assuring to achieve organizational's objectives by doing…

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…

Management Information Systems

While undertaking any business decisions, data is the most important aspect. An information system (IS) is a set of data, computing devices and management methods that support routine company operations. A management information system (MIS) is a specific subset of IS.