Terry's Flooring have commenced using an integrated inventory management system where all floor installation employees are required to directly enter materials requirements for each job that they are assigned. Which of the following is a benefit of this approach? Select one: OA There are fewer delays as data inputs are not duplicated OB. with organizational guidelines OC. It allows flooring installers to use their own judgement and preferences rather than complying OD. It allows flooring installers to best utilise their skills and knowledge
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- A manufacturing plant was finding a huge increase in the scrapping of raw materials. Its internal controls were reviewed, and the plant appeared to be strong; segregation of duties was in place. As the accountant was reconciling some inventory accounts, she found more than a normal amount of scrap tickets. The tickets were for scrapping the same inventory part, signed by the same person, and the scrap was sold to only one company. The inventory item was still being ordered, and only one supplier was used to purchase the parts. After further investigation by the accountant, the company buying the inventory and the company selling the inventory to the company had different names but shared the same address. Comment on what went wrong. What happened to the internal controls the company had in place?You have determined that the purchases system operates as follows: • When materials are required for production, the production manager sends a handwritten note to the buying manager. For orders of other items, the department manager or managing director sends a handwritten note to the buying manager. The buying manager finds a suitable supplier and raises a purchase order. The purchase orders are signed by the managing director. Purchase orders are not issued for all goods and services received by the company.• Materials for production are received by the Goods Received Department, who issue a goods received note (GRN), and sends a copy to the accounts clerk. There is no system for recording receipt of other goods and services.• The accounts clerk receives the purchase invoice and matches it with goods received notes and purchase order (if available). The managing director authorises the invoice for posting to the purchase ledger.• The accounts clerk analyses the invoice into relevant…The following is a description of the conversion cycle of Central Production Limited:The conversion cycle of the company is triggered by a report from the warehouse. When the quantityof an inventory item falls below a pre-set minimum level, the warehouse manager sends an onlineinventory status report to production department advising them to schedule a production batch runfor the item.Upon receipt of the report, the production clerk assesses the digital bill of materials and the routesheet files for the item to be produced and adds the production details to the online productionschedule.The system automatically adds a record to the openwork order file and sends an online work orderto the work center supervisor’s computer and to the accounting clerk’s computer.The work center supervisor receives the work order from his computer and print hard-copy movetickets and materials requisitions for each production process. Production employees take thematerials requisitions to store clerk and…
- The following is a description of the conversion cycle of Central Production Limited:The conversion cycle of the company is triggered by a report from the warehouse. When the quantityof an inventory item falls below a pre-set minimum level, the warehouse manager sends an onlineinventory status report to production department advising them to schedule a production batch runfor the item.Upon receipt of the report, the production clerk assesses the digital bill of materials and the routesheet files for the item to be produced and adds the production details to the online productionschedule.The system automatically adds a record to the open work order file and sends an online work orderto the work centre supervisor’s computer and to the accounting clerk’s computer.The work centre supervisor receives the work order from his computer and print hard-copy movetickets and materials requisitions for each production process. Production employees take thematerials requisitions to store clerk and…The following is a description of manufacturing com-pany’s purchasing procedures. All computers in the com-pany are networked to a centralized accounting system sothat each terminal has full access to a common database.The inventory control clerk periodically checks in-ventory levels from a computer terminal to identifyitems that need to be ordered. Once the clerk feels in-ventory is too low, he chooses a supplier and creates apurchase order from the terminal by adding a record tothe purchase order file. The clerk prints a hard copy ofthe purchase order and mails it to the vendor. An elec-tronic notification is also sent to accounts payable andreceiving, giving the clerks of each department accessto the purchase order from their respective terminals.When the raw materials arrive at the unloading dock,a receiving clerk prints a copy of the purchase orderfrom his terminal and reconciles it to the packing slip.The clerk then creates a receiving report on a computersystem. An electronic…The following is a description of manufacturing com-pany’s purchasing procedures. All computers in the com-pany are networked to a centralized accounting system sothat each terminal has full access to a common database.The inventory control clerk periodically checks in-ventory levels from a computer terminal to identifyitems that need to be ordered. Once the clerk feels in-ventory is too low, he chooses a supplier and creates apurchase order from the terminal by adding a record tothe purchase order file. The clerk prints a hard copy ofthe purchase order and mails it to the vendor. An elec-tronic notification is also sent to accounts payable andreceiving, giving the clerks of each department accessto the purchase order from their respective terminals.When the raw materials arrive at the unloading dock,a receiving clerk prints a copy of the purchase orderfrom his terminal and reconciles it to the packing slip.The clerk then creates a receiving report on a computersystem. An electronic…
- The conversion cycle of the company is triggered by a report from the warehouse. When the quantity of an inventory item falls below a pre-set minimum level, the warehouse manager sends an online inventory status report to production department advising them to schedule a production batch run for the item.Upon receipt of the report, the production clerk assesses the digital bill of materials and the route sheet files for the item to be produced and adds the production details to the online production schedule.The system automatically adds a record to the open work order file and sends an online work order to the work centre supervisor’s computer and to the accounting clerk’s computer.The work centre supervisor receives the work order from his computer and print hard-copy move tickets and materials requisitions for each production process. Production employees take the materials requisitions to store clerk and receives the materials and subassemblies needed to perform the production…The conversion cycle of the company is triggered by a report from the warehouse. When the quantity of an inventory item falls below a pre-set minimum level, the warehouse manager sends an online inventory status report to the production department advising them to schedule a production batch run for the item. Upon receipt of the report, the production clerk assesses the digital bill of materials and the route sheet files for the item to be produced and adds the production details to the online production schedule. The system automatically adds a record to the openwork order file and sends an online work order to the work center supervisor’s computer and to the accounting clerk’s computer. The work center supervisor receives the work order from his computer and print hard-copy move tickets and materials requisitions for each production process. Production employees take the materials requisitions to store clerk and receive the materials and subassemblies needed to perform the production…The following is a description of the conversion cycle of Central Production Limited:The conversion cycle of the company is triggered by a report from the warehouse. When the quantity of an inventory item falls below a pre-set minimum level, the warehouse manager sends an onlineinventory status report to production department advising them to schedule a production batch run for the item.Upon receipt of the report, the production clerk assesses the digital bill of materials and the route sheet files for the item to be produced and adds the production details to the online production schedule.The system automatically adds a record to the open work order file and sends an online work order to the work centre supervisor’s computer and to the accounting clerk’s computer.The work centre supervisor receives the work order from his computer and print hard-copy move tickets and materials requisitions for each production process. Production employees take the materials requisitions to store…