Which files are often found in a sales order module as opposed to an account receivable (customer) module, on average? What is the source of this discrepancy

Q: Which one of the following documents is not needed to process a payment to a vendor?A. vendor…

A: Purchases of material and inventory is very important for the business. Payment for purchases can be…

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 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: How would you find errors in recording transactions and what is the process to correct errors?

A: Often, adding a journal entry will fix an accounting error. The journal entry adjusts the retained…

Q: Weaknesses to a purchase order system

A: Purchase order system is a system begins with creation, processing, follow up and closure of…

Q: Which common workflow error can cause duplicate expenses in QuickBooks Online? -Create a purchase…

A: Normal process for recording service bill is PO generating, invoice posting and vendor payment…

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: How can we protect inventroy from being reordered automatically each time the system detects a low…

A: Low inventory level is the level at which there is a need to order new inventory so that the…

Q: Why do companies use sequential prenumbering for documents such as checks, sales invoices, and…

A: Pre numbered documents are a main feature of an internal control system. The pre numbering of…

Q: OLTP VERSUS OLAP SERVERS For each of the following processes, state whether OLTP or OLAP is…

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

Q: Which of the following forms cannot be customized? Select one: A. Estimate B. Sales Receipt C.…

A: Under QBO there is a feature to customize your forms.

Q: All of the following functions are normally found within an organization's sales/collection except:…

A: An entity involved in sale of merchandise has to keep a track of multiple functions such as receipt…

Q: a) Should every company switch from the traditional three-way matching process (purchase orders,…

A: “Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: Distinguish between the sales order, billing, and AR departments. Why can’t the sales order or AR…

A: The sales order, billing and AR department are responsible for placing the orders from the…

Q: Customer sales should only be recorded usin

A: Customer sales should only be recorded using Sales Receipts or Invoices .

Q: What purpose is served by prenumbering sales orders, shipping documents, and sales invoices?

A: Revenue Cycle: Revenue cycle records all the transactions that originate from selling a product and…

Q: Management and auditor are concerned about inventory control function in automated system? Why? How…

A: Inventory control function in automated system :                   In automated system, inventory is…

Q: Are purchasing and receiving functions separate from invoiceprocessing, accounts payable, and…

A: Invoice processing: It is a procedure to maintain the invoices of the organisation to ensure timely…

Q: In a manual accounting system, what advantage does the journal voucher system have over the…

A: Journal  Voucher Journal voucher is a special source of document which has been replaced for general…

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

A: (a)

Q: Why do the inventory control and general ledger departments seem to disappear in computer-based…

A: Inventory control:   The inventory control maintains the inventory subsidiary ledger. The inventory…

Q: What is the effect of not returning all client-provided documents upon request?

A: If an auditor is not returning all client provided documents upon request, then this act is an…

Q: Errors can occur in posting debits and credits from the journal to the ledger. One way to detect…

A: Errors in accounting refers to the mistakes made while recording the business transactions in the…

Q: Which of the following manipulations would understate accounts payable on the financial statements?…

A: Account payable  means the amount owed by business to outsider for the goods received and services…

Q: One internal control that companies often have is an official “approved vendor” list for purchases.…

A: The approved vendor list (AVL) can be referred to as the list containing the information of the…

Q: Question 2 All of the following controls can ensure input validity of shipping notice, except? O…

A: The answer is provided as follows:

Q: What general ledger journal entries does the purchases system trigger? From which departments do…

A: Purchasing System: The identification and procurement of the inventory needs for the organization is…

Q: Why should the function of requisitioning the purchase of goods be segregated from the function of…

A: Note: We’ll answer the first question since the exact one wasn’t specified. Please submit a new…

Q: How does the procedure for determining inventory requirements differ between a basic…

A: Batch processing system: A technique that is used to collect the data and program together in a…

Q: How would you find errors in recording transactions and what is the process to correct errors?…

A: Accounting error: Accounting errors can be defined as omission of the fundamental accounting…

Q: d contrast a manual accounting system with a computerized accounting system for process vendors…

A: manual accounting system requires the acting accountant or bookkeeper to post business transactions…

Q: Vendor invoices are recorded for items that were never ordered by the company. Which of the…

A: If the invoices are recorded for items that were never ordered by the company then such an issue can…

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

A: Sale is the outflow of the commodities or the inventory held with the business entity to generate…

Q: How does analyzing inventory errors is helpful?

A: Accounting is primarily concerned with identifying, recording, measuring, summarizing transactions…

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

A: Answer:   Option d.

Q: How can we prevent inventory from being reordered automatically each time the system detects a low…

A:

Q: Explain how prenumbered shipping documents and sales invoicescan be useful controls for preventing…

A: Prenumbering: It refers to the process of assigning of numbers to documents which can be identified.

Q: What would you do, and how would you document your decision?

A: Given case is: You have Noticed that the A/R clerk has created abnormally  high number of credit…

Q: ware to analyze the customer and vendor’s Payments and Receipts? Justify the figures using

A: Software used:  QuickBooks Premier Plus Contractor Edition 2019-Desktop   Needed:  A report showing…

Q: In the expenditure cycle, the control procedure of comparing inwards goods documents to vendor…

A: Solution : Correct answer are               -failure to take advantage of discounts for prompt…

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: State the purpose of footing the total column in the client’saccounts receivable trial balance,…

A: A necessary audit procedure is to test the information on the client's trial balance for detail…