which, if any of the following situations represents improper segregation of functions? Explain your answer.

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: Assume you are considering an entity’s internal controls over credit sales and cash collection.…

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

Q: Which of the following test controls most likely would help assure an auditor that goods shipped are…

A: In order to test the effectiveness of the control so as to detect the material misstatement, an…

Q: Multiple-Choice Questions 6. Which of the following is NOT an independent verification control? a.…

A: Independent internal verification is defined as the procedure conducted to verify the compliance…

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: up of answer choices a.The personnel in the receiving department should be separated from the…

A: the purchase you also known as account payable system and the cash disbursement cycle execute the…

Q: Listed below are five procedures followed by Eikenberry Company.Indicate whether each procedure is…

A: Internal control: Internal control is a process which ensures continuous reliability of…

Q: internal control principle is violated

A: Internal control principles include the standards of controls established in the conduct of business…

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

A:

Q: will hurt employee morale. The same employee requests, records, and makes payment for purchases of…

A: internal controls , mechanism rules and procedures that is implemented by the company in order to…

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: incorrect related to the purchasing and cash disbursement cycle?

A: Answer: D. The accounting department is responsible for receiving the goods and preparing the…

Q: 1. SEGREGATION OF FUNCTIONS to the AR department, which adjusts the customer accounts to reflect the…

A: Segregation of duties means when the work or task is distributed among various departments and…

Q: The kickback is a form of fraud often associated with purchasing. Most organizations expect their…

A: Fraud:   Fraud refers to an intentional act of dissembling the assets of a company. It can be…

Q: In the sales/OE system, when a customer's order is entered into the system, and before accepting the…

A: Every entity before accepting the order from the customer needs to check the master data. It…

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: Which of the following would not be a control in a sales system? a. Agreeing details from the sales…

A:

Q: Which of the following tests is directed towards the management assertion of completeness of sales?…

A: It is one of the fundamental accounting principles that costs and revenues should be recognized as…

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: ties of Internal IT Developer of company is to write application programs and then perform required…

A: Segregation of duties refers to the internal control design made to disperse the duties in order to…

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: 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: A. Occurrence B. Completeness C. Rights and obligations D. Allocation or valuation E. Classification…

A: Solution:- Identify each of the following control activities and identify the management assertion…

Q: Which of the following is a control objective over sales? a. Only invoice customer for goods that…

A: Business means the professional or economic activity organized and controlled by an individual or by…

Q: When the store manager receives a requisition note, he issues three copies of purchase order. Two…

A: Internal control: Internal control is a procedure used by a company's board of directors,…

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: A fraudulent sales order was prepared by an order entry clerk in an attempt to steal merchandise…

A: Detection of errors and frauds is the main aim of any internal control system or…

Q: For effective internal control, the accounts payable department generally should(1) stamp,…

A: Internal control: Internal control is a process which ensures continuous reliability of…

Q: Michelle Darby receives cash from customers. Her other assigned job is to post the collections to…

A: Separation of duties: It’s an important internal control process to ensure that the work delegated…

Q: A serious exposure in the revenue cycle is customer dissatisfaction. What is the related threat and…

A: In this question we tell about a serious exposure in the revenue cycle is customer…

Q: Under a system of good internal control, which of the following departments issues a voucher?…

A: Under a good internal control system, the main department in the business organizations are:…

Q: Imagine that you have been hired to audit the sales and collections of a medium-to-large…

A: In a medium to large merchandising company there would chances of theft, frauds if effective…

Q: 1. As an accountant, why you need to study the revenue cycle? 2. If you are going to audit the cash…

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

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

A:

Q: Which of the following is TRUE with regards to establishing credit limits for customers? O It is…

A: Solution: The true statement with regards to establishing credit limits for customers are as under:…

Q: Which of the following situations is NOT a segregation of duties violation?a. The treasurer has the…

A: Internal control: Internal control is a process which ensures continuous reliability of…

Q: The billing department prepares the customers' invoices and records the sale in the sales journal,…

A: The segregation of functions is referred to as the distribution of the work to different…

Q: If the mailroom clerk and the accounts receivable bookkeeper for my company are moving in together.…

A: Auditing is a process in which an auditor checks the financial statements and as well as the checks…

Q: Sales orders are written by sales people who have no access to the goods, which are released by…

A: Delegation of authority: It is the organizational process of allocation of tasks to subordinates…

Q: Which of the following is incompatible task?a. The AR clerk prepares customer statements every…

A: Incompatible tasks represent the tasks that should be done by the different individuals within the…

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: Discuss whether the following situations are improper segregation functions. Support your answer…

A: