Which, if any,of the followingsituations represent improper segregationof functions? Explain your answer

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: 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: Which of the following statements concerning internal control procedures for merchandise sales is…

A: Internal control procedures for the sale of merchandise is important and it must include the…

Q: which, if any of the following situations represents improper segregation of functions? Explain your…

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Q: For each of the tests of controls for sales and receivables, indicate the assertion that is…

A: Sales invoices refer to the those paper documents which act as a proof for a sales transaction…

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

A: The answer is as fallows

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

A:

Q: Which of the following statement is not correct?   Employees who approve the payment should not…

A: The internal control creates framework for ruling the business operations and protects from…

Q: Which of the following does not demonstrate internal control practices? a. Allowing access of…

A: Internal control is a set of measures instituted by management and designed to help. achieve the…

Q: An Internal control questionnaire indicates that an approved receiving report is required to…

A: An internal control questionnaire is a document that an auditor delivers to a company's staff prior…

Q: How could an employee embezzle funds by issuing an unauthorized sales credit memo if the appropriate…

A: Credit memo is generally issued by a seller to the customer which reduces the amount of account…

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: Which statement is NOT correct for an expenditure system with proper internal controls?a. Cash…

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

Q: Which of the following is an internal control activity that could prevent a paid disbursement…

A: Control Activities:  The actions taken management and employees of client to ensure about execution…

Q: Which of the following is incorrect related to the purchasing and cash disbursement cycle?   Group…

A: Purchasing and cash disbursement cycle is a combination of activities related to business for…

Q: Which duties should be segregated? a. matching purchase requisitions, receiving reports, and…

A: Cash Disbursement System:   The cash disbursement system carries out the responsibility of…

Q: Which of the following is not a true statement about the daily posting of the sales journal?…

A: Sales Journal: Sales journal is one form of special journal book, which records all the sales…

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

A:

Q: When will a credit check approval most likely require specific authorization by the credit…

A: Answer:   Option b.

Q: Whole Fruits Market took the following actions to improve internal controls. For each of the…

A: Internal control are department that provide reasonable assurance of effectiveness and efficiency…

Q: Which of the following is a control objective over sales? O a. None of the options O b. Compare…

A: The question is multiple choice question regarding control objective over sales.

Q: Choose only one answer as well as state their reasons/rationale for the answer chosen. A customer…

A: Closed loop verification :             It can be said as closed loop authentication and can be…

Q: explain whether they are considered improper segregation of functions? a. The billig department…

A: Segregation of Duties (SOD) is a basic building block of sustainable risk management and internal…

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

A:

Q: At Martinez Company, checks are not prenumbered because both the purchasing agent and the treasurer…

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

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: 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: he internal control questionnaire for purchases and accounts payable includes the following…

A: Assertions are qualities that must be verified in order to guarantee that financial reports and…

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: hould be on basis of blind copy of purchase order provided not by the packing slip. The inventory…

A: The recommendations are given as,

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: 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: 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: Which internal control activity is being violated when the cashier in a retail store also records…

A: Segregation of duties is being violated when the cashier in a retail store also records the daily…

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: The following can be appropriately included in an Internal Control Questionnaire for Revenue/Receipt…

A: An internal control questionnaire is a document that an auditor distributes to a company's staff…

Q: Which one of the following would the auditor consider to be an incompatible operation if the cashier…

A: Incompatible Operation in Cash Receipts: The mailroom is using for receiving the checks and after…

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: 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: Prospect Corporation, your new audit client, processes its sales and cash receipts in the following…

A: (A). Prospect corporation inc. Sales system flowchart Dec 31 ,20

Q: A client erroneously recorded a large purchase twice. Which of the following internal accounting…

A: Internal control measures are those ways and measures which helps in achievement of objectives of…

Q: Choose the one correct answer. Which of the following Test of Controls is done to examine whether…

A: Auditing means the independent checking of company operation by outsider. Auditor is  qualified and…

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

A:

Q: The procedures used for over-the-counter receipts are as follows: At the close of each day’s…

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