In the basic technology system, the inventory control clerk reviews the purchase requisition file to identify inventory needs. Explain how this file is created.

Q: Why is it important to obtain shipping and receiving cutoff information during the inventory…

A: Cut-off Procedures:   The audit procedures applied to separate the transactions from one period to…

Q: A portion of a client’s inventory is in public warehouses. Evidence of the existence of this…

A: Existence assertion says that all assets and liabilities of the business present in the financial…

Q: .Internal Controls and RiskReview the following description of the purchasing and AP procedures for…

A: 1.The internal control weaknesses of this system are listed below:The inventories are received…

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: Which document helps to ensure that the receiving clerks actually count the number of goods…

A: Option b is the answer

Q: Identify whether each description best applies to a periodic or a perpetual inventory system.…

A: Perpetual inventory system is a system that records real time transactions of received or sold…

Q: Which function or department below records the decrease in inventory due to a sale? a. warehouse b.…

A: Merchandise Inventory: Merchandise is the stock of goods bought by a wholesaler, or a retailer, or a…

Q: Please assist with (i) - Periodic inventory system and Perpetual inventory system. Thanks

A: In the perpetual method of inventory, calculation of inventory is to be done as and when it is…

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: Define each of the following terms: e. Red-line method; two-bin method; computerized inventory…

A: The red line strategy could be a strategy for stock control, as is the two-bin strategy. Within the…

Q: What is the main distinction between perpetual and periodic inventory systems? Which type of system…

A: Explain the main distinction between perpetual inventory system and periodic inventory system and to…

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: Who is responsible for releasing an order? Describe what happens to the inventory records andto PAC…

A: The person responsible for releasing an order is the material planner.

Q: A cost accounting system uses which of the following inventory systems? a.perpetual system…

A: Inventories are assets that are sold, purchased, and manufactured in an organization as a core…

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

A:

Q: Explain how a periodic inventory system operates.

A: Inventory: It can be defined as all the goods, items, materials, and merchandise that are held by a…

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: Explain the audit for inventory

A: Directional testing is been used to audit the procedures  of statement of financial position items.

Q: Which of the following will be the most appropriate test to determine wherether purchase orders are…

A: Purchase order: Purchase order is a document send by a buyer to seller indicating all the…

Q: The purpose of tracing a sample of inventory tags to a client’s computerized listing of inventory…

A:

Q: In your own words, discuss the differences between a perpetual and periodic inventory system. Your…

A: Inventory is the current asset posted on the balance sheet of the company.

Q: Compute the correct amount of inventory.

A: Inventory is the stock which the company has in order to sell them in the normal course of the…

Q: Analytics of the inventory item that produces the most profit is an example of the diagnostic…

A: Analytics of the inventory item that produces the most profit is an example of the diagnostic…

Q: Use the information in the account records on the Inventory tab to calculate the total cost of…

A: FIFO means First In, First Out. That means the cost of ending inventory comprises of cost of…

Q: Describe the typical approach for recording inventory write-downs.

A: Inventory write-down: As per GAAP (Generally Accepted Accounting Principles), the companies need to…

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: Describe the data flow in the buying process that begins when the purchasing organization sends a…

A: The Answer:

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: Please see below. I need help making a made up purchase schedule of inventory. Please include parts…

A: Purchase Schedule Purchases schedule which comprises the details of order number and date of the…

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: For each of the following items, indicate whether a sequential, block, group, alphabetic, or…

A: State Codes - Alphabetic Code - Because it corresponds to abbreviation of postal Service.  Check…

Q: How does analyzing inventory errors is helpful?

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

Q: Describe the backflushing or post-deduct system of inventory recordkeeping

A: Backflushing is also known as the post-deduct system. When a product is shipped out of stock or used…

Q: Describe the inventory recording methods.

A: Inventory recording methods are two types:   Periodic inventory system Perpetual inventory system

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

A: Answer:   Option d.

Q: Describe the flow of data in the purchasing process that is initiated when the purchasing…

A: A data flow diagram is a flow of data that analyzes the beginning criteria and end results of a…

Q: orage system can use FIFO method of inventory control

A: FIFO Method: FIFO stands for , First in first out method , is an asset management and valuation…

Q: Explain the following statement: “Inventory errors correct themselves.”

A: Solution: Introduction: Inventory means goods are available for sale and raw materials used in the…

Q: How do you find an inventory report for manufacturers?

A: Answer :- The inventory of manufacturer is reported in "Current assets" part of the balance sheet of…

Q: When aninventory itemfalls to the recorder point, a purchase requisition is automatically generated…

A: Develop system flow chart of expenditure cycle: The existing system performs the functions in…