Business
Engineering
Math
Science
Social Science
Assume that Brooke Miles, accounts payable clerk for West Coast Design Inc., stole 848,350 by paying fictitious invoices for goods that were never received. The clerk set up accounts in the names of the fictitious companies and cashed the checks at a local bank. Describe a control procedure that would have prevented or detected the fraud.
Financial And Managerial Accounting
Solutions
Financial And Managerial Accounting
Assume that Brooke Miles, accounts payable clerk for West Coast Design Inc., stole 848,350 by paying fictitious invoices for goods that were never received. The clerk set up accounts in the names of the fictitious companies and cashed the checks at a local bank. Describe a control procedure that would have prevented or detected the fraud.
Describe the internal control procedure that will prevent or detect fraud.
Explanation of Solution
Internal Control: Internal control refers to the policies, and plans of the business organization along with other measures with a view to safeguard its assets, encourage the employees to adhere to the plans, to improve on the operational efficiency, and to ensure correct and reliable accounting information. Internal control is a process which ensures continuous reliability of accomplishment of a company’s objectives, related to operations, financial reporting, and in conformity with laws and regulations.
The following are the some of the internal control procedures:
- Competent personnel, rotating duties, and mandatory vacations...
Chapter 7 Solutions
Additional Business Textbook Solutions
Financial & Managerial Accounting
Accounting Information Systems
Cornerstones of Financial Accounting
Corporate Financial Accounting
Fundamentals Of Financial Management, Concise Edition (mindtap Course List)
Fundamentals of Financial Management (MindTap Course List)
Fundamentals of Financial Management, Concise Edition (MindTap Course List)
Probability and Statistics for Engineering and the Sciences
STATISTICS F/BUSINESS+ECONOMICS-TEXT
ECON: MICRO4 (New, Engaging Titles from 4LTR Press)
Brief Principles of Macroeconomics (MindTap Course List)
Principles of Microeconomics (MindTap Course List)
Foundations of Business (MindTap Course List)
Essentials of Business Communication (MindTap Course List)
Principles of Economics (MindTap Course List)
Principles of Macroeconomics (MindTap Course List)
College Accounting, Chapters 1-27
Financial Accounting
Management, Loose-Leaf Version
Essentials of Economics (MindTap Course List)
College Accounting (Book Only): A Career Approach
Accounting Information Systems
Intermediate Accounting: Reporting And Analysis
Managerial Accounting: The Cornerstone of Business Decision-Making
Contemporary Marketing
MKTG 12:STUDENT ED.-TEXT
Financial Accounting
Financial & Managerial Accounting
Accounting (Text Only)
College Accounting (Book Only): A Career Approach
College Accounting, Chapters 1-27 (New in Accounting from Heintz and Parry)
Statistics for Business & Economics, Revised (MindTap Course List)
Fundamentals of Financial Management (MindTap Course List)
Exploring Economics
Pkg Acc Infor Systems MS VISIO CD
Principles of Macroeconomics (MindTap Course List)
Fundamentals of Financial Management, Concise Edition (with Thomson ONE - Business School Edition, 1 term (6 months) Printed Access Card) (MindTap Course List)
Survey of Accounting (Accounting I)
Corporate Financial Accounting
PAYROLL ACCT.,2019 ED.(LL)-TEXT
Economics For Today
Economics (MindTap Course List)
Cornerstones of Cost Management (Cornerstones Series)
Microeconomics
Practical Management Science
Purchasing and Supply Chain Management
Managerial Accounting
MACROECONOMICS FOR TODAY
Micro Economics For Today
Economics: Private and Public Choice (MindTap Course List)
Macroeconomics: Private and Public Choice (MindTap Course List)
Understanding Management (MindTap Course List)
Microeconomics: Private and Public Choice (MindTap Course List)
