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USING INTERNAL CONTROLS TO PREVENT ERRORS The following misstatements occurred in the records of MW Company. For each misstatement, suggest a control to prevent it from happening. 1. A bill from a supplier was paid for goods that had not been ordered. 2. A supplier’s bill for 50 boxes of materials was paid even though only 40 boxes were received. 3. Expensive product components were stolen by an employee from a loading dock area after hours. 4. No bill was sent to a customer for a shipment because the shipping document was lost after the shipment was made.

BuyFind

College Accounting, Chapters 1-27

23rd Edition
HEINTZ + 1 other
Publisher: Cengage Learning,
ISBN: 9781337794756
BuyFind

College Accounting, Chapters 1-27

23rd Edition
HEINTZ + 1 other
Publisher: Cengage Learning,
ISBN: 9781337794756

Solutions

Chapter
Section
Chapter 7A, Problem 4SPB
Textbook Problem

USING INTERNAL CONTROLS TO PREVENT ERRORS The following misstatements occurred in the records of MW Company. For each misstatement, suggest a control to prevent it from happening.

1. A bill from a supplier was paid for goods that had not been ordered.

2. A supplier’s bill for 50 boxes of materials was paid even though only 40 boxes were received.

3. Expensive product components were stolen by an employee from a loading dock area after hours.

4. No bill was sent to a customer for a shipment because the shipping document was lost after the shipment was made.

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