Connect Access Card for Principles of Auditing & Other Assurance Services
21st Edition
ISBN: 9781260299366
Author: Ray Whittington, Kurt Pany
Publisher: McGraw-Hill Education
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Question
Chapter 8, Problem 38ITC
To determine
Write one response from either the list of operations and controls (A through O) or the list of documents, journals, ledgers, and files (P through Z) for the symbols numbered 1 through 13.
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Many business events are recorded in the GL from feeder processes. The first list below identifies eight business events. The second list specifies five feeder processes. Match the events with the processes. Each process may have one or more event specified. Some events may not be used.
Business Events
Sales order is received from a customer.
Inventory is sold to a customer.
Inventory is received from a vendor.
Inventory is returned from a customer.
Cash is disbursed for inventory purchased.
Bad debts are written off.
Employer taxes are accrued.
Cash is received from a sale.
Employer taxes are deposited.
Feeder Processes
blank 11. B/AR/CR process
blank 22. Purchasing process
blank 33. OE/S process
blank 44. AP/CD process
blank 55. Payroll process
All records in a file must be uniquely identifiable in at least one attribute, which is its primary key. Drawing on your general knowledge of accounting, identify the primary key for the following types of accounting records. To illustrate, the first record is done for you.Record Type Primary KeyAccounts Receivable Customer Number Accounts Payable Inventory Customer Sales Orders Purchase Orders to vendors Cash Receipts (checks) from customers Cash Disbursements (checks) to vendors Employee Payroll Earnings records
Describe briefly the processing of transactions, including internal control features, in the following functions under the sales and collection cycle:a. order entryb. customer billing
Chapter 8 Solutions
Connect Access Card for Principles of Auditing & Other Assurance Services
Ch. 8 - List and describe the major components of an...Ch. 8 - Prob. 2RQCh. 8 - Prob. 3RQCh. 8 - Prob. 4RQCh. 8 - Prob. 5RQCh. 8 - Distinguish general control activities from...Ch. 8 - Prob. 7RQCh. 8 - Prob. 8RQCh. 8 - Prob. 9RQCh. 8 - Prob. 10RQ
Ch. 8 - Prob. 11RQCh. 8 - Prob. 12RQCh. 8 - Prob. 13RQCh. 8 - What is the difference between an Internet-based...Ch. 8 - Prob. 15RQCh. 8 - Prob. 16RQCh. 8 - Prob. 17RQCh. 8 - Prob. 18RQCh. 8 - Prob. 19RQCh. 8 - Prob. 20RQCh. 8 - Prob. 21RQCh. 8 - Prob. 22QRACh. 8 - Prob. 23QRACh. 8 - Prob. 24QRACh. 8 - Prob. 25QRACh. 8 - Prob. 26QRACh. 8 - Prob. 27QRACh. 8 - Prob. 28QRACh. 8 - Prob. 29AOQCh. 8 - Prob. 29BOQCh. 8 - Prob. 29COQCh. 8 - Prob. 29DOQCh. 8 - When an online real-time (OLRT) IT processing...Ch. 8 - Prob. 29FOQCh. 8 - Prob. 29GOQCh. 8 - Prob. 29HOQCh. 8 - Prob. 29IOQCh. 8 - Prob. 29JOQCh. 8 - Prob. 29KOQCh. 8 - Prob. 29LOQCh. 8 - Prob. 30OQCh. 8 - Prob. 31OQCh. 8 - For each definition (or partial definition) in the...Ch. 8 - Prob. 33PCh. 8 - Prob. 34PCh. 8 - Prob. 35PCh. 8 - Prob. 36PCh. 8 - Prob. 37PCh. 8 - Prob. 38ITC
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Similar questions
- Using the following revenue journal for Bowman Cleaners Inc., identify each of the posting references, indicated by a letter, as representing (1) posting to general ledger accounts or (2) posting to subsidiary ledger accounts:arrow_forwardThe given system flowchart elaborates the business activities involved in different departments, including (1) Sales Department, (2) Accounting Department, (3) Warehouse, (4) Shipping Department, and (5) Billing Department. The bottom part of this Figure indicates that the Sales Department sends the sales invoice to the Billing Department. Here, it is assumed that this sales invoice only contains non-financial information. What types of frauds are possible in this business environment? (long answers)arrow_forwardWhich of the following would be considered part of the control environment of an entity? Question 16 options: 1) The procedures involved in recording a sales transaction. 2) An ethics policy implemented to govern board decision making. 3) The accounting software used by the entity. 4) Authority levels for approval of purchasing transactions.arrow_forward
- Respite Company has contracted you to develop a chart of accounts for their company. Their company consists of the following associates: Board of Directors CEO, CFO, COO VP of Human Resources, VP of Manufacturing, VP Sales & Marketing, VP of Research and Development Manager - Human Resources Manager - Manufacturing Manager - Sales Manager - Marketing Manager - Finance Manager - Treasury Develop a chart of accounts with reporting structure. Discuss how some of these roles may share responsibilities and resources.arrow_forwardBriefly explain the financial and/or managerial decisions that are made from creating a sales order and a payment receipt. why these documents are needed for internal decision making - what decisions are made from each document. Talk about the over-arching, management level decisions that are made based on the documents, not just day-to-day business activities that are driven by them.arrow_forwardHi! What is the data flow diagram of this process? Vendors send invoices to the AP department where they are reviewed and approved for payment. Once approved, the invoice and a cash disbursement voucher are sent to the cash disbursement department, where a check is prepared and sent to the vendor. A copy of the check, the invoice, and the voucher are returned to the AP department and filed.arrow_forward
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