Which of the following duties should be separated in the sales/collection process? a. Purchasing inventory and reconciling

Question:

Which of the following duties should be separated in the sales/collection process?

a. Purchasing inventory and reconciling the bank statement

b. Reconciling the bank statement and signing checks

c. Signing checks and purchasing inventory

d. Signing checks, purchasing inventory, and reconciling the bank statement

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Accounting Information Systems

ISBN: 12

2nd Edition

Authors: Robert Hurt

See More Books

Question Posted: May 22, 2024 03:00 AM

See More Questions

A small consulting company wants to make the switch to QuickBooks Online. All of their expenses are paid at the time they are incurred, so there is no need to track bills in the system. There is only...
1.Which of the following below is NOT an element of internal control? a. risk assesment b. monitoring c. information and communication d. behavior analysis ANSWER:D 2. Which of the following below is...
1: Which of the following are the same under both GAAP and IFRS? a. The journal. b. The ledger. c. The chart of accounts. d. All of the above. e. Only a & c. 2: Which of the following is true? a....
Why is an objects internal data usually hidden from outside code?
* Let x(t) and y(t) be as shown in Fig. 15.36. Find z(t) = x(t)* y(t). y(t) 4 4 4 -4
Caribou County Service Station started a customer loyalty program at the beginning of 2020 in which customers making cash purchases of gasoline at the gas bar are issued rewards in the form of...
Develop a strategy for scope validation and change control for this project. Write a short paper summarizing key points of the strategy. LO.1
On January 2, 2013, the Cerritos Band acquires sound equipment for concert performances at a cost of $ 65,800. The band estimates it will use this equipment for four years, during which time it...
The Board of Directors of NMN Ltd, a manufacturing company, is examining whether to purchase a new machine for 500,000 payable immediately, with a useful economic life of 8 years. The expected net...
When goods are shipped FOB shipping point, freight prepaid, a. The buyer pays the freight cost to the seller. b. The selling company cannot use a common carrier. c. The buyer pays the freight company...
An accounting clerk debited cash and credited accounts receivable for $500. Which of the following is the most likely source document for that transaction? a. Deposit slip b. Sales invoice c....
List and describe the three communities of interest that engage in an organizations efforts to solve InfoSec problems. Give two or three examples of who might be in each community.
An epidemiologist plans to conduct a survey to estimate the percentage of women who give birth. How many women must be surveyed in order to be 90% confident that the estimated percentage is in error...
Palmerstown Company established a subsidiary in a foreign country on January 1, Year 1, by investing 8,000,000 pounds when the exchange rate was $1.00/pound. Palmerstown negotiated a bank loan of...
Question 1.Which of the following plans provide the greatest immediate tax benefit for the participating employee? (1) Roth IRA (2) deductible IRA (3) non-deductible IRA (4) 401(k) a. (1) and (3)...
Transcribed image text: 9:13 LTE Done 7 of 7 QUESTION WA AUDION QUESTION 23 = w the tons of a coin comes down heads, you win two dollars. If it comes down tails, you lose fifty cents. How much would...
TRUE or FALSE It is 2016 and the D.C. Circuit has issued its ruling in USTA v. FCC . The D.C. Circuit upheld the 2015 Open Internet Order so the FCC's net neutrality rule stands.True or...
Study Appendix 11. Describe how internal consistency is achieved when considering inflation in a capital-budgeting model.
Identify the most stable compound:
What is the NPV of a project that costs $34,000 today and is expected to generate annual cash inflows of $11,000 for the next 7 years, followed by a final inflow of $14,000 in year 8. Cost of capital...
help!!! Use the above information to calculate ending inventory using FIFO for a company that uses a perpetua/inventory system
Rocky Mountain Chocolate Factory (RMCF) founder and president Frank Crail employs 220 people in 361 outlets in the United States, Canada, United Arab Emirates, Japan, South Korea and Saudi Arabia. If...

Which of the following duties should be separated in the sales/collection process? a. Purchasing inventory and reconciling

Question:

Step by Step Answer:

Accounting Information Systems

Students also viewed these Business questions