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DIAP 0559494958 Homework Mini Cases inment: Chapter 5: Homework Mini Cases Q Search this course O X msha3a110h_ch05.01 Save Sur gerette Goog Check My Work

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DIAP 0559494958 Homework Mini Cases inment: Chapter 5: Homework Mini Cases Q Search this course O X msha3a110h_ch05.01 Save Sur gerette Goog Check My Work The Accounts payable clerk for manufacturing company receives a purchase order copy for raw materials from the purchasing agent. The clerk file the PO in a temporary file and awaits the vendor's invoice before setting up a liability. A week later the dark receives the vendors invoice reconcile it with the PO, posts the liability to the AP Subsidiary ledger, and establishes a due date for payment. On the due date the clerk prepares a che the invoiced amount and mails the check to the vendor. The AP clerk then updates the check register, accounts payable ybsidiary ledger, and the AP control account from his terminal. Finally, the clerk files the invoice, purchase order copy and check copy in the AP department. Required: 1. Discuss the risks associated with this system. 2. Describe the internal controls needed to mitigate the risks. Check Sly Work

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