Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

E, F, G and H just those four please 13.1 Which internal control procedure would be most cost-effective in dealing with the fol. lowing expenditure

E, F, G and H just those four please
image text in transcribed
13.1 Which internal control procedure would be most cost-effective in dealing with the fol. lowing expenditure cycle threats? a. A purchasing agent orders materials from a supplier that he partially owns. b. Receiving-dock personnel steal inventory and then claim the inventory was sent to the warehouse. c. An unordered supply of laser printer paper delivered to the office is accepted and paid for because the "price is right." After all of the laser printers are jammed, how- ever, it becomes obvious that the "bargain" paper is of inferior quality. d. The company fails to take advantage of a 1% discount for promptly paying a vendor invoice. e. A company is late in paying a particular invoice. Consequently, a second invoice is sent, which crosses the first invoice's payment in the mail. The second invoice is submitted for processing and also paid. 1. Inventory records show that an adequate supply of copy paper should be in stock. but none is available on the supply shelf. g. The inventory records are incorrectly updated when a receiving-dock employee en- ters the wrong product number at the terminal. h. A clerical employee obtains a blank check and writes a large amount payable to a fictitious company. The employee then cashes the check

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Guidelines For Auditing Process Safety Management Systems

Authors: CCPS Center For Chemical Process Safety

2nd Edition

0470282355, 978-0470282359

More Books

Students also viewed these Accounting questions