Question
For proper controls over accounts payable, who should match and compare the purchase order and the receiving report? Purchasing Receiving Shipping Store manager For the
Purchasing Receiving Shipping Store manager |
Inadequate segregation of duties in accounts payable Inadequate training for accounts payable employees Ineffective controls for matching disbursement documents Ineffective controls for review of supporting documents |
Allocation Completeness Existence Presentation |
Ineffective controls for testing billing information Ineffective input validation checks on shipping dates Ineffective processes in the receiving department Ineffective shipping department cutoff policy |
Ineffective accounting procedures for reconciliation Ineffective physical controls over inventory Ineffective segregation in receiving Ineffective technology for inventory counts |
Inadequate segregation of duties in accounts payable Inadequate training for accounts payable employees Ineffective controls for matching shipping documents Ineffective controls for review of supporting documents |
Debits equal only authorized employee payments Debits equal transfers back to general funds Credits equal all unclaimed wages Credits equal required state payments |
Determining that the item is necessary Obtaining competitive bids Obtaining financial department approval Proving the item has consumer demand |
Purchasing Receiving Shipping Store manager |
Risk of nonresponse on erroneous accounts Risk of inaccuracy or inattention Risk of differences and exceptions Risk of omitting erroneous balances for testing |
Inadequate cash register security Inadequate security of deposits Ineffective segregation of duties Ineffective register tape reconciliation |
Completeness Existence Presentation Rights |
Commissions Customer deposits Federal income tax Unclaimed wages |
Completeness Existence Presentation Rights |
Accountant Inventory manager Storekeeper Warehouse manager |
Large number of small balances Low exception rate expected Low risk of material misstatement Small volume of large balances |
Batch total Control listing Data interchange Voucher system |
Completeness Existence Rights Valuation |
Cutoff Existence Occurrence Valuation |
Amortized per schedule Depreciated per schedule Tested for impairment Value remains unchanged |
Franchise Goodwill Leasehold Trademark |
Add one-half of the asset additions. Add one-half of the salvage values. Deduct all fully depreciated assets. Subtract one-half of the asset retirements. |
Job ticket Materials requisition ticket Production order Purchase order |
Apply alternative procedures to accounts No action if enough other responses were received Send additional confirmations on similar accounts Send second or third confirmation requests |
Board authorization Capital expenditure forms Capital revenue forms Capital work orders |
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