Most grocery stores use bar code scanning technologies that interface with cash registers used to process customer purchases. Cashiers use the scanners to read bar code labels attached to each product, which the system then uses to obtain unit prices, calculate transaction totals, including sales taxes, and update perpetual inventory databases. Similarly, cashiers scan bar codes on coupons or member discount cards presented by the customer to process discounts. Along with the scanning technologies, groceries use point-of-sale technologies that allow customers to swipe debit and credit cards for payment, while still maintaining the ability for customers to pay with cash. Read the requirements. Requirement a. Which financial statement accounts are impacted by the use of these technologies in a typical grocery store? (Select all that apply.) A. Sales Tax Payable C. Accounts payable DE. Revenue G. Inventory Ol. Furniture and Fixtures OB. Salaries OD. Cash OF. Sales discounts OH. Cost of Goods Sold J. Sales returns Most grocery stores use bar code scanning technologies that interface with cash registers used to process customer purchases. Cashiers use the scanners to read bar code labels attached to each product, which the system then uses to obtain unit prices, calculate transaction totals, including sales taxes, and update perpetual inventory databases. Similarly, cashiers scan bar codes on coupons or member discount cards presented by the customer to process discounts. Along with the scanning technologies, groceries use point-of-sale technologies that allow customers to swipe debit and credit cards for payment, while still maintaining the ability for customers to pay with cash. Read the requirements. Requirement b. Identify risks inherent to this business process in a grocery store that might affect the financial statement accounts identified in part a. For each risk, describe how these technologies help reduce the inherent risk. Identify risks in the first column. Then choose the corresponding letter from the list below that explains how bar code scanning technology helps reduce the risk you identified. (Click the icon to view ways technology reduces risk.) How bar code scanning technology helps reduce risk Risks Requirement b. Identify risks inherent to this business process in a grocery store that might affect the financial statement accounts identified in part a. For each risk, describe how these technologies help reduce the inherent risk. Identify risks in the first column. Then choose the corresponding letter from the list below that explains how bar code scanning technology helps reduce the risk you identified. (Click the icon to view ways technology reduces risk.) How bar code scanning technology helps reduce risk Risks Accumulated depreciation is calculated incorrectly. Calculation of amounts due from customer for all items purchased is inaccurate. Coupons and discounts are incorrectly calculated. Invoices are not entered so that vendors can be paid. | Not all inventory items taken by customer are included in the processing of the customer's purchase. Reduction in inventory accounts for item sold is inaccurate. Wages are calculated incorrectly. Wrong unit price is used to process sale. nner based check-out system? (Select all that apply.) he client's general ledger system. Requirement b. Identify risks inherent to this business process in a grocery store that might affect the financial statement accounts identified in part a. For each risk, describe how these technologies help reduce the inherent risk. Identify risks in the first column. Then choose the corresponding letter from the list below that explains how bar code scanning technology helps reduce the risk you identified. 5/ (Click the icon to view ways technology reduces risk.) How bar code scanning technology helps reduce risk Risks Requirement c. How might an auditor use technology to test the operating effectiveness of a bar code scan ImoooD ystem? (Select all that apply.) A. The auditor may be able to use audit software to test the accuracy of the postings of daily totals to th er system. Choose from any drop-down list and then continue to the next question. A Ways to reduce risks As the system reads each bar code, it generates a sound to indicate to the cashier and customer that each product scanned has been captured by the A system. Items cannot be entered into inventory without entering the invoice into B Accounts payable. The system automatically retrieves the unit retail price from the approved price C list master file. The system extends price times quantity and adds each extended amount to D calculate the total sales price, including sales taxes due from the customer. The system retrieves coupon and discount information from the master file of E promotions and discounts and automatically calculates discount amounts. The system tracks depreciation expense and matches with the corresponding F accumulated depreciation account. The system tracks the number of units removed by product number, which is Gused to update perpetual inventory records. The system tracks the time each employee works and multiplies by the H employee's wage rate to calculate the wages earned. Print Done