Answered step by step
Verified Expert Solution
Question
1 Approved Answer
please do it in detail (e) The following are misstatements that have occurred in Techno Pro Sdn. Bhd. (TP). a retail company. For each misstatement,
please do it in detail
(e) The following are misstatements that have occurred in Techno Pro Sdn. Bhd. (TP). a retail company. For each misstatement, identify the type of control activities that were absent and suggest a control to prevent i. A vendor invoice was paid even though the inventory was not received. The accounts payables software does not require an input of valid receiving report number before payment is released. ii. An account payable clerk processed payments to himself by adding a fictitious vendor address to the approved vendor master file. iii. TP has lost all their current years' records that was stored in the company's accounting system iv. During the physical count of inventory, the counter miscounted the quantity of few items and accidentally wrote wrong descriptions. v. A salesman of TP sold the company's product at a price below cost because he did not know that the price had increased in the past few weeks. vi. Incorrect prices was used on sales invoices for billing shipments to customers because the wrong price was entered in the computer master file of prices. (15 marks) Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started