Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Please idenitfy the sentences / sections that are about describing internal controls related to purchases ( any actions that prevent or detect errors ) .
Please idenitfy the sentences
sections that are about describing internal controls related to purchases any actions that prevent or detect errors Please bold them and put PC # next to the sentencessections that are about internal controls related to purchasing. The example problem in the image regarding the revenue internal controls is correctly done, please use that as a reference for doing the problem below; plese do not work on the problem in the image! The problem below is what I would like to receive assitance on Thanks!
Problem starts here; it's below here the instructions are above here
Asset or Supply Purchase Requisition
For each required purchase the department manager of the requesting department will review and approve an employee's written request PC # Then heshe will submit a request via the intranet system to purchasing. Once reviewed by the purchasing team it is approved by the purchasing manager PC# Once approved the request is assigned to a purchaser who then places the order with a vendor from an approved vendor list.
Receipt of Goods
Once an approved purchase has been received it is opened and all contents are compared to the original purchase order and documented by an individual in the warehouse. Once the receipt of goods is complete it is sent to purchasing for matching to relevant documents and forwarding to either accounts payable or to be filed as complete. The goods are forwarded on to the requesting department.
Cash Disbursements
All disbursements shall be made by check, signed by the treasurer, including reimbursements of the petty cash funds. Checks shall be made payable to a named payee and not to cash Blank check stock shall be kept under lock and key in the accounts payable accounting department. Under no circumstances may blank checks be signed by the treasurer. Voided checks shall be transmitted to the treasurer for inspection and later filed in numerical order with paid checks. Cash disbursement journal entries shall be dated with the date of the check. The related monthly general ledger summary entries shall carry the date of the month summarized
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