Problems INTERNAL CONTROLS AND RISK The clerk the ary ledger to the following description of the purchasing and AP procedures for a company and answer the questions at the end. Required The purchasing agent receives an inventory a. Identify t status report on his computer terminal from the inventory control application, which identifies the b. Describe t items that need to be reordered. The agent selects these weak the suppliers and enters this information into the computer terminal to create a digital purchase order. He then prints and sends a copy of the PO 2. INVENT to the supplier. system. ALTERNA When the goods are received directly into the The flowehart warehouse, the warehouse manager counts and inspects them. The manager then creates a digital receiving report and updates the inventory subsidiary ledger from the warehouse terminal. tive inventory a. Distinguis A few days later, the supplier sends an invoice to the AP clerk who reconciles it with the digital copy of the receiving report. From her computer termi- nal, the clerk records the purchase in the purchases journal and records the liability by adding a record to the AP subsidiary ledger and assigning a due purchase b. Discuss th over alter c. Under wh manageme alternative date Each day, the cash disbursement clerk visuai searches the AP subsidiary ledger from her terniai for invoices that are due to be paid. The clerik - pares the check and records it in the digital chek Using the f register. The negotiable portion of the check is olowing ques mailed to the vendor, and a check copy is filed a. What are . SYSTEM Problems INTERNAL CONTROLS AND RISK The clerk the ary ledger to the following description of the purchasing and AP procedures for a company and answer the questions at the end. Required The purchasing agent receives an inventory a. Identify t status report on his computer terminal from the inventory control application, which identifies the b. Describe t items that need to be reordered. The agent selects these weak the suppliers and enters this information into the computer terminal to create a digital purchase order. He then prints and sends a copy of the PO 2. INVENT to the supplier. system. ALTERNA When the goods are received directly into the The flowehart warehouse, the warehouse manager counts and inspects them. The manager then creates a digital receiving report and updates the inventory subsidiary ledger from the warehouse terminal. tive inventory a. Distinguis A few days later, the supplier sends an invoice to the AP clerk who reconciles it with the digital copy of the receiving report. From her computer termi- nal, the clerk records the purchase in the purchases journal and records the liability by adding a record to the AP subsidiary ledger and assigning a due purchase b. Discuss th over alter c. Under wh manageme alternative date Each day, the cash disbursement clerk visuai searches the AP subsidiary ledger from her terniai for invoices that are due to be paid. The clerik - pares the check and records it in the digital chek Using the f register. The negotiable portion of the check is olowing ques mailed to the vendor, and a check copy is filed a. What are . SYSTEM
