Question: XYZ Hardware Retailing Company runs a batch system for accounts receivable. On the first Monday of each month, the operations specialist runs an accounts receivable

XYZ Hardware Retailing Company runs a batch system for accounts receivable. On the first Monday of each month, the operations specialist runs an accounts receivable update. The procedure is as follows: The accountant prepares a list of all updates on a disk file; this disk file is then transferred to the account of a systems specialist; the operations specialist then carefully edits the data and then generates the batch job.

Required
Evaluate this procedure from a control standpoint.

Step by Step Solution

★★★★★

3.46 Rating (169 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock

The specialist should not be allowed to edit the data file This makes it po... View full answer

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Document Format (1 attachment)

412-B-A-I-S (6748).docx

120 KBs Word File

Students Have Also Explored These Related Accounting Questions!

The net accounts receivable on the books of GJY Corporation as of 1 January 20X3 are as follows: Accounts receivable ..........$ 562,000 Less: Allowance for sales discounts.... 12,000 Allowance for...

The unadjusted net accounts receivable on the books of Elantra Limited as of 31 December 20X4 are as follows: Accounts receivable.............. $ 100,000 Less: Allowance for doubtful accounts...........

The net accounts receivable on the books of GJY Corp. as of 1 January 20X3 are as follows: Accounts receivable ............................................................. $ 281,000 Less: Allowance...

Assessment Investigate and discuss the importance of review and evaluation of financial performance planning monitoring. Assessment description This assessment requires candidates to answer the...

hi. I'm stuck with a report whose Chic Paints Ltd. and I am finding difficulty to answer some questions such as the organisations accounting system requirements including hardware and software...

2 3 4 5 6 7 8 9 10 11 12 13 14 15 Questions: 1. Matching customer demand to production scheduling is a crucial activity for any company. Explain why this was problematic for Geneva. 2. Describe...

Please read carefully, all necessary information is attached, need to show work let me know if there is something missing. Microsoft word can be used thanks. You are Cindy, completing the analysis...

Please help me answer this question Background Veronese 81 Tiffany Inc. is a medium-sized business located in Elmira, Ontario. It sells designerjewelry to specialty stores through Canada as well as...

[22] The following is a section of a system flowchart for a payroll application: Symbol X could represent A. Erroneous time cards. B. An error report. C. Batched time cards. D. Unclaimed payroll...

Apollo case studies the question is on page 44 Apollo case studies the question is on page 44 Apollo case studies the question is on page 44 APOLLO SHOES, INC. An Audit Case to Accompany AUDITING AND...

Discuss the revenue curves under Monopoly? Also, draw their diagram.

A rectangular wing having an aspect ratio of 6.0 is flying at Ma-0.85 at 12 km. A NACA 0012 airfoil section is used at all spanwise stations. What is the airfoil section and the aspect ratio,...

Find y ' . y = l n ( 6 x ) 5 x y ' =

P1-4B Gloria Rodd started a consulting firm, Rodd Consulting, on May 1, 2015. The following transactions occurred during the month of May May 1 2 Paid $800 for office rent for the month. 3 Purchased...

Suppose it is end of November 2007 and Porsche reviews its hedging strategy for the cash flow it expects to obtain from vehicle sales in North America during the calendar year 2009. Assume that...

Brian SiIverglade, who seven years ago founded Silvergiade Homes in Asheville. North Carolina, Is excited that hell complete Ills first LEED-cerbrted 'green- home this month. The LEED (Leadership In...

Martin contributes cash of $24,000, and Steven contributes office equipment that cost $20,000 but is valued at $16,000 to the formation of a new partnership. Prepare the journal entry to form the...

Create a class named Customer that will determine the monthly repayment amount due by a customer for a product bought on credit. The class has five (5) fields: customer name, contact number, product...

Funding requirements for a project are usually in incremental amounts that are not continuous, and these appear as a step function in the graph depicting Cash flow, Cost baseline and Funding. Any gap...

Which of the following control procedures is not usually performed in the vouchers payable department? (a) Determining the mathematical accuracy of the vendor's invoice. (b) Having an authorized...

The mailing of disbursement checks and remittance advices should be controlled by the employee who (a) signed the checks last. (b) approved the vouchers for payment. (c) matched the receiving...

For effective internal accounting control, the accounts payable department should compare the information on each vendor's invoice with the (a) receiving report and the purchase order. (b) receiving...

6. In a study of the cognitive capacities of nonhuman primates, 19 monkeys of the same age were randomly divided into two groups of 10 and 9. The groups were trained using two different teaching...

24. Visualize an average U.S. manufacturing company, and think about its Statement of Cash Flows. Statement 1: The statements format formally organizes the firms cash flows into two categories: Cash...

Finance Chapter 11 problem 11-12 1112. (Related to Checkpoint 11.1 on page 339 and Checkpoint 11.4 on page 347) (IRR and NPV calculation) The cash flows for three independent projects are found...