Which of the following reflects strong internal control? The person who opens the mail also makes the journal entry to record any customer payments received by mail. It takes two days to get a cheque written because of the approvals required. A company ships goods to customers right before year-end even though the customers have not ordered them. Physical inventory counts are not performed because the company uses a perpetual inventory system.

Q: SOPP of XYZ Limited The sales department receives the unstandardised sales order since customer…

A: Internal control weakness refers to a situation where implemented internal controls are not applied…

Q: 8.During an audit of a retail company, Lily, newly hired internal auditor, found a scheme in which…

A: solution in the given case there was a fraud scheme in which the warehouse manager and a purchasing…

Q: A former chairman, CFO, and controller of Donnkenny, Inc., an appeal company that makes sportswear…

A:

Q: Which of the following would be the best protection for a company that wishes to prevent the…

A: Lapping:   Fraud done by an employee of the organization to hide the payments to be received is…

Q: What internal control procedure ( s ) would provide protection against the following threats ? An…

A: Internal control procedures are employed for ensuring the proper accounting and auditing controls…

Q: Johnson Company has violated: 1. Since they are costly, background chec.. are not done for the…

A: “Since you have asked multiple question, we will solve the first three question for you. If youwant…

Q: Niosoki Auto Parts sells new parts for foreign automobiles to auto dealers. Company policy requires…

A: Internal controls :  It is the mechanism , rules and procedures that are implemented by a company to…

Q: principles of internal control

A: Principles of internal controls are necessary concepts to be followed to control the operations in…

Q: As the lead accountant for a small company, you notice that inventory purchases from a certain…

A: An accountant is a person who works accounting duties such as account analysis, audit, or financial…

Q: Following are five separate cases involving internal control issues. a. Tywin Company keeps very…

A: Given: The five separate cases involving internal control issues are given below as,a. Twin Company…

Q: 1. SEGREGATION OF FUNCTIONS to the AR department, which adjusts the customer accounts to reflect the…

A: Segregation of duties means when the work or task is distributed among various departments and…

Q: What internal control procedure(s) would provide protection against the following threats?  a.…

A: ‘’Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…

Q: he company XYZ suffers from numerous weaknesses in its internal control  system.  For each the below…

A: We are provided with various transactions on the basis of that, we need to check whether the…

Q: Which of the following internal controls is the most effective in preventing employees from using…

A: Internal controls are those procedures which are implemented for achievement of objectives of…

Q: A company is trying to set up proper internal controls for their accounts payable/inventory…

A:

Q: What is wrong in the following scenario? Jack O.A. Trade is an accountant is a small enterprise.…

A: In the provided scenario, the accountant retains the authority over all cash and other enterprise…

Q: What internal control or procedure(s) would provide protection against the following threats? A…

A: "Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…

Q: The XYZ Credit Card, Inc., uses standards to control the labor time involved in opening mail from…

A: Standard costing means the substituting an normal expense for a actual expense in the bookkeeping…

Q: A retail company is required to perform a stock count to identify shortages at least once per month.…

A: Physical count of stock should be done periodically to know the exact position of the stock held. It…

Q: e following misstatements are included in the accounting records of the Dillon Manufacturing…

A:

Q: Determine whether each procedure described below is an internal control strength or weakness; then…

A: Internal Control:- It is a system in which management ensures that each process and department work…

Q: What internal control or procedure(s) would provide protection against the following threats?   An…

A: Since you have posted a question with multiple sub-parts, we will solve first three subparts for…

Q: The following misstatements are included in the accounting records of Westgate Manufacturing…

A: a.

Q: The sales department receives the unstandardised sales order since customer orders are mailed,…

A: Internal control is the system of control inside the organization, used by an organization to…

Q: Each situation below describes an internal control weakness in the cash payments process.…

A:

Q: A large retail enterprise has established a policy that requires the paymaster to deliver all…

A: Unclaimed Payroll Checks: When the employees do not encash their paychecks they become the property…

Q: Your supervisor tells you to change the aging category of a large account from account receivables…

A: Ethics: Ethics can be defined as a conduct adopted by an individual in making the selection between…

Q: Abbe Co. is a small merchandising company with a manual accounting system. An investigation revealed…

A:

Q: Which of the following is an example of poor internal control in an organization?a. The company…

A: Internal Control:   Internal control refers to the policies, and plans of the business organization…

Q: The following matters were noted in the audit of Tools N Things: a. An order was never billed…

A: Control Test of control FS assertion Pre-numbered shipping documents are accounted for to…

Q: What should Margie do in this situation? Why?

A: Mar should take note to the next level of management when still her manager disagrees to report the…

Q: Below are descriptions of internal control problems. In the space to the left of each item, enter…

A: Internal control refers to the policies and plans of the business organization along with other…

Q: Determine whether each procedure described below is an internal control strength or weakness; then…

A: Step2 in the solution.

Q: The sales department receives the unstandardised sales order since customer orders are mailed,…

A: Internal controls are placed so that to achieve, efficiency in operations, safeguarding of assets…

Q: The sales department receives the unstandardised sales order since customer orders are mailed,…

A: The cash receipts procedure includes receipt of cash, recording cash receipts, depositing the cash,…

Q: Discuss the internalcontrol weaknesses and risk associated with olive limited Richard Palm is the…

A: The given question deals with the internal control behavior and its system of the company. Internal…

Q: Why should the person in charge of cash receipts not also be in charge of keeping the aAssume you're…

A: It tells about Periodic Inventory vs. Permanent Inventory: Periodic Inventory System refers to the…

Q: The following misstatements are included in the accounting records of Westgate Manufacturing…

A: SOLUTION- AUDIT  IS A OFFICIAL INSPECTION OF AN A AN ORGANIZATION'S ACCOUNTS , TYPICALLY BY AN IN…

Q: All allowances to customers for returned or defective merchandise should be supported by serially…

A: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question and…

Q: Please read the following and identify any internal control principles that may be violated in the…

A: Internal controls are the rules framed by a company to ensure the smooth running of the business, to…

Q: A client erroneously recorded a large purchase twice. Which of the following internal accounting…

A: Internal control measures are those ways and measures which helps in achievement of objectives of…

Q: The following set of items describes activities completed by a company in purchasing and paying for…

A: All documents attached to an invoice approval form are canceled before a check is signed.

Q: a. Jenny Farrell, head of the receiving department, created a fictitious company named Speedy Foms…

A: Internal control: Internal control is a process which ensures continuous reliability of…

Q: Which, if any,of the followingsituations represent improper segregationof functions? Explain your…

A: Segregation of functions is the method in which more than one individual is responsible to complete…

Q: internal control of its sales

A: Internal control system is a set of rules and activities to be adhered during the conduct of…

Q: Following are five separate cases involving internal control issues. Required: 1. For each case,…

A: Internal controls used to include the company measure, which helps in ensuring their employees with…

Management Information Systems

While undertaking any business decisions, data is the most important aspect. An information system (IS) is a set of data, computing devices and management methods that support routine company operations. A management information system (MIS) is a specific subset of IS.