Ask Question, Ask an Expert

+1-415-315-9853

info@mywordsolution.com

Ask Accounting Basics Expert

The following situations each describe a weakness in internal control. For each situation, describe why it is a weakness and then suggest a change that would improve internal control.

1) The warehouse clerk is responsible for ordering merchandise when levels become low and advising the accounting department to issue a payment to the supplier when the goods are received.

2) The check-singing machine is stored with a supply of pre-numbered, blank checks in the lunch room closet.

3) Purchase orders can be approved by the purchasing manager, accountant, or warehouse supervisor, depending on who is least busy.

4) Sales managers are responsible for granting credit to customers.

5) Purchasing managers are allowed to order goods from any vendor he or she chooses.

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M940367

Have any Question? 


Related Questions in Accounting Basics

A taxpayer lives in michigan in a controversy with the irs

A taxpayer lives in Michigan. In a controversy with the IRS, the taxpayer loses at the trial court level. Describe the appeal procedure for each of the following trial courts: a. Small Cases Division of the U.S. Tax Cour ...

Taskquestion 1 - business intelligenceyou are a recent

Task Question 1 - Business Intelligence You are a recent graduate working in a local accounting firm. Your firm provides advice to a large number of clients to assist them with their business. Your managing partner has a ...

Assignment - perform the calculations using the financial

Assignment - Perform the calculations using the financial statements from their individual companies. Part I - Complete the following: Perform at least one profitability ratio to measure the income and operating success ...

Assignmentnbsp the eatery is a restaurant in dekalb

Assignment  The Eatery is a restaurant in DeKalb, Illinois. It specializes in deluxe sandwiches in a moderate price range. Michael Raye, the manager of The Eatery, has determined that during the last two years the sales ...

Accounting questionsmodule focuses on the concept of red

Accounting Questions: Module focuses on the concept of red flags and how we detect these inside a corporation. This is important, as the internal controls mechanism should define a specific approach for monitoring financ ...

Excel formulas functions assignment depreciation

EXCEL FORMULAS / FUNCTIONS Assignment Depreciation Schedule Learning Objectives: 1. Creating Range Names 2. Creating variable Comments 3. Using Absolute and Relative References 4. Creating Formulas using following functi ...

Presentation on cybercrimemayfield electronics inc an

Presentation on CyberCrime Mayfield electronics, Inc., an international company has asked your accounting firm to share with its employees the threat of cybercrime and how the company can protect itself corporately as we ...

Assignment - review of current accounting issuesfor this

Assignment - Review of Current Accounting Issues For this assignment assume that you are the senior accountant working for a major firm. Question 1 - The CEO has forwarded to you an interesting article and requires you t ...

1 tonys pizza has total sales of 786611 and costs of 524268

1. Tony's Pizza has total sales of $786,611 and costs of $524,268. Depreciation is $38,470 and the tax rate is 31 percent. The firm does not have any interest expense. What is the operating cash flow? 2. A company purcha ...

What evidence would help you evaluate whether or not a

What evidence would help you evaluate whether or not a company does adequate cash planning? Is there any information not available in the company's annual report that would help you make this evaluation?

  • 4,153,160 Questions Asked
  • 13,132 Experts
  • 2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

A cola-dispensing machine is set to dispense 9 ounces of

A cola-dispensing machine is set to dispense 9 ounces of cola per cup, with a standard deviation of 1.0 ounce. The manuf

What is marketingbullwhat is marketing think back to your

What is Marketing? • "What is marketing"? Think back to your impressions before you started this class versus how you

Question -your client david smith runs a small it

QUESTION - Your client, David Smith runs a small IT consulting business specialising in computer software and techno

Inspection of a random sample of 22 aircraft showed that 15

Inspection of a random sample of 22 aircraft showed that 15 needed repairs to fix a wiring problem that might compromise

Effective hrmquestionhow can an effective hrm system help

Effective HRM Question How can an effective HRM system help facilitate the achievement of an organization's strate