Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. recommending controls you will have the opportuni

Recommending Controls You will have the opportunity in this discussion to recommend adequate internal...

50.1K

Verified Solution

Question

Accounting

Recommending Controls
You will have the opportunity in this discussion to recommend adequate internal controls over sales invoices and receivables. If controls are not in place over these functions, companies are susceptible to errors, fraud, and losses.
In the following scenarios, recommend internal controls that need to be in place to eliminate the problems described:
An inexperienced clerk does not have the knowledge to prepare sales invoices properly. They are confused about the actual items shipped. As a result, the clerk has been preparing invoices at prices below the company's sales prices.
During your audit, the controller approaches you about a problem with missing invoices. They think that these missing invoices were never recorded in the system, which results in the accompanying receivables not being recorded either. They read the monthly sales data and calculates that the company has faced significant losses as a result.

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

Unlike a normal mutual fund (MF) that holds a portfolio of stocks, a money market mutual...

Finance
Q

The following data represent the monthly phone​ use, in​ minutes, of a customer enrolled in a...

Statistics
Q

A marketing company wants to know the mean price of new vehicles sold in an up-and‑coming...

Statistics
Q

A certain transverse wave is described by y(x,t)=Bcos[2π(xL−tτ)], where B = 5.40 mm , L =...

Physics
Q

Factor the following expression for the maximum power in a certain electrical circuit.(R + r)...

Basic Math
Q

Let f be the function defined by f x x 1 for 0 x 3...

Calculus
Q

14 6 7 8 9 20 21 B 3 A 1 17 C 5 D...

Algebra
Q

x Solve the equation 32 Use Desmos or a graphing calculator to confirm your solution...

Algebra
Q

Donnie Hilfiger has two classes of stock authorized: $1 par preferred and $0.01 par value...

Accounting
Q

A company uses a periodic inventory system. On August 1, the company had 6 items...

Accounting
Q

Will leave a like, please show your work. Joe Company, Inc. reported the following on...

Accounting
Q

\table[[Month,Un Produced,Total Cost],[January,27,500,$21,500 \table[[Month,Un Produced,Total Cost],[January,27,500,21,500],[February,22,500,20,500],[March,25,000,25,000],[April,35,000,21,500],[May,47,500,25,500],[June,17,500,18,500],[July,30,000,23,500],[August,52,500,28,500],[September,37,500,26,000],[October,62,500,29,000],[November,67,500,31,000],[December,57,500,26,000]] Colculate: MIN units...

Accounting