Answered

Welcome to Westonci.ca, your one-stop destination for finding answers to all your questions. Join our expert community now! Explore thousands of questions and answers from a knowledgeable community of experts ready to help you find solutions. Discover in-depth answers to your questions from a wide network of professionals on our user-friendly Q&A platform.

This chapter described various situations that emphasize the need for controls. In the first sce- nario presented, a furniture store sells merchandise on credit. Based on the descriptions of controls given in this chapter, identify the various controls that should be implemented in the furniture store system to ensure that corrections to customer bal- ances are made only by someone with the correct authorization. In the second scenario illustrating the need for controls, an accounts payable clerk uses the system to write checks to suppliers. Based on the information in this chapter, what kinds of controls would you implement to ensure that checks are written only to valid suppliers, that checks are written for the correct amount, and that all payouts have the required authorization

Sagot :

Answer:

First Scenario:

The furniture store should develop a system which helps keeps track for the purchases made on account. The system should keep track of invoices and payment due dates. The system should notify the team when the payment due date is near. The system should have controls for identifying duplicate payments.  

Explanation:

Second Scenario:

The account payable clerk should keep track of all the invoices entered in the system. The system controls should be efficient so that there is no duplicate payment or missed payment. The system should notify the user when any duplicate invoice entering attempt is made. There should be authorization of invoices before they are entered in the system. The payment process should be segregated between 2 or more users so that there is less risk for fraud.

We appreciate your time. Please revisit us for more reliable answers to any questions you may have. Thank you for visiting. Our goal is to provide the most accurate answers for all your informational needs. Come back soon. Thank you for choosing Westonci.ca as your information source. We look forward to your next visit.