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31 Dec 2018
Q 1) Recommend internal control procedure(s) that can provideprotection against the following threats?
1. An employee issues credit memos to write-off accountbalances for friends 2. Workers on the shipping dock steal goods, claiming that theinventory shortages reflect errors in the inventory records. 3. An employee fails to bill customers for the goods which areshipped to them, which results in the loss of assets and erroneousdata about sales, inventory, and accounts receivable. 4. An employee uses the same sales order twice to authorizeanother shipment of the same goods to the same customer. 5. Customers are billed for the quantity ordered, but thequantity shipped is actually less because some items have been backordered. 6. The cashier steals funds by cashing several checks fromcustomers. Q 2) Summarize the major processes in sales and revenuecycle.
Q 1) Recommend internal control procedure(s) that can provideprotection against the following threats?
1. An employee issues credit memos to write-off accountbalances for friends
2. Workers on the shipping dock steal goods, claiming that theinventory shortages reflect errors in the inventory records.
3. An employee fails to bill customers for the goods which areshipped to them, which results in the loss of assets and erroneousdata about sales, inventory, and accounts receivable.
4. An employee uses the same sales order twice to authorizeanother shipment of the same goods to the same customer.
5. Customers are billed for the quantity ordered, but thequantity shipped is actually less because some items have been backordered.
6. The cashier steals funds by cashing several checks fromcustomers.
Q 2) Summarize the major processes in sales and revenuecycle.
Nelly StrackeLv2
1 Jan 2019
