Week 7 Assignment

LaTeena Moore
Week 7 Assignment
18-18
A) A client erroneously record a large bribe twice. Which of the following internal run mea certains would be most likely to detect this error in a timely and efficient manner? (2) Reconciling marketers periodical statements with subsidiary accounts payable ledger accounts.
B) Budd, the purchasing agent of Lake computer hardw are Wholesalers, has a relative who owns a retail hardware store. Budd staged for hardware to be delivered by manufacturers to the retail store on a COD basis, thereby enabling his relative to misdirect at Lakes wholesale prices. Budd was probably able to bring through this because of Lakes poor internal control over (2) purchase orders.
C) Which of the following is an internal control that will prevent paid cash disbursement documents from being presented for payment a countenance time? (2) The official signing the check compares the check with the documents and should flaw the documents.
18-21
A) affirm whether each procedure above is originally a test of control or substantive test of minutes.
B) State the purpose(s) of each procedure.
These are my answers for A and B above.
1.



Trace exertions recorded in the eruditenesss ledger to gestateing documentation, comparing the vendors name, total dollar amounts, and authorization for acquisition. This is primarily a test of controls. The purpose is to ascertain if the documentation supporting acquisition transactions are properly recorded. This makes sure that acquisition journal has authorization for purchase, the vendors name, and the total dollar amounts. So the acquisition entries are supported by adequate information.
2. Examine documents in support of acquisition transactions to make sure that each transaction has an approved vendors invoice, receiving report, and purchase order included. This is primarily a test of control. The purpose of this test to make sure that an acquisition transaction is backed by the vendors invoice,...If you want to return a full essay, order it on our website: Orderessay



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