Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. can somebody please tell the weaknesses and enhanc

can somebody please tell the weaknesses and enhancement of internal control???? plz ...

70.2K

Verified Solution

Question

Accounting

can somebody please tell the weaknesses and enhancement of internal control???? plz
image
A company purchases it normal merchandize from pre- approved vendors the accounting department reviews inventory records on regular basis if quantity is low they prepare 3 copy sequentially number material requisition (MR)copy 1 goes to the Purchase department copy 2 is filed by date in a temporary file and copy 3 is filed by serial number. In the purchasing department a purchase order 4 copies is prepared from the vendor list Purchaser order (PO) copy 1 goes to vendor Copy 2 to accounting 1 department copy 3 to the receiving department in ware house Copy 4 for is filed by order. The MR copy one is filed by date. Copy 3 is a blind copy. Accounting department match the MR with PO and deposit in a temporary file. When goods are received the warehouse counts and inspect the goods prepare a 2 copy receiving report RR 2 and updates inventory records. Copy one of RR goes to accounting Copy 2 is filed sequentially. The accounting department pulls the PO matches it with the RR and file temperedly until invoice is received

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: Zin AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

An aluminum plate with a thickness of 2L=0.22m is initially at a temperature of To=250°C. The...

Mechanical Engineering
Q

You are the newly appointed HR Manager and must develop some programs, solutions, or interventions to...

General Management
Q

For sound waves different frequencies mean different a loudness b pitches c amplitudes d speeds...

Physics
Q

Express the following with rational exponents Select the correct answer below O 2y13 5 O2y5...

Calculus
Q

3 sin cos 12 sin pro O6 6cos O 6 6 cos I O 6...

Algebra
Q

Identify parties that can apply for a compulsory windup of a company

Accounting
Q

Ready Company has two operating (production) departments: Assembly and Painting. Assembly has 180 employees and...

Accounting
Q

Required information [The following information applies to the questions displayed below.] As...

Accounting
Q

On March 1, Kane Corporation accepted a 60 -day, 3%,$29,200 note receivable from J. Summers...

Accounting
Q

Canyou solve it in excel too and show the procedures please. You deposit $...

Accounting
Q

MC Qu. 101 The following data relates to Black-Out... The following data relates to Black-Out...

Accounting
Q

A palio set cost a retailer S4 77 00 less 17 %, 14% 7% Markup...

Accounting