Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. hi , i need help with this question. identify wh

HI , I need help with this question. Identify which control activity is...

90.2K

Verified Solution

Question

Accounting

HI , I need help with this question.

Identify which control activity is violated in each of the following situations.

  1. Once each quarter, the sales department sends sales invoices to the accounting department to be recorded.
  2. Jay Morgan orders the inventory for Rice Lake Corporation; he also receives the inventory and authorizes payment for the inventory.
  3. Several clerks at Dicks Groceries use the same cash register drawer and password for access.
  4. There have been several occasions where the receptionist, who collects cash from customers, is so busy that she fails to provide customers with a receipt for cash paid.
  5. The cheque printer is programmed with the signatures of the two signing officers of the company, the President and the Controller. When cheques are printed both signatures are shown on the cheque. The accounts payable supervisor keeps the cheque printer on a desk in her cubicle for easy access.
  6. The senior accountant has been heavily involved in a financial system conversion project being implemented by the company. Due to the demands on the project she has fallen three months behind on completing the monthly bank reconciliations.

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