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Doss [256]
3 years ago
10

Match the threats in the left column to appropriate control procedures in the right col-umn. More than one control may be applic

able. Threat 1. Failing to take available purchase discounts for prompt payment Control Procedure a. Accept only deliveries for which an ap-proved purchase order exists. 2. Recording and posting errors in accounts payable 3. Paying for items not received 4. Kickbacks 5. Theft of inventory * Life-long learning opportunity: see p. xxx in preface. b. Document all transfers of inventory. c. Restrict physical access to inventory. d. File invoices by due date. e. Maintain a cash budget.

Business
1 answer:
marshall27 [118]3 years ago
8 0

Answer: Please refer to Explanation

Explanation:

When there are no or relatively low control procedures in a company, there is a threat of financial mismanagement and misdemeanors. This is why control procedures are needed, to address this and stop the leakage of company resources.

1. Failing to take available purchase discounts for prompt payment.

d. File invoices by due date.

e. Maintain a cash budget.

Here two things can be done to control the threat. Firstly, by paying invoices during the discount period, the company can be able to take discounts on goods and services provided to it. Also by maintaining a cash budget, a company can put when a payment is due to be able to claim a discount and act accordingly.

2. Recording and posting errors in accounts payable.

Conduct an automated comparison of total change in cash to total changes in accounts payable.

Using a program to check whether the amounts in the cash account corresponds to the payments on the Accounts payable account will tell you if the amounts tally and will therefore reduce errors.

3. Paying for items not received.

Issue checks only for complete voucher packages (receiving report, supplier invoice, and purchase order).

When issuing checks, make sure that all the above mentioned reports are in order. That way you can check if the goods were delivered as well as if they were even ordered properly in the first place.

4. Kickbacks.

Require purchasing agents to disclose financial or personal interests in suppliers.

Train employees in how to properly respond to gifts or incentives offered by suppliers.

By requiring that purchase agents disclose their relationships with suppliers, you can monitor to check and see if there is a possibility of kickbacks occuring.

Also, by training employees on acceptable methods of receiving gifts, they can know when it is no longer a gift but rather a kickback.

5. Theft of inventory.

b. Document all transfers of inventory. c. Restrict physical access to inventory.

By documenting all transfers going in and out of inventory, the true inventory figure can be known from the records and then used to match with the actual inventory to see if they truly tally.

Restricting the amount of people who have access to the inventory to a few trusted people also limits the amount of people who can steal the inventory as well as making it easier to find out who did when it is done because the focus can be on a few people.

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B.

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If Congress wanted to help the economy out of a recession, they would be most likely to: check all that apply Group of answer ch
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increase transfer payments

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4 0
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Yuri [45]

Answer:

A) illustrate self-serving bias.

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According to my research on studies conducted by various psychologists, I can say that based on the information provided within the question Dre's beliefs are an illustration of a self-serving bias. This is people's tendency to attribute positive events to their own character but attribute negative events to external factors. Which is what Dre is exhibiting by attributing positive traits such as ethicality and competence to himself.

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3 years ago
What is form utility? <br><br> ...help
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8 0
3 years ago
Read 2 more answers
XYZ pays for 40% of its raw materials purchases in the month of purchase and 60% in the following month. Budgeted cost of materi
kirza4 [7]

Answer:

$265,150

Explanation:

Cost of material purchases in July

= 256,550 × 60/100

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= 278,050×0.4

= 111,220

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4 0
3 years ago
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