1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
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.

You might be interested in
To an economist, an increase in demand means the same thing as an increase in quantity demanded.
Morgarella [4.7K]
<span>This is false. An increase in demand is more major than an increase in quantity demanded. Quantity demand refers to the demand of a product at a particular price and is only a movement on the demand curve. An increase in demand would cause the demand curve to shift which is more major than a movement and it encompasses the entire relationship between price and demand.</span>
7 0
3 years ago
As mentioned in the video, the US produces an annual "List of Goods Produced by Child Labor or Forced Labor." How effective do y
lina2011 [118]

Answer and Explanation:

By publishing the "List of Goods Produced by Child Labor or Forced Labor" the American government is able to raise awareness among the population that, although child labor is something inconceivable in American society, it still happens with great intensity in various places around the world. This allows the population to become aware of this situation and to stop buying products produced by companies that finance and allow child labor to happen. When they stop using these products, companies suffer a decrease in demand, which can cause significant changes in the production and in the lives of children who need to work.

While consumer pressure at companies that allow child labor is effective, pressure from political and commercial authorities is more effective in bringing about change and ensuring the protection of children, as these authorities can promote severe punishments for those who allow this to happen.

7 0
2 years ago
Providing and recording documents are performed by:____________.
postnew [5]

Providing and recording documents are performed by : The closing agent

<h3>Who is a closing agent?</h3>

Closing agents are basically professionals who acts directly for the buyer by making interest of the buyer known to the seller. They are usually associated with real estate transactions.

A closing agent could be a lawyer speaking to a bank or lender. The actual closing is conducted by a closing agent who might be a worker or employee of the lender or the title company or organization.

Other duties of a closing agent are :

  • Ordering title work and a property survey.
  • Issuing commitment title.
  • Assisting with obtaining requisite insurance
  • Issuing and sending the title insurance policy to both the buyer and lender
  • Assembling the loan closing package .

Therefore, closing agent responsible for providing and recording documents.

Learn more about closing agent here : brainly.com/question/8023863

5 0
2 years ago
Acme Global had to put its plans to build a new plant on hold when interest rates went up and the organization was not able to b
s2008m [1.1K]

Answer:

The economy

Explanation:

The external environment refers to the outside factors that can affect an organization's operations. One of those factors is the economy as changes on things like exchange rates, interest rates and taxes can provide opportunities or create threats for a company. According to this, the answer is that this represents the influence of the economy in the external environment on the organization as the increase on the interest rates didn't allow the company to borrow the money to build the plant.

7 0
3 years ago
ATech has fixed costs of $7 million and profits of $4 million. Its competitor, ZTech, is roughly the same size and this year ear
Triss [41]

Answer: Degree of Operating Leverage

A Tech = 2.75

Z Tech = 3

Explanation:

As defined in question itself,

Degree of Operating Leverage = 1 + \frac{fixed\ cost}{Profit}

As here, it is provided that profit for both the companies are same amounting $4 million.

Although the fixed cost differ by $1 million.

A Tech Degree of operating Leverage = 1 + \frac{7,000,000}{4,000,000} = 2.75

Z Tech Degree of Operating Leverage = 1 + \frac{8,000,000}{4,000,000} = 3

This clearly demonstrates that A Tech will reach its break even faster than the Z Tech as the ratio of fixed cost to variable cost is lower in A tech in comparison to Z Tech.

5 0
3 years ago
Other questions:
  • Which scenario best reflects the relationship between production and demand in a recession?
    9·2 answers
  • which will typically decrease with large number of units produced, fixed costs, total variable costs, fixed cost per unit, varab
    12·1 answer
  • A merger between u.s. steel and general motors would be an example of a
    7·1 answer
  • Why is a sales tax a regressive tax?
    5·1 answer
  • Discuss at least two (2) areas in which these deregulation policies impacted the u.s. economy overall and may have had roles in
    5·1 answer
  • Suppose the market for orange juice is in equilibrium at a price of $2.00 per bottle and a quantity of 4200 bottles per month. N
    7·1 answer
  • Because all work ultimately entails some human interaction, effort, or involvement, Bossidy and Charan believe that focusing on
    14·1 answer
  • Allison's is expected to have annual free cash flow of $62,000, $65,400, and $68,900 for the next three years, respectively. Aft
    12·1 answer
  • Globe Cars, a leading automobile ancillary firm in China, has decided to form a global alliance with Fulda, a German tire manufa
    10·1 answer
  • Sandia Corporation manufactures metal toolboxes. It adds all materials at the beginning of the manufacturing process. The compan
    15·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!