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
NNADVOKAT [17]
3 years ago
7

This chapter described various situations that emphasize the need for controls. In the first sce- nario presented, a furniture s

tore sells merchandise on credit. Based on the descriptions of controls given in this chapter, identify the various controls that should be implemented in the furniture store system to ensure that corrections to customer bal- ances are made only by someone with the correct authorization. In the second scenario illustrating the need for controls, an accounts payable clerk uses the system to write checks to suppliers. Based on the information in this chapter, what kinds of controls would you implement to ensure that checks are written only to valid suppliers, that checks are written for the correct amount, and that all payouts have the required authorization
Business
1 answer:
Alex17521 [72]3 years ago
3 0

Answer:

First Scenario:

The furniture store should develop a system which helps keeps track for the purchases made on account. The system should keep track of invoices and payment due dates. The system should notify the team when the payment due date is near. The system should have controls for identifying duplicate payments.  

Explanation:

Second Scenario:

The account payable clerk should keep track of all the invoices entered in the system. The system controls should be efficient so that there is no duplicate payment or missed payment. The system should notify the user when any duplicate invoice entering attempt is made. There should be authorization of invoices before they are entered in the system. The payment process should be segregated between 2 or more users so that there is less risk for fraud.

You might be interested in
Cardiogenic shock following ami is caused by:
stellarik [79]

Cardiogenic shock following ami is caused by:

  • Decreased pumping force of the heart muscle.

<h3>What is Cardiogenic Shock?</h3>

Cardiogenic shock is an aftermath of Acute Myocardial Infarction. It arises because of the body's sudden inability to pump a sufficient amount of blood to the vital organs of the body.

The mortality rate due to cardiogenic shock is above average.

Learn more about cardiogenic shock here:

brainly.com/question/23788456

#SPJ12

3 0
2 years ago
ANSWER ASAP-- In one year, Corey earned $25,000 from his employer and a $300 capital gain from the sale of an investment. Corey
andrezito [222]

Answer:

Corey’s adjusted gross income is <u>$25,300</u>  and his total tax due will be <u>decreased</u> by the credit.

Explanation:

Add what Cory earned and his capital gain to make $25,300

Cory claimed the lifetime learning credit which decreases his total tax due

5 0
3 years ago
Altoid Company sold most of its inventory produced during the period. The manager needs to close the $1,200 balance of Manufactu
Likurg_2 [28]

Explanation:

The journal entry to close the books is

Cost of Goods sold A/c Dr $1,200

       To Manufacturing Overhead A/c $1,200

(Being the under-applied overhead is recorded)

Since the jobs were undercosted, that means the overhead is applied under overhead so we debited the cost of goods sold account and credited the manufacturing overhead account. Both the items are recorded for $1,200

5 0
3 years ago
Your industrial supply company wants to create a data warehouse where management can obtain a single corporate-wide view of crit
antoniya [11.8K]

Answer:

Industrial supply company scenario:

  • The company wants to create a data warehouse where management can obtain a single corporate-wide view of critical sales information to identify best-selling products in specific geographic areas, key customers, and sales trends.
  • The sales and product information are stored in both a divisional sales system running on a Unix server and a corporate sales system running on an IBM mainframe.
  • The desire is to create a single standard format that consolidates these data from both systems.

Business problems:

  • A business problem that can arise from not having these data in a single standard format is that employees will see the data as inconsistent.
  • It is difficult to make business decisions if the data is unreliable, inaccurate, or redundant.
  • The product descriptions are formatted differently so managers and employees might get confused when it is entered into the system.
  • Also, the system identifies the sales by territory in the United States so it would be impossible to identify the sales or even around the world.
  • The corporate sales system also lacks a way to identify the identification of the customer.
  • Both sales system should be consistent with the information in order to prevent redundancies or inaccuracies.  

How easy it would be to create a database with a single standard format:

  • Creating a database with a single standard format would ideally be easy.
  • Data quality audits and data cleansing should be performed when constructing the new database.
  • Data quality audits and data cleansing would correct any redundancies and inaccuracies in the current systems.
  • By using data-cleansing software, the company can combine and integrate the data from all the systems into a single standard format that is uniform throughout the whole company.

Problems that should be addressed:

  • A problem that should be addressed is the product description and sales territory tags.
  • These tags have different formats which could lead to inconsistencies in the data.
  • The names would have to be changed so that they are the same format and are only entered once in the new single standard format database.
  • Another problem that would have to be addressed is keeping both the division and customer id tags in the new database.
  • This would provide more information for each entry and would limit any confusion among the employees.

Database specialists:

  • Database specialists will help solve the problems by performing the data quality audits and data cleansing.
  • They will also help in establishing an information policy and developing the new database.
  • They are also responsible for the specific policies and procedures through which data can be managed as an organizational resource.
  • This involves overseeing logical database design and data dictionary development, planning for data, and monitoring how information systems specialists and end-user groups use data.

General business managers:

  • General business managers would have the final say when managing data resources.
  • They would be responsible for defining and organizing the structure and content of the database and maintaining the database.

Who should have the authority?

  • The general business managers should have the authority because they are responsible for the data.
  • This would mean that even though they allow database specialists to establish an information policy and develop the new database, the managers are the ones who have to approve the final product in order for it to be implemented company-wide.
  • The managers are the ones whose reputations are on the line when a company succeeds or fails, so they should have the final authority.

6 0
3 years ago
Ron Jones has been a trusted employee for over 10 years. He is responsible for ordering merchandise inventory, receiving the inv
ch4aika [34]

Answer:

Segregation of duties.

Explanation:

Segregation of duties -

The concept of segregation of duties is based on the shared responsibilities .

It refers to the method of assigning different person for different task , is referred to as segregation of duties .

It is the fundamental building block for running a business efficiently , in order to reduce any management risk .

In the business it is the major case of any fraud or error , as one person is responsible for maximum duties functioning in the business .

Therefore , it is import to divide various duties .

Hence , from the given scenario of the question,

The correct answer is segregation of duties .

5 0
3 years ago
Other questions:
  • Rather than subscribing to a public microblogging service, some companies implement ________ that are intended for internal use
    14·1 answer
  • if you take an assessment that me sure your behavioral characteristics in certain situations which inventory are you taking ?
    15·1 answer
  • If an advertiser refuses to comply with rulings made by the national advertising review board (narb), the narb is most likely to
    13·1 answer
  • Consider this scenario: a company that buys a sizeable amount of equipment for its manufacturing process needs to accurately rep
    13·1 answer
  • Fullerton Waste Management purchased land and a warehouse for $720,000. In addition to the purchase price, Fullerton made the fo
    12·1 answer
  • A disadvantage of forming a partnership is that ownersa) can find it tougher to start and stop a business.b) can find it more di
    9·2 answers
  • Lisette works for Southwest Petroleum Corp. Her company is responsible for every aspect of setting up a refinery location for it
    10·1 answer
  • Mudvayne, Inc., is trying to determine its cost of debt. The firm has a debt issue outstanding with 11 years to maturity that is
    5·1 answer
  • A defect on a title that can be monetary or physical is called an ______. Unset starred question Agreement Appurtenance Encumbra
    6·1 answer
  • Expansion of the money supply during a recession, according to the keynesians, will?
    8·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!