Discuss two instances relating to a lack of segregation

Assignment Help Accounting Basics

Reference no: EM132733433

A recent review of Bright Buttons Pty Ltd accounting system revealed the following procedures:

The accounts payable clerk prepares the cash payment vouchers, which are approved by the chief financial officer and then posted to the ledger by the accounts payable clerk.
The sales clerk prepares invoices for customers, which are approved by credit clerk only after supporting documents verifying orders and amounts have been provided.
Mail is received by the receptionist, who forwards cheques received to the accounts receivable clerk to process.
Banking is performed by a junior accountant on a daily basis.
Bank statements are reconciled by the accounts payable clerk.

Problem 1: Identify and discuss two (2) instances in the above scenario relating to a lack of segregation of duties

Reference no: EM132733433

Questions Cloud

Prepare journal entries to record the transactions : April 6 Sent a check in the amount of $375 to the utility company to pay the monthly bill. Prepare journal entries to record the transactions

How to evaluate the credibility of information : Explain how to evaluate the credibility of information. Include the three types of sources and how you might approach the research for each type.

Find the number of equivalent units of production : The first-in, first-out method is used to cost inventories. Find the number of equivalent units of production for conversion costs for the period

What educational materials did you provide to the audience : Briefly summarize your project: How was the assessment completed? Who was your target audience and how many were in the audience? What was your topic?

Discuss two instances relating to a lack of segregation : The accounts payable clerk prepares the cash payment vouchers, Discuss two instances in the scenario relating to a lack of segregation of duties

Determine whether buying or leasing is preferable : Arrangements can be made to lease or purchase the machine. The firm is in the 40% tax bracket. Determine whether buying or leasing is preferable

How concepts of microbiology will help you : How concepts of Microbiology will help you in clinical sciences such as pathophysiology? The importance of knowledge of microbiology for a career in health care

Which day-by-the-hour as used in a lean accounting system : Which Day-by-the-Hour, as used in a lean accounting system, measures? the time available divided by the units demanded from customers.

Conflict management and negotiation strategies : This competency will allow you to demonstrate the use of conflict management and negotiation strategies in decision making.

User Account

All Pages