Reference no: EM132796329
Question - Applied Auditing - The following control procedures over purchases and cash disbursements transactions are prescribed by the Love Company:
1. Approved purchase order for each purchase.
2. Prenumbered receiving report for goods received.
3. Signed receipt from storeroom on acceptance of goods.
4. Matching of voucher with vendor's invoice.
5. Approved voucher for each check.
6. Cancellation of voucher on payment.
7. Review of voucher and supporting documentation by check signers.
8. Internal verification of voucher accuracy.
9. Locked storerooms for inventory.
10. Periodic reconciliation of inventory control and perpetual inventory records.
11. Accounting for all prenumbered checks in journalizing.
12. Periodic independent bank reconciliations.
13. No checks payable to cash or bearer.
14. Approved purchase requisition for each purchase order.
15. Review of purchase requisition for reasonableness.
REQUIRED -
a. Indicate the function served by each procedure.
b. Identify an error or irregularity that may be prevented or detected by the control procedure.
c. Indicate a compliance test that may be performed to determine whether the control procedure above is operating as prescribed.
|
Compute the dividend income to be reported by Johaira
: Johaira received a stock of 2,000 shares on March 31, 2015, Compute the dividend income to be reported by Johaira on its October 31, 2015
|
|
Does the diet allow for differences in dietary patterns
: Does the menu selected provide adequate amounts of protein, fats, carbohydrates, vitamins, and minerals? Does this diet allow for differences in dietary.
|
|
Second Hand Smoke and Lung Cancer
: Second Hand Smoke and Lung Cancer - Does the disease of interest result only from the exposure of interest (or nearly so) and not other types of exposures
|
|
What was iris inc earnings before interest and taxes
: What was Iris' Inc.'s earnings before interest and taxes (EBIT)? Operating expense (excluding depreciation) 115. Depreciation expense 35
|
|
Indicate the function served by each procedure
: Indicate the function served by each procedure. Identify an error or irregularity that may be prevented or detected by the control procedure
|
|
Justify the historic ranking of returns for the investment
: Justify the historic ranking of returns for the following three categories of investment, listed from highest to lowest return: common stocks
|
|
What is the earnings before taxes
: What is the Earnings Before Taxes? PSUWC's existing plant has excess capacity, in a fully depreciated building, to install and run the new equipment
|
|
Reflect on types of drugs used to treat pediatric patients
: Review the interactive media piece in this week's Resources and reflect on the types of drugs used to treat pediatric patients with mood disorders.
|
|
How much of the money will each partner receive
: How much of this money will each partner receive if profits and losses are allocated to Adams, Baker, Carvil, and Dobbs on a 1:3:3:3 basis, respectively?
|