Accounting Information Systems
10th Edition
ISBN: 9781337619202
Author: Hall, James A.
Publisher: Cengage Learning,
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Chapter 4, Problem 8MCQ
To determine
Identify the set of tasks that cannot be separated.
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Identify which department has stewardship over the following journals, ledgers, and files. a. Customer open order file b. Sales journal c. Journal voucher file d. Cash receipts journal e. Inventory subsidiary ledger f. Accounts receivable subsidiary ledger g. Sales history file h. Shipping report file i. Credit memo file j. Sales order file k. Closed sales order file
Describe briefly the processing of transactions, including internal control features, in the following functions under the sales and collection cycle:a. order entryb. customer billing
Identify which department has stewardship over the following journals,ledgers,and files.
a.customer open order file
b.sales journal
c.cash receipts journal
d.cash receipts journal
e.Inventory subsidiary ledger
f.Accounts receivable subsidiary ledger
g.Sales history file
h.Shipping report file
I.credit memo filr
j.sales order file
k.closed sales order file
Chapter 4 Solutions
Accounting Information Systems
Ch. 4 - Prob. 1RQCh. 4 - Prob. 2RQCh. 4 - What function does the receiving department serve...Ch. 4 - Prob. 4RQCh. 4 - Prob. 5RQCh. 4 - Prob. 6RQCh. 4 - Prob. 7RQCh. 4 - Prob. 8RQCh. 4 - Prob. 9RQCh. 4 - Distinguish between an edit run, a sort run, and...
Ch. 4 - Prob. 11RQCh. 4 - Prob. 12RQCh. 4 - Prob. 13RQCh. 4 - Prob. 14RQCh. 4 - Prob. 15RQCh. 4 - Prob. 16RQCh. 4 - In a manual system, after which event in the sales...Ch. 4 - Prob. 18RQCh. 4 - What document initiates the billing process?Ch. 4 - Prob. 20RQCh. 4 - Prob. 1DQCh. 4 - Prob. 2DQCh. 4 - Prob. 3DQCh. 4 - Prob. 4DQCh. 4 - Prob. 5DQCh. 4 - Prob. 6DQCh. 4 - Prob. 7DQCh. 4 - Prob. 8DQCh. 4 - What financial statement misrepresentations may...Ch. 4 - Prob. 10DQCh. 4 - Prob. 11DQCh. 4 - Prob. 12DQCh. 4 - Prob. 13DQCh. 4 - Prob. 14DQCh. 4 - Prob. 15DQCh. 4 - How is EDI more than technology? What unique...Ch. 4 - Prob. 17DQCh. 4 - Prob. 1MCQCh. 4 - Prob. 2MCQCh. 4 - Prob. 3MCQCh. 4 - Prob. 4MCQCh. 4 - Prob. 5MCQCh. 4 - Prob. 6MCQCh. 4 - Prob. 7MCQCh. 4 - Prob. 8MCQCh. 4 - Prob. 9MCQCh. 4 - Prob. 10MCQCh. 4 - Prob. 1PCh. 4 - Prob. 2PCh. 4 - Prob. 3PCh. 4 - Prob. 4PCh. 4 - Prob. 5PCh. 4 - Prob. 6PCh. 4 - Prob. 7PCh. 4 - Prob. 8PCh. 4 - Prob. 9PCh. 4 - Prob. 10PCh. 4 - Prob. 11PCh. 4 - Prob. 12PCh. 4 - In 1989, Robert Smith opened a small fruit and...Ch. 4 - Posavek is a wholesale supplier of building...Ch. 4 - Prob. 3ICCCh. 4 - (Prepared by Will Richens and Michael Catchpole,...Ch. 4 - Prob. 6ICC
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- Which of the following expenditure cycle tasksshould not be separated?a. Purchasing inventory items and updating inventory subsidiary ledgerb. Storing inventory in the warehouse and updating inventory subsidiary ledgerc. Updating accounts payable records and posting to the cash disbursements journald. All of the above should be separatede. None of the above need to be separatedarrow_forwardWhich of the following is not considered an important element of segregation of duties in the purchasing process: a) Separating thec heck signing and check mailing functions b) Separating the accounts payable and receiving functions c) Separating the purchasing function fromt he receiving function d) Separating the accounts payable and check signing functionsarrow_forwardCompare and contrast a manual accounting system for processing customer transactions. Include an explanation of how the accounts receivable subsidiary ledger compares with the Customer Center.arrow_forward
- What are the risks that are caused by the following combination of tasks? - The warehouse clerk who has custodial responsibility over inventory in the warehouse, updates the inventory subsidiary ledger and prepares an inventory summary for the general ledger department. - The billing clerk bills customers and records sales in the sales journal.arrow_forwardWhich of the following activities would use number of customer orders as an activity base? A. Order shipping B. Invoicing & collecting C. Customer return processing D. Both A & Barrow_forwardWhat is a walkthrough of a sales transaction? How can the walkthrough work complement the use of an internal control questionnaire?arrow_forward
- Which of the following functions is not included in the typical expenditure cycle involving goods? A. Disbursing payments to the vendors B. Placing an order for goods or services C. Posting to the accounts payable subsidiary ledger D. Processing a credit memo E. Ascertaining the validity of payment obligationsarrow_forwardWhich one of the following departments does not have a copy of the purchase order?a. the purchasing departmentb. the receiving departmentc. accounts payabled. general ledgerarrow_forwardSegregation of Functions Comment on the specific risks (if any) that are caused by the following combination of tasks. A) A sales manager, who works on commission based on gross sales, approves credit and has the authority to write off uncollectible accounts. B) The warehouse clerk, who has custodial responsibility over inventory in the warehouse, updates the inventory subsidiary ledger and prepares an inventory summary for the general ledger department. C). The billing clerk bills customers and records sales in the sales journal. D). The shop foreman approves and submits time cards to timekeeping and distributes paychecks to employees. E) The accounting clerk posts to individual accounts receivable subsidiary accounts and performs the reconciliation of the subsidiary ledger and the GL control account.arrow_forward
- Which files do you usually find in a sales order module versus an account receivable (customer module)? Why does this difference exist?arrow_forwardWhich of the following statements is true?a. Journal vouchers detailing transaction activity flow from various operational departments into the GLS, where they are independently reconciled and posted to the journal voucher history file. b. Journal vouchers summarizing transaction activity flow from the accounting department into the GLS, where they are independently reconciled and posted to the general ledger accounts. c. Journal vouchers summarizing transaction activity flow from various operational departments into the GLS, where they are independently reconciled and posted to the general ledger accounts. d. Journal vouchers summarizing transaction activity flow from various operational departments into the GLS, where they are indepen dently reconciled and posted to the journal voucher history file.arrow_forwardA. Occurrence B. Completeness C. Rights and obligationsD. Allocation or valuationE. ClassificationF. ExistenceG. CutoffH. AccuracyI. UnderstandabilityFor each of the following control activities, identify the management assertion that best applies by placing the correct letter in the blank space below.___ 1. Match shipping documents with sales invoices before a sale is recorded.___ 2. Balance total of individual customers' receivables with the control account.___ 3. Sales manager approves taking discounts.___ 4. Computer check for billing the quantity shipped, list price, and total.___ 5. Account for numerical sequence of pre-numbered shipping documents.arrow_forward
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