Blog

Which of the following department below should not be able to submit a purchase requisition?

Slater Company has a grocery store division. Within the store, Slater Company has two entire rows of wine. Slater’s stock clerks were not wine experts and would often price the wine incorrectly. Slater asked his wine supplier to take over the wine isles. The supplier examines the POS data from Slater Company and determines which wines are selling and which are not selling. The supplier then brings wine to stock Slater’s shelves. The relationship works as the supplier makes sure the wines that sell are always stocked and they can spot wines that are not selling. This type of relationship is known as?

Which of the controls below would be most effective to prevent ordering goods at higher than market prices?

A mailroom employee of Slater Company is suspected of stealing customer checks (including the remittance advice) when they arrive in the mail. Slater Company has many controls in place to try to prevent this type of activity from happening, but it still could happen. Which of the following controls would be best to detect the theft of the checks?

QUESTION DIRECTIONS: Enter the appropriate words and/or numbers in the spaces provided. Important: 1: If you do not need to enter something in a space (not all spaces may be needed to answer the question), enter a single asterisk * in all blank spaces.   2: Do not abbreviate.  3. Round all numbers to whole numbers (do not use decimals and cents) 4. Do not use dollar signs, just enter numbers. 5: Canvas will automatically grade this type of question and will most likely grade your answer as incorrect. I will fix any grading issues and adjust your score.  When I regrade this question, your exam score may go down.    Scenario:  On January 1st, Star IS received a Purchase Order (PO 222) from their customer, Johnson Incorporated. The Purchase Order indicated the price of the goods was $5,000. According to Star IS’s inventory system, Start IS purchased the goods for $2,000. On January 10th, Star IS delivered the goods to Jones Incorporated.  On January 13th, Star IS sent the bill to Jones Incorporated.  Question: In the spaces below, enter the necessary Journal Entry to record the  January 13th event in the books of Star IS?   Account                                      Amount                            [Debit1]                             [Debit1Amount] [Debit2]                             [Debit2Amount]                                Account                                    Amount                                [Credit1]                         [Credit1Amount]                             [Credit2]                         [Credit2Amount]                            * Be sure you entered asterisks in all spaces above that should be blank. 

The Normal balance of an Additional Paid-in Capital Account is which of the following:

Slater Company’s internal audit staff found an issue with several receipts of goods from a single supplier. They found 12 separate deliveries from the same Vendor. Each delivery was on the first of the month. The auditors found it strange that each delivery was for exactly 63 boxes of paper and that each delivery seemed to reference the same purchase order. Which of the following scenarios is most likely the reason for the above findings?

Slater Company is currently considering an Evaluated receipt settlement (ERS) system in the Expenditure Cycle. If the company decides to use the Evaluated Receipt settlement process, which two documents must be compared before sending payment to the vendor?

Slater Company is reviewing the company’s expenditure cycle. Currently, the company is small and the same person who records the cash payments in the accounting records also cuts the check to the vendor. The current arrangement violates which of the following segregation of duties functions?

The Slater Company is concerned about uncollectible customer accounts. Which of the following controls could the company put in place to prevent uncollectible accounts?