Solved

Several Risks Associated with the Acquisition/payment Process and Potential Internal

Question 51

Matching

Several risks associated with the acquisition/payment process and potential internal controls are listed below. Match each risk with the control that would best address it; do not use the same control more than once.

Premises:
A cash payments clerk pays the same invoice twice.
A cash payments clerk writes a check to a fictitious vendor.
Document matching a non-employee steals user names and passwords for electronic payment transactions.
A purchasing agent steals blank purchase orders.
A receiving clerk steals inventory when it arrives.
A warehouse manager orders unneeded inventory.
An accounting clerk pays an invoice before merchandise is received.
Inventory is destroyed by a fire.
Warehouse clerks make errors in counting inventory.
Responses:
Bank reconciliation.
Data encryption.
Insurance.
Proper transaction authorization.
RFID tags.
Sequentially numbered documents.
Stamp "completed" on appropriate documents.
Video surveillance equipment.
Well-designed relational database.

Correct Answer:

A cash payments clerk pays the same invoice twice.
A cash payments clerk writes a check to a fictitious vendor.
Document matching a non-employee steals user names and passwords for electronic payment transactions.
A purchasing agent steals blank purchase orders.
A receiving clerk steals inventory when it arrives.
A warehouse manager orders unneeded inventory.
An accounting clerk pays an invoice before merchandise is received.
Inventory is destroyed by a fire.
Warehouse clerks make errors in counting inventory.
Related Questions

Q43:
Indicate the payroll form described in each

Q44: Nicole owns and operates The Foothill Grill,

Q45: Nicole owns and operates The Foothill Grill,

Q46: Indicate whether each of the following items

Q47: Nicole owns and operates The Foothill Grill,

Q48: In the space provided, briefly explain

Q49: Nicole owns and operates The Foothill Grill,

Q50: Lawrence submitted his resume to a local

Q52: Several information items that might appear on

Q53: Match each item with the most appropriate

Unlock this Answer For Free Now!

View this answer and more for free by performing one of the following actions

qr-code

Scan the QR code to install the App and get 2 free unlocks

upload documents

Unlock quizzes for free by uploading documents