MANAGERIAL ACCOUNTING F/MGRS.
6th Edition
ISBN: 9781264100590
Author: Noreen
Publisher: RENT MCG
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Chapter P, Problem P.19Q
Why do companies use sequential prenumbering for documents such as checks, sales invoices and purchase orders?
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Why do companies use sequential prenumbering for documents such as checks, sales invoices, and purchase orders?
1. Why should the function of requisitioning the purchase of goods be segregated from the function of issuing purchase orders?
2. Explain how an automated matching process works regarding the payment of accounts payable
3. What control objective is addressed by having prenumbered receiving documents
Is it a credit memo issued by a vendor or a debit memo issued by a purchaser? What's the difference?
Chapter P Solutions
MANAGERIAL ACCOUNTING F/MGRS.
Ch. P - Prob. P.1QCh. P - Pick any major television network and describe...Ch. P - If you had to decide whether to continue making a...Ch. P - Why do companies prepare budgets?Ch. P - Prob. P.5QCh. P - Why is managerial accounting relevant to...Ch. P - Prob. P.7QCh. P - Why do management accountants need to understand...Ch. P - Prob. P.9QCh. P - Pick three industries and describe how the risks...
Ch. P - Pick any large company and explain three ways that...Ch. P - Why do companies that implement Lean Production...Ch. P - Why are leadership skills important to managers?Ch. P - Why are leadership skills important to managers?Ch. P - Prob. P.15QCh. P - Prob. P.16QCh. P - Prob. P.17QCh. P - Why do companies take a physical count of their...Ch. P - Why do companies use sequential prenumbering for...Ch. P - Planning and Control Many companies use budgets...Ch. P - Prob. P.1ECh. P - Prob. P.2ECh. P - Ethics and the Manager Richmond, Inc., operates a...Ch. P - Prob. P.4ECh. P - Prob. P.6ECh. P - Ethics In Business Consumers and attorney generals...Ch. P - Prob. P.8ECh. P - Prob. P.9ECh. P - Corporate Social Responsibility In his book...Ch. P - Prob. P.11ECh. P - Cognitive Bias and Decision Making During World...Ch. P - Ethics and Decision Making Assume that you just...
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- Which files do you usually find in a sales order module versus an accounts receivable (customer) module? Why does this difference exist?arrow_forwardWhich files do you usually find in a sales order module versus an account receivable (customer module)? Why does this difference exist?arrow_forwardWhich function should the billing department NOT perform? a. record the sales in the sales journal b. send the ledger copy of the sales order to accounts receivable c. send the stock release document and the shipping notice to the billing department as proof of shipment d. send the stock release document to inventory controlarrow_forward
- Why should purchases to credit customers and cash receipts from credit customers be quickly documented and posted?arrow_forwardExplain how prenumbered shipping documents and sales invoicescan be useful controls for preventing misstatements in salesarrow_forwardWhich files are often found in a sales order module as opposed to an account receivable (customer) module, on average? What is the source of this discrepancy?arrow_forward
- All of the following are examples of sales order entry system controls except? Digital signatures/written signatures Credit Limits Approving invoices before paying Trainingarrow_forwardAll records in a file must be uniquely identifiable in at least one attribute, which is its primary key. Drawing on your general knowledge of accounting, identify the primary key for the following types of accounting records. To illustrate, the first record is done for you.Record Type Primary KeyAccounts Receivable Customer Number Accounts Payable Inventory Customer Sales Orders Purchase Orders to vendors Cash Receipts (checks) from customers Cash Disbursements (checks) to vendors Employee Payroll Earnings recordsarrow_forwardDescribe the data flow in the buying process that begins when the purchasing organization sends a check to a vendor to settle an invoice for goods bought.arrow_forward
- Master data store Reason(s) for checking Master data store Customer Accounts receivable Inventoryarrow_forwardSales ledger control Account is known to have a debit balance. Explain, using numerical example why at certain instances the account has both debit and credit balance brought down? Construct a Purchase Ledger Control Account, using your own numerical example, with five items? Briefly discuss the role of the control accounts in the identification of missing figures in the financial statements of organizations ?arrow_forwardDescribe the flow of data in the purchasing process that is initiated when the purchasing organization issues a check to a vendor in payment of an invoice for merchandise purchase.arrow_forward
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