收益循环作业.doc

1) Presented below is a list of terms relating to accounting information systems, followed by definitions of those terms.Required: Match the letter next to each definition with the appropriate term. Each answer will be used only once._ 1. Remittance list_ 2. Credit memo_ 3. Open-item processing_ 4. Bill of lading_ 5. Invoice_ 6. Balance-forward processing_ 7. Sales order_ 8. Inquiry_ 9. Goods issue notice_ 10. FloatA.Documentation which is forwarded to the billing function to evidence a shipment to a customerB.Invoice received from a carrier for shipmentsC.The time between the signing of the payment check by a customer and the moment the firm has use of the fundsD.A form used to document reductions to a customers account due to sales returns or allowancesE.A customers remittances are applied against a customers outstanding balance rather than against individual invoicesF.A listing of customer payments in cash and by check that is prepared for control purposesG.A document similar to a quotation that does not contain delivery informationH.A document that informs a customer of charges for goods or services renderedI.A customers remittances are applied against individual invoices rather than a customers outstanding balanceJ.A document prepared to initiate the shipment of goods to a customer2) The following ten paragraphs describe control weaknesses in customer order and account management business processes. Listed below are 11 controls that may help control the weaknesses:A.Customer credit checkB.Master price list independent from Order EntryC.Credit department approval of customer account adjustmentsD.Independent confirmation from internal audit to customerE.Independent confirmation from Accounts Receivable to customerF.Balance the posted remittance advices to the remittance list in Accounts ReceivableG.Customer auditH.Billing information generated from sales order dataI.Comparison of goods, picking list, and packing list in ShippingJ.Packing list generated from sales order dataK.File of picking lists, signed by Shipping, in Finished GoodsRequired: In the blank next to each number, list one capital letter representing the best control to address the system weakness. You will use each letter only once, and one letter will not be used.1. _ Employees of Micro-Speed Computer Companys billing department observed that for the sales of January 15, inventory item number 7856 was priced at a different amount on ten different orders.2. _ Hemingway Manufacturing Company sent a $7,500 payment on account to United Coastal Hardware Company. A mailroom clerk stole the payment and accompanying remittance advice, but included the payment on the days remittance list. The accounts receivable department later sent Hemingway a statement showing $7,500 credited to its account.3. _ An employee worked for a week at Bobs Belly Buster Burgers. After the employee quit, the owner noticed that the dollar amount of sales for the week was unusually low, although the amount of food ordered was typical.4. _ At Washington Square Company, customers are complaining that they are not receiving the correct quantities of goods ordered, or the wrong items are being shipped to them.5. _ To increase its catalog business, Great Southwest Company permitted new customers to open a $500 account with the company. A disgruntled company employee placed several fraudulent telephone orders with the company, each time disguising his voice and acting as a new customer. The employee obtained $5,000 in merchandise before he was caught.6. _ As an added convenience to her customers, Melanie Jacobi, a saleswoman for The New People Shoe Company, negotiates and approves sales returns and allowances. Auditors performing an analytical review of sales and inventory data have discovered a decrease in sales without a corresponding increase in the number of finished goods.7. _ Customers of Miller Magnetic Company are complaining that they are being billed for amounts greater than they ordered and received.8. _ Iron Works Equipment Company had financial difficulty and fell behind in its payments to Great Lakes Manufacturing Company. After repeated attempts at collection, Great Lakes credit department finally wrote off the Iron Works account on September 30, 200X. On December 14 200X, auditors discovered that an accounts receivable employee conspired with a mailroom employee to divert $6,500 in payments made by Iron Works after their account was written-off.9. _ At Young People Accessory Company, the finished goods department sends goods to the shipping department, accompanied by a picking list. The shipping department clerk compares the goods to the picking list and signs the picking list, returning it to the finished goods warehouse clerk. Then the shipping department prepares a three-part shipping notice, one copy of which serves as the packing list and is enclosed with the goods to be shipped. An auditor recently discovered that the sales of a popular womans purse were far less than the amount of inventory reduction for the purse.10. _ At Goode Brothers Office Supply, Inc., the correct goods for a customers order were picked and transferred from the finished goods warehouse to shipping. The shipping clerk kept part of the customers order. The customer later complained that he had received only half of his order. The shipping clerk claimed that shipping had not received the complete order from finished goods. Since Goode Brothers could not prove the source of the shortage, it sent additional goods to the customer at no charge.3) Southeastern Supply Company has been in business for one month. The chief information officer of the company is designing procedures for its sales order entry system. Top management wants procedures for both general and specific authorization.Required: Describe procedures to accomplish each of the following activities and indicate whether each procedure requires general or specific authorization.1. Establishment of prices to be entered on sales orders2. Establishing terms of sale, including credit limits3. Disposition of blocked orders for customers over the credit limit4. Disposition of sales allowances5. Writing off accounts deemed worthless4) Why should management or an organizational function that is independent of the sales order function, prepare the master price list?5) Describe the procedures for a sales return and explain how the procedures relate to the segregation of duties of authorization, custody of assets, and record keeping.1）Answer: 1. F, 2. D, 3. I, 4. B, 5. H, 6. E, 7. J, 8. G, 9. A, 10. C2）Answer: 1. B, 2. F, 3. G, 4. I, 5. A, 6. C, 7. H, 8. D, 9. J, 10. K3）Answer: 1. Management separate from the sales order function should prepare a master price list for use in sales orders. This is a general authorization.2. Management can establish general guidelines for credit customers, such as: requiring a credit check; a credit limit for an initial order from a new customer; and establishing a credit limit after the initial order. These general guidelines would be a general authorization. Occasionally, new customers might need more credit than the company normally allows, or a new customer might have a credit record that does not meet the companys normal requirements. The sales terms for such customers would be a specific authorization.3. Blocked orders are those that put customers over their credit limit. The sales order department informs the credit department of blocked orders, and the credit department decides which ones should be released for fulfillment. This is a specific authorization.4. The sales order department negotiates the amount of sales allowances with customers. (An allowance is a reduction in the amount owed by the customer due to damaged merchandise, shortages in shipment, or other fulfillment problems.) The credit department approves the amount of the allowance and authorizes the billing department to prepare a credit memo reducing the customers account. This is a specific authorization.5. The credit department reviews the accounts receivable aging schedule and recommends accounts to be written off. The treasurer approves the write-offs and authorizes the accounts receivable department to write off the customer accounts. This is a specific authorization.4）Answer: Suggested answer:The sales order applications purpose is to record sales orders. When management or a different (independent) function prepares the master price list, the authorization of pricing is separated from the recording of prices on sales orders. This separation of duties provides a control over the activities of sales order employees. They may not give preferential prices to certain customers or e