ACCG250 week 12 tute

Question 1 A. Require that an inventory control department monitor inventory records and requests purchases (purchase requisition) when goods need to be recorded. B. Require that receiving department complete a receiving report for all goods received to accounts payable. C. Require that the appropriate manager approve each purchase requisition by signing the requisition form. D. Require good physical security such as security cameras and good supervision of receiving employees. Using a blind PO at receiving may also help. E. Matching purchase order, receiving report and invoice. F. It may be uncovered if someone notices that records show payments to a vendor are in excess of that owed. There is no method to completely eliminate errors in posting. G. Require a debit memorandum be completed for any goods returned, and that a copy of this be forwarded to accounts payable. H. Clear policy on over shipments that receiving personal can apply. All received goods are compared against a purchase order. The use of blind PO (Purchase Order). I. Require that payment documentation be cancelled when payment is made. Question 2 No one person or department has been assigned responsibility to monitor inventory levels and determine when to order This is no purchase requisition completed and forwarded to purchasing to initiate and purchasing process No copy of the purchase order is forwarded to accounts payable for a document match The inventory control department updates inventory records based on a PO, not the goods received No copy of the receiving report goes to inventory control or accounts payable The packing slip is forwarded to accounts payable instead of the receiving report The accounts payable matches the invoice to the packing slip The cash disbursements department forwards a copy of the check to the general ledger department