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Lecture

Lec 12 Last Class - review

4 Pages
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Department
Financial Accounting
Course Code
MGAD20H3
Professor
Julie Mc Donald

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MGTD61 Wk 12 Last Class April 4, 2011
Final: 6 problems, 6 pgs, 3 hrs (180 mins)
Question 1
Deficiencies
Acquisition
Initiate no bids
Author PO approved
Payment requisitions not with pmt
Receipt PO -> Gds rcvd
Storage -> Custody
-Swipe card, know someone came into room
-Key easy to copy
-Give card to anyone else, accountable
-Record
-Small business, wouldnt recommend b/c not practical since expensive
Inventory
-Independent third party doing count
-Would steal and make number agree to records
-Every now and then
-Reconciliation: opening inventory, physical count is one thing, reconciliation is
another
-Do not count every month, dont keep a perpetual system
-Have a perpetual system (spreadsheet with running totals of how much is on hand)
-Gets scanned coming in and going out
-Do reconciliation to actual to know someone is stealing from you
-Oral requests from production foreman have no paper trail, needs authorization to
log and keep track of every single item with perpetual system
-Request should have some trail and recommend a form
-As fill out, get manager to sign form to approve outputs from warehouse
-high cost; one worth a lot of money
-advantage to system with gds going in and out
-lack of audit trail
-no one has clue whether using gds to manufacture product
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Description
MGTD61 Wk 12 Last Class April 4, 2011 Final: 6 problems, 6 pgs, 3 hrs (180 mins) Question 1 Deficiencies Acquisition Initiate no bids Author PO approved Payment requisitions not with pmt Receipt PO -> Gds rcvd Storage -> Custody - Swipe card, know someone came into room - Key easy to copy - Give card to anyone else, accountable - Record - Small business, wouldnt recommend bc not practical since expensive Inventory - Independent third party doing count - Would steal and make number agree to records - Every now and then - Reconciliation: opening inventory, physical count is one thing, reconciliation is another - Do not count every month, dont keep a perpetual system - Have a perpetual system (spreadsheet with running totals of how much is on hand) - Gets scanned coming in and going out - Do reconciliation to actual to know someone is stealing from you - Oral requests from production foreman have no paper trail, needs authorization to log and keep track of every single item with perpetual system - Request should have some trail and recommend a form - As fill out, get manager to sign form to approve outputs from warehouse - high cost; one worth a lot of money - advantage to system with gds going in and out - lack of audit trail - no one has clue whether using gds to manufacture product www.notesolution.com
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