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ACC 220 Lecture 27: 27 ACC 220 CH 5 (1)
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find more resources at oneclass.com The Expenditure Cycle Objective: convert the companys cash into the physical material and human resources needed to conduct business Part 1 purchase of raw materials ...

Accounting
ACC 220
Julie Goodin
ACC 220 Lecture 26: 26 ACC 220 CH 4 (9)
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find more resources at oneclass.com Risk #5: Unauthorized access to accounting records and confidential reports What internal controls can we implement? Unauthorized access to accounting records and confidential re...

Accounting
ACC 220
Julie Goodin
ACC 220 Lecture 25: 25 ACC 220 CH 4 (8)
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find more resources at oneclass.com Risks and Internal Controls Risk #2: Shipping customers the wrong items or incorrect quantities What internal controls can we implement? Shipping customers the wrong items or in...

Accounting
ACC 220
Julie Goodin
ACC 220 Lecture Notes - Lecture 24: General Ledger, Accounts Receivable
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What technology is needed? Billing department: Shipping notice provides proof that goods have been shipped and can now be billed to customer Creates invoice for goods purchased and shipped Enters transaction into Sales Jou...

Accounting
ACC 220
Julie Goodin
ACC 220 Lecture Notes - Lecture 23: Shipping List, Fax
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What technology is needed? Warehouse procedures: Receive stock release (picking ticket) to locate inventory Pull inventory from shelves Record reductions to inventory levels Send inventory items and stock release (picking ...

Accounting
ACC 220
Julie Goodin
ACC 220 Lecture 22: 22 ACC 220 CH 4 (5)
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find more resources at oneclass.com Remittance Advice Remittance advice slip that accompanies payment providing the payment date, account number, amount paid, and payment details Example of ...

Accounting
ACC 220
Julie Goodin
ACC 220 Lecture Notes - Lecture 21: Subledger, General Ledger, Credit Manager
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Sales Return Procedures Why do sales returns occur? Wrong items shipped to customer Defective goods Goods damaged during transport Buyer refuses delivery typically due to shipping delays In a sales return, the buyer is req...

Accounting
ACC 220
Julie Goodin
ACC 220 Lecture Notes - Lecture 18: Sales Order, Purchase Order
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The Revenue Cycle In its simplest form, the revenue cycle is direct exchange of finished goods or services for cash in a single transaction More complex revenue cycles process sales on credit, resulting in a time lag Time ...

Accounting
ACC 220
Julie Goodin
ACC 220 Lecture Notes - Lecture 17: Spooling

ACC 220 Chapter 3 Master File Backup Controls Grandfather-father-son (GFS) backup technique Current master file (the father) is processed against transaction file to produce new updated master file (the son) Physically dif...

Accounting
ACC 220
Julie Goodin
ACC 220 Lecture Notes - Lecture 16: Audit Trail, Purchase Order, Financial Statement

ACC 220 Chapter 3 Processing Controls Batch controls manage the flow of high volumes of transactions through batch processing systems Reconciles system output with the input originally entered Ensures: All records are proc...

Accounting
ACC 220
Julie Goodin
ACC 220 Lecture Notes - Lecture 15: Check Digit, Transaction Data, Missing Data

ACC 220 Chapter 3 IT Application Controls Associated with specific applications 3 categories 1. Input controls 2. Processing controls 3. Output controls Input controls programmed procedures (called edits) which perform tes...

Accounting
ACC 220
Julie Goodin
ACC 220 Lecture Notes - Lecture 14: Accounts Payable, Data Center, Transaction Processing

ACC 220 Chapter 3 Control activities Policies and procedures used to ensure appropriate actions are taken to deal with identified risks 2 categories ...

Accounting
ACC 220
Julie Goodin
ACC 220 Lecture Notes - Lecture 13: Cash Register, Computer Fraud, Error Detection And Correction

ACC 220 Chapter 3 Asset Misappropriation 1. Payroll fraud distribution of fraudulent paychecks to existent andor nonexistent employees Works best in organization in which supervisor distributes paychecks to employees Also ...

Accounting
ACC 220
Julie Goodin
ACC 220 Lecture Notes - Lecture 12: Larceny, Extortion

ACC 220 Chapter 3 Corruption Executive, manager, or employee in collusion with an outsider 4 types of corruption: 1. Bribery giving, offering, soliciting, or receiving things of value to influence an official in the perfor...

Accounting
ACC 220
Julie Goodin
ACC 220 Lecture Notes - Lecture 11: Public Company Accounting Oversight Board, Securities Fraud, Fiduciary

ACC 220 Chapter 3 Fraud Schemes 3 broad categories of fraud schemes: 1. Fraudulent statements 2. Corruption 3. Asset misappropri...

Accounting
ACC 220
Julie Goodin

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