Purchase Solution

Internal controls for accounts payable for Apollo Shoes

Not what you're looking for?

Ask Custom Question

Explain appropriate controls for accounts payable.

Do not just list internal controls explain appropriate controls for accounts payable based on the Apollo Shoes case.

http://www.mhhe.com/business/accounting/louwers2e/apollo.html. Review board meeting minutes for AP.

Purchase this Solution

Solution Summary

Your response includes listing 11 controls currently in place (according to client) and 15 more controls suggested.

Solution Preview

Appropriate AP controls for Apollo Shoe:

Existing:
1. Checks may not be made payable to cash
2. Black check stock is kept under lock and key
3. Blank checks are never signed prior to being filled out
4. Voided or spoiled checks are reviewed by Treasurer and then filled in numerical sequence
5. JE date = date of check; End of month JE includes month summarized
6. JE for inventory additions = date of receiving report
7. JE for inventory issues = date of shipment
8. If acquisition of long term assets > capital budget, overages of 10% or more must be approved by treasurer and board of directors (in advance if possible)
9. Salvage values will all presumed to be zero.
10. Buildings = 15 years; ...

Solution provided by:
Education
  • BSc, University of Virginia
  • MSc, University of Virginia
  • PhD, Georgia State University
Recent Feedback
  • "hey just wanted to know if you used 0% for the risk free rate and if you didn't if you could adjust it please and thank you "
  • "Thank, this is more clear to me now."
  • "Awesome job! "
  • "ty"
  • "Great Analysis, thank you so much"
Purchase this Solution


Free BrainMass Quizzes
Managing the Older Worker

This quiz will let you know some of the basics of dealing with older workers. This is increasingly important for managers and human resource workers as many countries are facing an increase in older people in the workforce

Business Processes

This quiz is intended to help business students better understand business processes, including those related to manufacturing and marketing. The questions focus on terms used to describe business processes and marketing activities.

Cost Concepts: Analyzing Costs in Managerial Accounting

This quiz gives students the opportunity to assess their knowledge of cost concepts used in managerial accounting such as opportunity costs, marginal costs, relevant costs and the benefits and relationships that derive from them.

Accounting: Statement of Cash flows

This quiz tests your knowledge of the components of the statements of cash flows and the methods used to determine cash flows.

Introduction to Finance

This quiz test introductory finance topics.