Proper implementations of reconciliation controls
Not what you're looking for?
Proper implementations of reconciliation controls would be effective in detecting all of the following errors except:
a. Transactions were appropriately posted to individual subsidiary accounts, but
because of a computer malfunction, some of the transactions were not posted
to the master account.
b. The client has experienced inventory shrinkage that has caused the perpetual
inventory records to be overstated.
c. Three shipments were never invoiced because employees in the shipping room
colluded with a shipper to deliver goods to their own private company for resale
and never recorded the shipments on any documents.
d. A bank teller properly recorded all transactions involving checks but pocketed
all cash receipts, even though customers were given a receipt as evidence of the
deposit to their accounts.
Purchase this Solution
Solution Summary
A discussion on the effectiveness of detecting errors by reconciliation controls.
Solution Preview
b) The client has experienced inventory shrinkage that has caused the perpetual ...
Purchase this Solution
Free BrainMass Quizzes
Production and cost theory
Understanding production and cost phenomena will permit firms to make wise decisions concerning output volume.
Academic Reading and Writing: Critical Thinking
Importance of Critical Thinking
Understanding the Accounting Equation
These 10 questions help a new student of accounting to understand the basic premise of accounting and how it is applied to the business world.
Income Streams
In our ever changing world, developing secondary income streams is becoming more important. This quiz provides a brief overview of income sources.
Operations Management
This quiz tests a student's knowledge about Operations Management