(Solved) 204 PART 11 than one day. Star-Bright is a small store that employs only four people other than the owner. The owner and one of the employees help...

204 PART 11 than one day. Star-Bright is a small store that employs only four people other than the owner. The owner and one of the employees help customers with their electrical needs. One of the employees handles all receiving, stocking, and shipping of merchandise. Another employee handles the purchasing, payroll, gen- eral ledger, inventory, and AP functions. Elaine handles all of the point-of—sale cash receipts and prepares the daily deposits for the business. Furthermore, Elaine opens the mail and deposits all cash receipts (about 30 percent of the total daily cash receipts). Elaine also keeps the AR records and bills the customers who pur- chase on credit. Required Point out any control weaknesses you see in the sce- nario. List some recommendations to remedy any weak- nesses you have found working under the constraint that no additional employees can be hired. 9. INTERNAL CONTROL Iris Plant owns and operates three floral shops in Mag- nolia, Texas. The accounting functions are performed manually. Each of the shops has a manager who over- sees the cash receipts and purchasing functions for the shop. A clerk at the central shop pays all the bills and also prepares payroll checks and maintains the general journal. Iris is seriously considering switching to a com- puterized system. With so many information system packages on the market, Iris is overwhelmed. Required Advise Iris as to which business modules you think her organization could find beneficial. Discuss advantages, disadvantages, and internal control issues. 10. INTERNAL CONTROL You are investing your money and opening a fast-food Mexican restaurant that accepts only cash for payments. You plan on periodically issuing coupons through the Transaction Cycles and Business Processes mail and in local newspapers. You are particularly inter- ested in access controls over inventory and cash. Required Design a carefully controlled system and draw a system flowchart to represent it. Identify and discuss the key control issues. 11. SYSTEM CONFIGURATION The computer processing portion of a sales order system is represented by the flowchart for Problem 11. Answer the following questions. a. What type of data processing system is this? Explain, and be specific. b. The auditor suggests that this system can be greatly simplified by changing to direct access files. Explain the major operational changes that would occur in the system if this were done. c. The auditor warns of control implications from this change that must be considered. Explain the nature of the control implications. d. Sketch a flowchart (the computerized portion only) of the proposed new system. Use correct symbols and label the diagram. 12. SYSTEM CONFIGURATION The flowchart for Problem 12 represents the computer processing portion of a sales order system. Answer the following questions. a. What type of data processing system is this? Explain, and be specific. b. The marketing manager suggests that this system can be greatly improved by processing all files in real time. Explain the major operational changes that would occur in the system if this were done. c. The auditor warns of operational efficiency implica- tions from this change that must be considered. Explain the nature of these implications. d. Sketch a flowchart of the proposed new system. Use correct symbols and label the diagram.
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#10 Only Internal Control: You are investing your money and opening a fast-food Mexican restaurant that accepts only cash for payments. You plan on periodically issuing coupons through the mail and in local newspapers. You are particularly interested in access controls over inventory and cash. Required: a. Design a carefully controlled system and draw a document flowchart to represent it. b. Identify and discuss the key control issues.
This question was created from Chapter 4 The Revenue Cycle https://www.coursehero.com/file/12549061/Chapter-4-The-Revenue-Cycle/?focusQaId=10396970

 


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