Apollo Shoes Case - Purchasing Cycle Bridge paper

Apollo Shoes Case - Purchasing Cycle Bridge paper -...

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Running head: APOLLO SHOES CASE 1 Apollo Shoes Case
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Sales Internal Control Questionnaire. Assertions and Questions Yes,  No,  N/A Comments Occurrence assertion:  1. Is the credit department independent of the  sales department? Yes Treasurer approval needed.    2. Are sales of the following types controlled by  the same procedures described below? Sales  to employees, COD sales, disposals of  property, cash sales, and scrap sales. No No information found.  3. Is access to sales invoice blanks restricted? Yes Invoices secured.  Area secured.    4. Are pre-numbered bills of lading or other  shipping documents prepared or completed in  the shipping department? Yes Shipping department. Completeness assertion:  5. Are sales invoice blanks pre-numbered? Yes Blank invoices pre-numbered.  6. Is the sequence checked for missing invoices? No No information found.  7. Is the shipping document numerical sequence  checked for missing bills of lading numbers? No No information found. Accuracy assertion:  8. Are all credit sales approved by the credit  department prior to shipment? Yes Credit manager file.  9. Are sales prices and terms based on approved  standards? Yes Approved price file. 10. Are returned sales credits and other credits  supported by documentation as to receipt,  condition, and quantity, and approved by a  responsible officer? No No information found. 11. Are shipped quantities compared to invoice  quantities? Yes Shipping clerk. 12. Are sales invoices checked for error in  quantities, prices, extensions and footing, and  freight allowances, and checked with  customers’ orders? Yes Accounts receivable clerk. 13. Is there an overall check on arithmetic  accuracy of period sales data by a statistical  or product-line analysis? Yes
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This note was uploaded on 04/07/2011 for the course ACCT 490 taught by Professor Richard during the Spring '11 term at DeVry Long Beach.

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Apollo Shoes Case - Purchasing Cycle Bridge paper -...

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