You are currently reviewing and understanding the purchasing process of your audit client (Best Goods Inc. - a super store) as part of the external audit assignment. Following are some of the important points taken by one of the senior audit team members regarding their purchasing system:
Purchasing
Purchasing department has only three employees: one manager and two junior staff members. Whenever any of the junior/senior staff members in the store feel that certain goods are needed or out of stock, they inform their respective departmental supervisors, who then call the purchasing department to order the goods at their earliest possible. The purchasing department then order the goods as requested by the supervisors without asking any further questions or carrying out any checks if the purchasing requests are valid. Best Goods Inc has its own list of suppliers with the prices agreed with each supplier. This list of suppliers with the agreed price
information is saved in the central computer. Price lists saved in the system are not updated for a while. Purchase orders can only be issued to these suppliers in the list. The junior staff members in the purchasing department can delete or add any new suppliers in the list at any time as everyone has the access to the database of suppliers. Purchase orders are prepared manually by the purchasing manager on the letterhead of the Best Goods Inc and handed over to the junior staff members to scan and email to the suppliers. Some of the suppliers acknowledge the orders received by email. Certain suppliers offer the facility to check the orders’ status online but junior staff in the purchasing department never got a chance to follow up the orders because of their very busy routine.
Warehouse
There is one permanent storekeeper and five temporary laborers to move in/out the stock items in the store. The storekeeper can get temporary laborers from a local staffing agency whenever needed. All goods from suppliers are delivered directly at the storeroom. Storekeeper match/check the goods with the suppliers’ delivery note in the presence of the delivery driver, and then he signs the delivery note to confirm that the goods were checked and received. Right after goods are added to the inventory records by the storekeeper, delivery documents are sent to the accounting/finance department. The storekeeper informs all the relevant departments about goods received at the end of each day. Each department then pick up their goods (if any) on the following day after checking the quality of goods. Any goods which are not claimed/picked up within two business days are stored in the storeroom until claimed. Certain goods are never picked up and are there in the storeroom for months and disposed of eventually by the storekeeper.
Invoicing
Accounts/Finance department has one manager and one newly hired junior accountant/petty cashier. All invoices from the suppliers are directed to the accounts department. The accounts department staff check/match the invoices with the delivery notes/documents (sent by the storeroom). Then these invoices are recorded in the general journal and general ledger by the junior accountant.
Payments:
Accounts/Finance department pay all the invoices approved by any member of the purchasing department. Some petty invoices from certain suppliers are paid in cash as well. The petty cash balance at the end of the last month was $60,000 which was just $14,000 a month earlier. Managers of various departments used to get petty cash from the cashier for personal use as well.
Required:
(a) Identify and explain five deficiencies in the internal controls, recommend improvements for the deficiencies identified, and describe one test of control for each of your recommendations.
Note: Present your answer in a table with three columns headed as: "Deficiency", "Recommendations" and "Test of Controls"
(b) Describe FIVE substantive procedures you would perform to obtain sufficient appropriate evidence in relation to the year -end trade payables balance in Best Goods Inc.’s statement of financial position.
(c) Assume, you have recently enrolled an audit trainee in your audit firm, and she has some confusion about financial statement assertions relevant to an Income statement, and Statement of financial position. Explain "financial statement assertions", by using simple examples to help her understand, as this is very important part of her professional training and audit assignments.

Answer:A) can I afford this?

Explanation: got it right!

Given that things were slowing down in the organization, the company would be more value driven if she advises the production and purchasing departments to produce or order smaller quantities of products.

A company is said to be value driven if there is a conscious commitment in the  organization by the heads of departments to create a corporate culture.

The culture that would be created here is one that would lead to better performance, ethical practice and good impact on the environment.

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Answer: C. Activities related to improving job performance

Explanation:

Training is the act by which a person is taught a particular skill or made to learn some certain things regarding a job which would be useful in improving job performance.

Training is vital as it improves performance and employee retention. Also, training helps in achieving organizational goals.

Answer:

The United States twenty-dollar bill ($20) is a denomination of U.S. currency. A portrait of Andrew Jackson, the seventh U.S. president (1829–1837), has been featured on the obverse of the bill since 1928; the White House is featured on the reverse.

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Explanation:

Umpqua defines other financial institutions performing banking services as their competitors. therefore they take advantage of its competition.

Firms or sellers compete for customers' business in a market in order to attain a certain commercial goal, such as maximizing earnings, sales, or market share. In this context, the word rivalry is frequently employed to describe competitiveness. It is also described as a situation in which several business organizations compete for the acquisition of commodities that are limited by a number of market factors.

It is not uncommon for financial institutions, such as banks, to compete with one another for customers. In a competitive market, these institutions may offer a variety of services and products, such as loans, investment products, and checking and savings accounts, in an effort to attract and retain customers. In some cases, institutions may also offer competitive interest rates or other benefits in order to gain an advantage over their competitors.

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My interest in data analytics as it applies to business stems from the value it can bring in making informed decisions and driving business growth. I am fascinated by the power of data to uncover patterns, trends, and insights that can help businesses optimize their operations, understand customer behavior, and identify new opportunities.

In terms of demonstrating this interest, I have actively sought out opportunities to apply data analytics in my school-work, job, and other areas. For example, in my school projects, I have used data analytics techniques to analyze customer data and make recommendations for improving marketing strategies.

In my job, I have utilized data analytics tools to track and analyze key performance indicators, providing insights for decision-making and process improvement. Furthermore, I have also participated in online courses and workshops to further develop my skills in data analytics and stay updated with the latest trends and techniques.

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Answer: Catalog sales

Explanation:

Based on the information given, the objective that should be selected when setting up this campaign is catalog sales.

Catalog sakes refers to the sales technique that is used by businesses whereby several items are grouped together together in the online store, and the consumers then buys directly online by using the information that were provided in the catalog.

This can be used to upsell to the consumers who have purchased products on its website.

Answer:

Explanation:

To save advertisement cost

A boosted post helps an adviser to connect with the audience and gain trust.

Boosted post is a kind of post that is used on social media platforms in order to enhance the page of the platform and to attract audience to the page. Boosted post can help better communication with the audience along with the increase in a greater number of messages, calls and texts. Boosted posts help for better advertisements of the product. For example, A Chocolate brand may use Boosted posts to gain audience as well as consumers. Boosted posts helps an adviser to be discovered among people, to establish a benchmark in the market and to gain more and more customers. It's a kind of marketing strategy used for publicity purpose.

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Use the snowball method instead if possible so you can maintain your motivation with little wins.

With the debt snowball, you are forced to be deliberate about paying one bill at a time until you are debt-free. You have control over your debt when you pay your bills in this manner. You'll realise that you are in control of your finances once you pay off that first bill and go on to the next.

That's because this strategy concentrates on paying off the debt with the highest interest rate first, which means that when you pay off that debt, your overall debt will accrue less interest costs.

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Answer: uhhhh

Explanation:

Answer: Waylon's Purchase will cost $198.05, and section B depends.

Explanation: Section A is 85% of 233 since thats the total, making the answer to section A $198.05. The answer to section B depends because if he wants more school supplies, then yes, he would want to buy more things for better deals. But if he’s on a budget, then he wouldn't want to spend as much money since saving 20% on something over $300 is more than saving 15% on something over $200. THIS IS ONLY THE ANSWER IF YOU SEE A SIGN IN THE ASSIGNMENT THAT SAYS: Spend $100, save 10%, spend $200, save 15%, spend $300, save 20%, and spend $400, save 30%.

Answer:

the seven members of the Board of Governors of the Federal Reserve System along with the president of the New York Federal Reserve Bank and four other Federal Reserve Bank presidents on a rotating basis.

Explanation:

The Federal Reserve System ( popularly referred to as the 'Fed') was created by the Federal Reserve Act, passed by the U.S Congress on the 23rd of December, 1913. The Fed began operations in 1914 and just like all central banks, the Federal Reserve is a United States government agency.

Generally, it comprises of twelve (12) Federal Reserve Bank regionally across the United States of America.

Like all central banks, the Federal Reserve is a government agency that is saddled with the following responsibilities;

I. The Fed controls the issuance of currency in United States of America: it promotes public goals such as economic growth, low inflation, and the smooth operation of financial markets.

II. It provides banking services to all the commercial banks in the country because the Federal Reserve is the "lender of last resort."

III. It regulates banking activities in the United States of America: it has the power to supervise and regulate banks.

The Federal Open Market Committee (FOMC) is comprised of the seven (7) members of the Board of Governors of the Federal Reserve System along with the president of the New York Federal Reserve Bank and four other Federal Reserve Bank presidents on a one-year term rotating basis. The FOMC are typically responsible for making monetary policy and the determination of the direction of the monetary policy in the United States of America.

Answer:

It is the 529 plan to save money for college.

Explanation:

This activity plays a crucial role in accurately invoicing customers and ensuring that the company is reimbursed for the expenses incurred. It helps maintain the financial health of the organization by appropriately capturing and recovering costs in a timely manner.

The calculation of expenses incurred that can be invoiced in each period. This activity is performed by the Customer Invoice Processor. The purpose of this activity is to determine the expenses that have been incurred by the company and can be billed to the customers.

The Customer Invoice Processor is responsible for calculating the expenses based on the company's records and relevant financial information. This may involve reviewing expense reports, vendor invoices, and other financial documents to determine the accurate amount of expenses incurred during a specific period.

Once the expenses have been calculated, the Customer Invoice Processor includes them in the customer invoices. This ensures that the customers are billed for the expenses they are responsible for, and it helps the company recover the costs associated with providing the goods or services.

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Answer: Fun Fact: Clay is an important part of soil because it contains nutrients that are essential to plant growth

Explanation:

Answer:

nobody cuz they suc

Explanation:

Answer:

THE LAKERS BEAT TRUMP BECAUSE TRUMP IS A LOSER

Explanation:

A supply chain refers to the network of businesses and processes involved in the creation and delivery of a product, from raw materials to the final product in the hands of the consumer. This is an example of a supply chain in the American clothing industry.

In this case, the supply chain consists of the manufacturer, wholesaler, transportation company, and retailer, all working together to produce and distribute clothing items.
1. Manufacturer: The American clothing company produces the clothes using raw materials, such as fabric, buttons, and zippers. They transform these raw materials into finished garments, which are then packaged and prepared for shipment to wholesalers.
2. Wholesaler: Wholesalers purchase large quantities of clothing items from the manufacturer at a discounted rate. Their role is to store, organize, and distribute the clothes to various retail outlets. Wholesalers act as intermediaries between the manufacturer and the retailer, ensuring that the products are available for purchase by the end consumer.
3. Transportation Company: These companies specialize in moving goods from one location to another. In this supply chain, the transportation company is responsible for delivering the clothing items from the wholesaler to the retail outlets. They ensure that the products reach their destination safely and efficiently, often utilizing various modes of transportation, such as trucks, trains, or planes.
4. Retailer: The retail outlets receive the clothing items from the wholesaler, typically through a transportation company. Retailers then stock their shelves with the clothing products, displaying and marketing them to attract customers. Consumers purchase the clothes from these retail outlets, completing the supply chain process.
The collaboration of these different entities within the supply chain helps to create a seamless flow of goods from the manufacturer to the consumer.

This process is essential for the efficient functioning of the American clothing industry, ensuring that customers can access a variety of high-quality products at retail locations.

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The completion of a foreclosure sale would terminate "statutory redemption rights", hence option A is correct. This means that once the foreclosure sale is completed, the borrower no longer has the right to redeem the property by paying off the outstanding debt. However, it does not terminate B: all rights of redemption by the borrower, C: Equitable redemption rights, or D: All liability of the borrower to the lender.

A foreclosure sale is a legal process by which a lender obtains possession and sells the mortgaged property in order to recover the loan balance. Default occurs when the buyer, usually the borrower, fails to pay the monthly instalments.

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Perception means how a person is thinking, learning refers to acquiring new knowledge and attitudes means feeling towers the product or service. Consumer decision-making is significantly influenced by perception, learning, and attitudes.

Perception, learning, and attitudes are all important factors that affect consumer decision making. Perception influences how a consumer interprets and evaluates stimuli in the marketplace. Learning affects how a consumer learns from past experiences and develops buying habits. Attitudes influence a consumer's predisposition towards a product or service. Marketers can influence these processes by designing their campaigns to appeal to the target audience's senses, past experiences, and biases.

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Answer:

In finance, a portfolio is a collection of investments aka stocks and bonds!

Answer:

A. Doing a cost-benefit analysis.

Explanation:

i took the test

A grade 12 school leaver will require communication, time management and problem solving skills to adapt to the world of work.

Life skills are skills required by individuals are necessary for living and cooperation with others

Some of the life skills include:

A grade 12 school leaver will require communication, time management and problem solving skills to adapt to the world of work.

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I chose my fav photoshoot from boom era

The complete Statement "Sofiya attends a helpful sales training session, and she starts to use the skills she learned right away when she makes sales calls. However, this doesn't result in any more sales, so the organization doesn't make any additional money as a result of this training. In this case, the training demonstrated good results on the learning criterion and poor results on the behavioral criterion." Option C

This is further explained below.

Generally, In the process of evaluating conduct, certain factors or aspects are taken into consideration known as behavior criteria.

The evaluator is the one who determines how much, how often, or to what standard a certain behavior criterion is shown by a particular person.

The learning experience is considered to be valid when its linked goals are in any of the following three domains: cognitive, emotional, or psychomotor.

In order for the learning experience to be valid, it must be holistic and incorporate all three areas.

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CQ

Sofiya attends a helpful sales training session, and she starts to use the skills she learned right away when she makes sales calls. However, this doesn't result in any more sales, so the organization doesn't make any additional money as a result of this training. In this case, the training demonstrated good results on the _____ criterion and poor results on the _____ criterion.

a.

reaction; learning

b.

behavioral; results

c.

learning; behavioral

d.

reaction; results

Mortgage bankers are crucial players in the real estate financing industry. They specialize in originating loans, which means that they facilitate the process of obtaining financing for the purchase of real estate properties.

Mortgage bankers typically generate revenue by charging service fees to investors who purchase their loans, as well as origination fees to loan applicants.

However, contrary to option D, mortgage bankers do not use just their own funds from deposit assets to originate loans.

Instead, they often work with a network of lenders and investors to obtain the necessary funds for their clients. In addition to originating loans, mortgage bankers are also responsible for servicing the loans they sell to investors.

This includes collecting payments from borrowers, managing escrow accounts, and ensuring compliance with all applicable regulations.

Overall, mortgage bankers are a vital component of the real estate financing industry and play a crucial role in facilitating home ownership for millions of people.

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It should be noted that my state’s on-time payment record is high compare to the national rate.

A credit score serves as a numerical expression based on a level analysis of a person's credit files.

This is a term that to represent the creditworthiness of an individual after his account has been checked.

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Answer:

Six simple steps for better decision-making skills

Answer:

yes

Explanation: