ACCT 431 The way purchase orders and invoices are handled

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ACCT 431 The way purchase orders and invoices are handled

 

Please help me with this three question from ACCT 4310

1. Note that all the questions are based on 24-Seven’s contemplated system.

The way purchase orders and invoices are handled:

Question options:

Ensures that inventory items paid for were received
Ensures that financial statements include all payables
Allows payment for inventory items not received
Allows payment for invoices that are suspended
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Although 24-Seven creates receiving reports for deliveries from vendors (except those from route drivers, who write their own delivery tickets), they are not matched with purchase orders and invoices, which means that invoices for incomplete orders would be paid for as if the orders were complete, which means that payment would be allowed for inventory items not received.

2. 24-Seven’s approach to minimizing the likelihood of stockouts in stores is:

Question options:

Corporate enhancement of store orders for each day’s delivery
Corporate polling of stores for sales, inventory, and orders
Store managers ordering for their stores for next day demand
Store managers updating store sales with handheld computers
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24-Seven’s approach to minimizing the likelihood of stockouts in stores is store managers ordering for their stores for next day demand.

3.

The most likely way for store managers and souvenir vendors to collude for personal gain would be through:

Question options:

Removal of souvenirs from shelves after they have been stocked
Failure to record receipt of souvenirs when they are delivered to the store
Manipulation of inventory quantities in Corporate accounting system records
Overstatement of invoice quantities and sale of over counted items elsewhere
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The most likely way for store managers and souvenir vendors to collude for personal gain would be through overstatement of invoice quantities and sale of over counted items elsewhere.

Thanks!