The voided record is then automatically purged from the Receiving Report file and the system assigns the next RR Number in sequence to the revised receiving report. Once the goods are shipped, the clerk adds a record of the shipment to the Shipping Log file.
The current date is then placed in the Due Date field of the Sales Invoice file. For customers with insufficient available credit, the clerk submits the order to the credit manager for approval. It assigns a Remittance Number as the primary key and adds this number to a field in the related Sales Invoice record.
Billing At the end of the day the system automatically searches the Sales Invoice and Shipping Log files for items shipped and prepares a hard copy customer invoice, which is mailed to the customer the following morning.
The system assigns a unique key RR Num to each record. Warehouse Each morning Walker reviews an automatically generated inventory status report from his office terminal.
He determines the items that need replenishing and selects suppliers from the Vendor file. Mary then manually adds the customer number, amount, and payment date to the Cash Receipts record. She then adds a record to the Voucher Payable file.
Finally, Sybil files the vendors invoice in her office filing cabinet. The system automatically creates a Cash Receipts record. She files the remittance advice in her office. As a result, sequence gaps exist in the receiving report file indicating the missing records.
Warehouse Based on input from the sales invoice, the warehouse terminal automatically prints a stock release document, which the warehouse staff uses for picking the goods.
The due date is selected to take advantage of purchase discounts. Sales Department Customer orders are received by mail or fax in the sales department. The products are then sent to the warehouse where they are secured.
Bradmark is a publicly owned company, whose board of directors has retained your firm to conduct the annual audit. One of the sales staff accesses the customer record and reviews the available credit before creating a Sales Invoice record.
The clerk adds a record to the Receiving Report file from the terminal in the receiving area. The system Bradmark expenditure cycle a unique key Voucher Number to each record. The clerk manually enters the purchase order number, product number squantity received, vendor ID number, and the date of receipt.
Bradmark has developed a competitive edge by offering a wide variety of quality products at competitive prices. Walker has reviewed the receipts he manually adds the system-assigned RR Number to the corresponding Purchase Order record to indicate that the product has been received.
At the end of the day she prepares a deposit slip and sends the checks to the bank. For approved sales, a record is added to the Sales Invoice file.
She records this transaction by entering the Invoice Number taken from the remittance advice into the system.Bradmark Comprehensive CaseChapter 10 €“ Expenditure Cycle 1) From the case description and the associated flowcharts, assess Bradmark's internal controls over its expenditure cycle procedures.
From the case description and the flowcharts, Bradmark could still improve its internal control on the expenditure cycle procedures. Bradmark Wholesale General Supply. An ACL™ Case Study. Bradmark is a wholesale general supply company that ships to business customers throughout Northeast Pennsylvania, New York state, and Southern Connecticut.
Bradmark Comprehensive Case Chapter 10 – Expenditure Cycle 1) From the case description and the associated flowcharts, assess Bradmark’s internal controls over its expenditure cycle procedures.
From the case description and the flowcharts, Bradmark could still improve its internal control on the expenditure cycle procedures%(8). Scribd es red social de lectura y publicación más importante del mundo.
EXPENDITURE CYCLE. Purchasing & Cash Disbursements. Recurring set of business activities and related data processing operations associated with the purchase of and payment for goods and services.
Bradmark Comprehensive Case Chapter 10 – Expenditure Cycle 1) From the case description and the associated flowcharts, assess Bradmark’s internal controls over its expenditure cycle procedures. From the case description and the flowcharts, Bradmark could still improve its internal control on the expenditure cycle procedures.5/5(1).Download