Extra

Question 1

Double entry bookkeeping

Answer 1

connect every sales transaction to either cash or accounts receivables account

Question 2

Order-to-cash process

Answer 2

customer makes sales request –> sales order –> warehouse picking ticket –> shipping note –> customer gets goods + sales invoice –> cash receipt –> customer pays

Question 3

na.rm = T (function)

Answer 3

ensures that any missing values (NAs) are ignored during the sum

Question 4

Production process

Answer 4

product is designed + planning is made –> product specifications + production schedule –> Product order –> overhead sheet + time sheet + material requisition –> production report –> product cost sheet

Question 5

is material requisition in line with bill of materials?

Answer 5

between product specifications and product order and between product order and material requisition

Question 6

does budgeting take into account cycling fluctuations in demand and customer input?

Answer 6

product order

Question 7

does the labor used match the payroll

Answer 7

time sheet

Question 7

how is overhead applied

Answer 7

overhead sheet

Question 8

does the information in the production report deviate from the budget

Answer 8

product cost sheet

Question 9

check whether production process

Answer 9

1. control of seggregation of duties between design function and production function
2. they do not product too much
3. sufficient materials, labour and machinery capacity to fulfil production orders
4. actual use of machinery, utilities, time and materials (for cost per product)
5. values form budget against actual numbers from production report which shows the what-if situation

Question 10

purchase-to-pay process

Answer 10

purchase request is made + goods arrive + purchase invoice arrives –> purchase order + goods receipt –> purchase invoice + inventory file –> payment document

Question 11

is the inventory recorded in the correct time period?

Answer 11

between goods arrive and goods receipt

Question 12

are payments done for correct invoices?

Answer 12

between purchase invoice and payment document

Question 13

what are high-value items?

Answer 13

between purchase request is made and purchase order

Question 14

is the inventory cost higher than the market value?

Answer 14

payment document

Question 15

is the three way match performed?

Answer 15

purchase order, goods receipt and purchase invoice

Question 16

are there omissions or duplicates in the documents?

Answer 16

between goods arrive and goods receipt and between purchase invoice arrives and purchase invoice

Question 17

does the physical inventory count reconcile with the general ledger?

Answer 17

between goods receipt and inventory file

Question 18

check wheter purchase-to-pay

Answer 18

1. control of segregation of duties is used
2. received goods are the ordered goods at agreed prices
3. 3-way match