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by | Jul 10, 2020 | QUESTIONS & ANSWERS

To prevent fraudulent shipments of merchandise, organizations should:
Match every receiving slip to an approved purchase order.
Match every outgoing shipment to a sales order.
Make sure that all increases to perpetual inventory records are supported by proper source documents.
All of the above

Of the following, which is the best method for detecting the theft of inventory?
Have the warehouse manager personally oversee bi-monthly inventory counts.
Have someone from purchasing conduct inventory counts every quarter.

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To prevent fraudulent shipments of merchandise, organizations should:
Match every receiving slip to an approved purchase order.
Match every outgoing shipment to a sales order.
Make sure that all increases to perpetual inventory records are supported by proper source documents.
All of the above

Of the following, which is the best method for detecting the theft of inventory?
Have the warehouse manager personally oversee bi-monthly inventory counts.
Have someone from purchasing conduct inventory counts every quarter.
Have a designated person in customer service follow-up with customers who have complained about short shipments.
Match vendor addresses against employee addresses.

Which of the following procedures would be least helpful in preventing larceny of non-cash assets?
Segregating the duties of sales and accounts payable
Installing surveillance cameras in the warehouse and on sales floors
Creating access logs to track employees that enter restricted areas
Employing security guards at the entrance of the warehouse

Unexplained increases in inventory shrinkage can be a red flag that signals which type of fraud scheme?
Fictitious refunds
Inventory larceny
Sales skimming
All of the above

Which of the following computer audit tests can be used to detect purchasing and receiving schemes?
Identifying dormant customer accounts for the past six months that show a sale in the last two months of the year
Calculating the ratio of the largest sale to the next largest sale by customer
Extracting all inventory coded as obsolete and possessing reorder points within the inventory system
All of the above

Andy Kaplan is a foreman for JCP Enterprises, a regional construction company. He recently ordered some plumbing supplies from the company warehouse for an office building project he is overseeing. When the supplies arrived at the job site, however, he loaded them in his truck and took them home to use in remodeling his master bathroom. What…

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