The first list below contains 10 control plans discussed in Chapter 8.The second list describes 10 system failures that have control implications.Required:
On the answer line to the left of each system failure, insert the capital letter from the first list of the best control plan to prevent the system failure from occurring.If you can't find a control that will prevent the failure, then choose a detective or a corrective plan.A letter should be used only once.Control Plans
Definitions:
Check Clearing
The process through which banks settle transactions made by checks, transferring funds from the issuer's account to the recipient's account.
Receivables Level
The total amount of outstanding invoices a company has at any given time, indicating funds owed by customers.
Financial Managers
Professionals responsible for overseeing and managing a company's financial health, including planning, organizing, directing, and controlling financial activities.
Optimum Credit Policy
A business strategy that seeks to balance the benefits of extending credit to customers with the costs, aiming to maximize profitability.
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