University : Holmes institute Melbourne UniLearnO is not sponsored or endorsed by this college or university.
Subject Code : HI5019
Country : Australia
Assignment Task:

Task:

Unit Learning Outcomes Assessed :


1. Critically evaluate the purpose and role of accounting information systems in today’s business environment.
2. Articulate the various transaction cycles, financial reporting, management reporting systems and e-commerce systems to technical and non-technical stakeholders.
3. Evaluate systems development methodologies and the role of accountants in system development projects.
4. Appraise the risks inherent in computer-based systems/ERP, including the role of ethics and the various internal control processes that need to be in place.
5. Critically evaluate the range of cultural, security, privacy and ethical issues facing individuals and organisations as a result of information systems.

 

Description: Each week students were provided with three tutorial questions of varying degrees of  difficulty. The tutorial questions are available in the Tutorial Folder, for each week, on Blackboard. The  Interactive Tutorials are designed to assist students with the process, skills, and knowledge to answer the  provided tutorial questions. Your task is to answer a selection of tutorial question for weeks 1 to 11 inclusive and submit these answers in a single document.

 

Case 1

XYZ Limited is a clothing wholesaler that sells the name-brand clothing to department stores and boutique  dress shops. Figure on Page No 4 describes the credit sales procedures of XYZ Limited. In particular, the  Figure describes different business activities of four departments, including (1) Sales Department, (2)  Accounting Department, (3) Warehouse/Shipping, and (4) Mailroom. Further, these activities are  elaborated below. 

The sales department received the customer orders by fax and email. You should be aware that these  sales orders are usually unstandardized sales order (recall our discussion on the revenue cycle during the  interactive tutorial for week 4). The sales clerk, who works on commission, performs the following tasks: • approves the credit sales, 

• calculates commission and discounts, and 

• records the sales in the sales journal from the PC in the sales department.

 

After entering these records, the sales clerk then prepares three documents, including (1) a sales order,  (2) a customer invoice, and (3) a packing slip. These documents are forwarded to the department of  accounting for further processing. 

The accounting clerks received these documents and updates the account receivable subsidiary ledger.  After updating this subsidiary ledger, the accounting clerk forwards the invoice to the customer. According  to the prevailing standards, the accounting clerk forwards the sales order and packing slip to the  warehouse/shipping department. Based on this given information, the warehouse/shipping clerk arranges  the inventory and sends the inventory along with the packing slip to the carrier for shipment to the  customer. Finally, the clerk updates the inventory subsidiary ledger and files the sales order in the  department. 

 

Cash receipts from customers go to the mailroom, which has one supervisor overseeing 32 employees  performing similar tasks: 

• a clerk opens the envelope containing the customer check and remittance advice, • inspects the check for completeness, 

• reconciles it with the remittance advice, and 

• sends the remittance advice and check to the accounting department. 

The accounting department clerk reviews the remittance advice and the checks, updates the AR subsidiary  ledger, and records the cash receipt in the cash receipts journal. At the end of the day, the clerk updates  the AR control, cash, and sales accounts in the general ledger to reflect the day’s sales and cash receipts.

 

Required:

a) Describe the uncontrolled risk associated with this system as it is currently designed. 

b) For each risk, describe the specific internal control weakness (s) in the system that causes or  contributes to the risk.

 

 

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  • Posted on : April 21st, 2019
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