Describe a control procedure that would have prevented or detected the fraud.

Posted: July 14th, 2022

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A. Assume that Leslie Hunter, accounts payable clerk for Campland Inc., stole $185,000 by paying fictitious invoices for goods that were never received. The clerk set up accounts in the names of fictitious companies and cashed the checks at a local bank. Describe a control procedure that would have prevented or detected the fraud. B. The following data (in millions) were adapted from recent financial statements of Apple Inc (AAPL). Provides Business Data Compute the accounts receivable turnover for Years 1 and 2. Round to one decimal place. Compute days’ sales in receivables for Years 1 and 2. Round to the nearest day. Compute the inventory turnover for Years 1 and 2. Round to one decimal place. Compute days’ sales in inventory for Years 1 and 2. Round to nearest day. Compute the return on sales for Years 1 and 2. Round to one decimal place. Comment on Apple’s operations based upon the results in parts (1), (2), (3), (4), and (5)

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