Julia's Cookies has identified the following B2B credit customer control activity risk: "Sales made to unreliable customers may result in unacceptable credit risks and excessive bad debts." Choose from the list of control activities below one of the appropriate control activities for this risk statement. A) Clear communication notifying customers all agreements must be in writing to be legally binding B) Review credit limits periodically and adjust them if required. C) Use standardized, authorized sales contracts that are legally enforceable. D) Employee training covering appropriate and inappropriate wording when speaking with customers

Recommend one (1) internal control that would provide protectionagainst the following threats:a) Making a credit sale to a customer who is already four monthsbehind in making payments on his account.b) Authorising a credit memo for a sales return when the goods werenever actually returned.

Select the most appropriate RISK addressed by the following control performed in the acquisitions and payments cycle:  An employee independent of the banking functions and the creditors’ department performs a monthly bank reconciliation of the cash book to the bank statement.a.Incorrect payment made to creditorb.Unauthorised paymentsc.Payment amount recorded inaccuratelyd.Payment made to fictitious creditors

Column A1.Regulates the collection, dissemination and use of consumer credit information.:Regulates the collection, dissemination and use of consumer credit information.2.A law that sets requirements for billing disputes.:A law that sets requirements for billing disputes.3.Must show how long it will take to pay your balance off if you make only the minimum payment.:Must show how long it will take to pay your balance off if you make only the minimum payment.4.Protects consumers from abusive threats, obscenities, and false and misleading statements to intimidate the consumer into paying are not allowed.:Protects consumers from abusive threats, obscenities, and false and misleading statements to intimidate the consumer into paying are not allowed.5.Cannot be discriminated against based on gender, race, color, age, marital status, religion, and national origin.:Cannot be discriminated against based on gender, race, color, age, marital status, religion, and national origin.Column Ba.Fair Credit Reporting Actb.Fair Debt Collection Practices Actc.Fair Credit Billing Actd.Credit Card Accountability Responsibility and Disclosure Acte.Equal Credit Opportunity Act

Process/ Activity Threat Applicable Controls Sales order entry Incomplete or inaccurate customer order Various data entry edit controls Sales order entry Credit sales to customers with poor credit Proper credit approval, prior to delivery of goods or services Sales order entry Legitimacy of order Authorized customer purchase order Sales order entry  Lost sales due to stockouts, excessive carrying costs, and lost revenue due to markdowns Inventory control systems Sales order entry  Lost sales due to stockouts, excessive carrying costs, and lost revenue due to markdowns Periodic physical inventory counts Shipping Shipping errors: Wrong merchandise Wrong quantities Wrong address Compare sales order with packing list and shipping documents Shipping Shipping errors: Wrong merchandise Wrong quantities Wrong address Bar coding Shipping Theft of inventory Physical access controls Shipping Theft of inventory Documentation of all inventory movements Shipping Theft of inventory Periodic physical inventory counts  Referring from the table above, the applicable controls of (4) is aSelect one:a.detective controlb.preventive controlc.corrective controld.mitigating control

Process/ Activity Threat Applicable Controls Sales order entry Incomplete or inaccurate customer order Various data entry edit controls Sales order entry Credit sales to customers with poor credit Proper credit approval, prior to delivery of goods or services Sales order entry Legitimacy of order Authorized customer purchase order Sales order entry  Lost sales due to stockouts, excessive carrying costs, and lost revenue due to markdowns Inventory control systems Sales order entry  Lost sales due to stockouts, excessive carrying costs, and lost revenue due to markdowns Periodic physical inventory counts Shipping Shipping errors: Wrong merchandise Wrong quantities Wrong address Compare sales order with packing list and shipping documents Shipping Shipping errors: Wrong merchandise Wrong quantities Wrong address Bar coding Shipping Theft of inventory Physical access controls Shipping Theft of inventory Documentation of all inventory movements Shipping Theft of inventory Periodic physical inventory counts  Referring from the table above, the applicable controls of (1) is aSelect one:a.mitigating controlb.detective controlc.corrective controld.preventive control