2 All companies have accounting systems to ensure all valid transactions are properly recorded within a timely period. In order to accomplish company's objectives, describe the common control activities that the company may implement in their accounting systems.
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A:
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A: A transaction file is the file which contains the list of transactions. It is used to update the…
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A: “Since you have posted multiple questions, we will solve the first question for you. To get the…
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A: Financial statement disclosures refer to the footnotes accompanying the financial statement. These…
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A: There are different processes of recording business transactions. One of them is an accounting…
Q: 1. In no more than five (5) sentences, describe the purpose of each control. • Authorization of…
A: Since you have asked multiple questions, we will solve the first question for you. If you want any…
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A: Accounting is the procedure for recording, classifying, summarizing and interpreting the financial…
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A: The answer is option (a.) [ Accounting ] Accounting is comprehensive system for collecting,…
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A: Account: It can be defined as a record that is maintained in the accounting system to track the…
Q: What is a primary control for determining the accuracy of a business’s record keeping?
A: In the era of computers, it is not that hard to determine the accuracy of record keeping, various…
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A: External users of accounting information are those persons which are external to the organisation…
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A: Solution- The IT Software helps to record even the complex transactions with accurate calculations…
Q: accounting records used in transaction processing systems?
A: Note: Since you have asked multiple questions, we will solve the first question for you. If you want…
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A: Statement 1: The control is the activity that operates the policies in order to maximize profit from…
Q: companies have accounting system to ensure all valid transactions are properly recorded within a…
A: All company need to have proper accounting system as these accounting system ensure the operating…
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A: Option B is correct.
Q: How do an organization's business activities and lines of business impact the design of an…
A: Accounting Information System(AIS) collects, records, stores, and processes accounting and other…
Q: DESCRIBE WITH EXAMPLES 6 CONTROLS THAT AN ORGANIZATIONS CAN UTILIZE TO FORTIFY THEIR ACCOUNTING…
A: Accounting internal controls ensure the reliability of the financial statement, and preparation of…
Q: An organization needs to keep flow of information with various internal and external parties.…
A: Accounting is defined as the procedure for recording, interpreting as well as summarizing the…
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- oman oil company omantel company Apple comany McDonald's You have these companies through which answer the following. 1. Write a summary of the most important ethical problems in auditing, finance, or accounting that each company has faced.(This is about Accounting Information System.) 1. Distinguish between ethical issues and legal issues. 2. When a company has a strong internal control structure, stockholders can expect the elimination of fraud. Comment on the soundness of this statement. 3. Distinguish between employee fraud and management fraud. 4. Discuss the Sarbanes-Oxley Act. Please provide me a correct answer and PLEASE ANSWER ALL THE QUESTIONS NOT JUST ONE QUESTION. Thank you!What is the relationship between Accounting and an Accountinginformation system? ) • What has happened to the relationship over the years? • What is accounting information? • Name 4 uses of Accounting Information? • Use an example to illustrate the difference between data,information, and intelligence? • Discuss security concerns related to shadow data and businessintelligence technologies. • Discuss the role of accounting professionals in thedevelopment of shadow data. • What is system documentation? • Why is it important to know system documentation? • Explain the 4 elements that makes up the Data Flow Diagrams? • Give an example of who or when one of these documents may berequired • What are Flowcharts? • List an example of an Input/output, processing and storage Symbols • Differentiate between different types of Flowchart? • If you were a new factory employee on your first day at a vastfactory, indicate which level Flowcharts would be required and • If you were a new…
- 2. How might management and internal auditors assess each one of the following? I. The independence and competence of the board of directors II.The competence of accounting personnel III.Whether company employees are adhering to the company’s code of conduct please no plagiarism. 3-5 sentences is enough. ThanksAnswer True or False1. A strategic audit is done to evaluate the functional unit of the business and grades itaccording to its business alignment goals.2. Strategic Audit evaluates your current strategy by performing a Financial analysis testwhich reassesses the business strength and weakness and threats.3. A strategic audit helps assess the resources of a company whereby if your goals do notmatch with your current resources, one has to change either the business goals or eitherstretch out on the supplies available4. It is not important to perform regular strategic audits and measure implementation inorder to keep on top of shifts in the environment and ensure you are always on the rightpath.5. The most important requirement for the data used in the strategic review process is thatthey be objective. In addition, the criteria should be familiar, well-understood, andaccepted measures of financial performance6. Political variables have a significant effect on Strategy formulation and…Please solve all questions. Accouting Information system. Besi Buruk is a leading manufacturer of steel furniture. While the company has manufacturing plants and distribution facilities throughout the Malaysia, the purchasing, accounting, and treasury functions are centralized at corporate headquarters. While discussing the management letter with the external auditors, Belimbing Besi, controller of Besi Buruk, became aware of potential problems with the accounts payable system. The auditors had to perform additional audit procedures to attest to the validity of accounts payable and cutoff procedures. The auditors have recommended that a detailed systems study be made of the current procedures. Such a study would not only assess the exposure of the company to potential embezzlement and fraud, but would also identify ways to improve management controls. Belimbing Besi has assigned the study task to Jambu Batu, a relatively new accountant in the department. Because Jambu Batu could not…
- (This is about Accounting Information System.) 1. Distinguish between ethical issues and legal issues. 2. When a company has a strong internal control structure, stockholders can expect the elimination of fraud. Comment on the soundness of this statement. 3. Distinguish between employee fraud and management fraud. 4. Discuss the Sarbanes-Oxley Act. Please provide me a correct answer. Thank you!$1: In addition to controls being specific, they may be broad, such as policies regarding code of ethics.$2: The auditor is concerned only with those policies and procedures that affect the assertions embodied within the entity's financial statements hence, management's view of internal control is broader.$3: In every financial statement audit, an auditor should obtain an understanding of internal control, even for audits of small owner-managed businesses that employ only one or few accounting personnel. A: Ifall statements are correct.B-If only one statement is correct.C- If only two statements are correct.D- If all statements are incorrect.Madison Thorne works in a public accounting firm and hopes to eventually be a partner. The management of Allnet Company invites Thorne to pepare a bid to audit Allnet's financial statements. In discussing the audit fee, allnet's management suggestsua fee range in which the amount depends on the reported profit of Allnet. The higher its profit, the higher will be the audit fee paid to Thorne's firm. 1. Identify the parties potentially affected by this audit and the fee plan proposed. 2. What are the ethical factors in this situation? Explain. 3. Would you recommend that thorne accept this audit fee arrangement? Why or why not? 4. Describe some ethical considerations guiding your recommendation.
- 1) Why is Responsibility Accounting necessary and how is it implemented? 2) Determination of control risk in the HR cycle (personnel) include an example of the explanation you gave? 3) To design an audit program for testing controls, what stages must the auditor go through when auditing a banking service company?What is the relationship between Accounting and an Accountinginformation system? • What has happened to the relationship over the years? • What is accounting information? • Name 4 uses of Accounting Information? • Use an example to illustrate the difference between data,information, and intelligence? • Discuss security concerns related to shadow data and businessintelligence technologies. • Discuss the role of accounting professionals in thedevelopment of shadow data. System Documentation • What is system documentation? • Why is it important to know system documentation? • Explain the 4 elements that makes up the Data Flow Diagrams? • Give an example of who or when one of these documents may berequired • What are Flowcharts? • List an example of an Input/output, processing and storage Symbols • Differentiate between different types of Flowchart? • If you were a new factory employee on your first day at a vastfactory, indicate which level Flowcharts would be required and •…The purpose of the Sarbanes-Oxley Act was to Question 7 options: require firms to be more rigorous in their accounting and reporting practices. eliminate accounting firms from having to hire accountants that are certified. define generally accepted accounting principles. force accounting firms to combine their consulting and auditing businesses. establish standards and testing procedures for becoming a CPA.