Describe the steps to be taken to correct an error.

Q: determine the initial recognition, initial measurement, and subsequent measurement ofbonds;

A: The face value of a bond is the fixed maturity value and the coupon is the fixed periodic amount…

Q: What is the Tolerable Error Rate?

A:

Q: Define Errors.

A: Accounting error means occurrence of mistakes which are committed while recording the transactions…

Q: Difference Between Traceability and Controllability?

A: Following is the answer to the given question

Q: Describe the shortcomings of the direct write-off method.

A: Direct write-off method: This method does not make allowance or estimation for uncollectible…

Q: Assess the purpose of identifying failure modes with relevant examples in the process of Failure…

A: Failure mode effect and criticality analysis performed as :- The basic assumption when performing…

Q: Which of the following is NOT a test for identifying application errors? a. reconciling the source…

A: Application errors are those errors which occur when an application fails to work according to the…

Q: The correct amount of the check

A: The amount by which the check is required to be corrected = Amount entered in the Cash Disbursement…

Q: Give one example of an error that a check digit control detects.

A:

Q: Which answer below is the result of this error?

A: In the given case, the journal entry is recorded incorrectly. Due to which the service revenue will…

Q: What is the difference between adjusting entries and correcting entries? Which method is better and…

A: Difference between adjusting entries and correcting entries:Usually, adjusting entries are needed at…

Q: What are the steps in computing the cost of a prediction error when using the EOQ decision model?

A: Economic Order Quantity (EOQ): Economic order quantity is the quantity of order that is purchased…

Q: Explain errors of principle and give two examples with measures to rectifythem.

A: An error of principle is an accounting mistake in which an entry is recorded in the incorrect…

Q: Determine if the mistake is counterbalancing or noncounterbalancing. Give a specific example for…

A: The mistake is counterbalancing or noncounterbalancing will be explained:

Q: For each of the following independent scenarios, indicate the effect of the error (if any) on:

A: Step 1 Journal is the part of book keeping.

Q: Explain the technique known as destructive update.

A: Accounting Information System:   It is a structural framework used by business to collect, store,…

Q: Describe Detection Risk.

A: Risk: It is the uncertainty about the future events of the company. The adverse chances of choosing…

Q: How are errors corrected if they're not properly accounted for?

A: The errors can happen as all the things are human oriented. The error can happen as the process of…

Q: What are the classes of transcription errors?

A: Definition: Internal control: Internal control is a process which ensures continuous reliability of…

Q: Describe the accounting for correction of errors.

A: The accounting for correction of errors will be explained:

Q: In correction of combined errors, you need to be careful with counterbalancing and non-…

A: Counter Balancing Errors If the effect of an error in one account is cancelled by the effect of one…

Q: Discuss the correction of errors in more detail.

A: Errors in Accounting: Error is a mistake committed in book keeping.

Q: Distinguish between counterbalancing and noncounterbalancing errors. Give an example of each.

A: Difference:Counterbalancing errors are the type of errors that cancels out or equalize other error…

Q: What is the difference between a normal procedure and an extended procedure?

A:

Q: Calculate the missing values +

A: Net income is the income which has been earned by the company during the year when all the expenses…

Q: Define and describe auditsampling for exception rates

A: Audit sampling: Audit sampling can be defined as the selection of items from a population to be used…

Q: Differentiate between fundamental and technical anomalies.

A: Market anomalies are exceptions to the hypothesis theory of market efficiency.

Q: Disruptions to operations are a common side effect of implementing an ERP. Explain the primary…

A: ERP: Enterprise resource planning is management software that helps in integrating all the…

Q: the quality of information that makes it complete, neutral, and free from error relavance O…

A: Financial statement means the statement including income statement , balance sheet , cash flow…

Q: Most systems do not consist of subsystems. true O Error

A: A system comprises of two or more components which are related to each other  in order to reach…

Q: Distinguish between counterbalancing and non-counterbalancing errors. Give an example of each.

A: Distinguish between counterbalancing and non-counterbalancing errors. Give an example of each.…

Q: Which is an error of omission

A: Accounting error is error in entering, computing, and analysis of data. This includes the recording…

Q: Name the error which was made under the following circumstances:

A: The error of omission is a type of error that takes the account of results caused due inactions or…

Q: Risk of material misstatements increases if

A: Please see the next step for the solution

Q: The correction of errors is the situation that creates prior period adjustments. Explain what are…

A: Prior period adjustments:   The corrections or adjustments that are made to the current year…

Q: Explain the errors in trial balance.

A: Trial balance:   A trial balance is the summary of all the ledger accounts. The trial balance is…

Q: Counter balancing error is sometimes referred to as: which of the following? a Compensating errors…

A: Rectification entry means where some error has been done in past and we need to rectify that errors.…

Q: The correct answer is: quality control

A: Auditing is a procedure of reviewing financial statements. The process of auditing is carried by an…

Q: Define risk of material misstatement.

A: Material misstatement represents the statement presented in the financial statement which is…

Q: Describe the problems that might come from using an incorrect bill of material in MRP.

A: About Bill of Material Once of the most significant master data elements of any manufacturing ERP…