Do you need to eliminate inter-company transactions when it comes to JV? explain briefly.

Q: What is the difference between a Manual and a Computerized accounting system?  What is e-commerce…

A: Manual accounting systems involves performance of accounting functions by accountants who perform…

Q: ‘‘In an EDI system, only the customer needs to verify that the order being placed is from a valid…

A: Electronic Data Interchange: Electronic data interchange (EDI) is the channel between the computer…

Q: what is Segregation of Duties in accounting and how it can prevent fraud?

A: Segregation of duties: In a firm, segregation of duties (SOD) is a fundamental building element of…

Q: What are agency problems?

A: Owners of the company are shareholders. The number of the shareholders for a corporation will be…

Q: Discuss how EDI creates an environment in which sensitive information, such as inventory amounts and…

A: Electronic Data Interchange: Electronic data interchange (EDI) is the channel between the computer…

Q: Authorization of transactions is a key control in most organizations.Authorizations should not be…

A: Disclaimer: “Since you have posted a question with multiple sub-parts, we will solve the first three…

Q: What is identity theft, and what responsibilities do businesses have to prevent it?

A: The question is based on the concept of identity theft , which is one of the leading problem in…

Q: Why should businesses shift to an electronic accounting system? How can controls deter fraudulent…

A: Electronic accounting system entails use of computer based or internet based accounting tools. In an…

Q: type of impropriety that is hard to find is cheating that comes from: a. More transaction…

A: A transaction is an agreement between purchasers and sellers to exchange goods and services for…

Q: Customer sales should only be recorded usin

A: Customer sales should only be recorded using Sales Receipts or Invoices .

Q: What do we call it when one party has more information than the other party does in a transaction? O…

A: Option B is correct Asymmetric information, it is referred that when one party has more information…

Q: What are some methods firms can use to accelerate receipts?

A: Need for Receipt: Cash or receipt is one of the important factors in the business. when it's blocked…

Q: • Why would a company maintain separate accounts receivable ledgers for each customer, as opposed to…

A: Step 1: Pros: The use of separate accounts receivable ledger for each customer will help the company…

Q: When does an agency problem happen?

A: Agency problem is the probelm of difference in opinion of management and the shareholders.

Q: 1. An effective system of internal control requires segregation of basic functions. Which three of…

A: An Effective System of Internal Control requires segregation of basic functions. The Following three…

Q: What types of controls are in place to protect data (such as company information or customer…

A: There are many controls which can be put to protect the data as these are very confidential and they…

Q: What cause Fraud in Computerised Accounting

A: Computerized Accounting System:   A computerized accounting system are software programs that are…

Q: Users who do not directly run the organization and have limited access to accounting information are…

A:

Q: How CSR related to accounting fraud?

A: CSR or Corporate Social Responsibility refers to the practices and policies implemented by corporate…

Q: What do we call it when one party has more information than the other party does in a transaction? O…

A: B . Assymetric information

Q: BARTLEBY should not be copied. Explain simply what accounting is

A: Accounting is a comprehensive word with various sub-branches such as cost accounting, management…

Q: ways on how to avoid conflict of interest in an organization.

A: Conflict of interest in an organization arises when the management and the employees do no share…

Q: Why should the function of requisitioning the purchase of goods be segregated from the function of…

A: Note: We’ll answer the first question since the exact one wasn’t specified. Please submit a new…

Q: It is not an objective of accounting control Develop operational efficiency resource protection las…

A: The answer for the multiple choice question and relevant explanation are presented hereunder :…

Q: What is an internal exchange transaction, and how is it reported?

A: Internal exchange transactions are those reciprocal exchange transactions that occur between funds…

Q: Internal control does not consist of policies and procedures that a. ensure employees and managers…

A: Internal control consists of policies and procedures which is implemented in the organisation so…

Q: Which of the following steps in the expenditure cycle would not appear as event entities in an REA…

A: Which of the following steps in the expenditure cycle would not appear as event entities in an REA…

Q: 1. Which of the following is not an internal user? a. Creditor b. Department manager c. Controller…

A: Internal users are people within a business organization who use financial information. Examples of…

Q: How does management by exception help to alleviate information overload by a manager?

A: Management by Exception:  The technique used by the manager to restrict the focus to specific…

Q: Vendor invoices are recorded for items that were never ordered by the company. Which of the…

A: If the invoices are recorded for items that were never ordered by the company then such an issue can…

Q: Explain the difference between external transactions and internal transactions. If a company…

A: Difference between external events, and internal events:  • External events are the events which…

Q: An internal control system where obligations by the company should be liquidated only by checks. A.…

A: Internal controls are the methods used by a company for the integrity of financial statements and…

Q: What additional issues are involved with miscellaneous, other, and clearing accounts?

A: Accounting is a system, or a process of collecting and organizing economic transactions, analyzing,…

Q: Which of the following is not an internal user? a. Creditor b. Department manager c. Controller d.…

A: Internal users: These include all the people within the organization who make use of the company's…

Q: How do you resolve conflict of interest in an organization?

A: An organisation operates with individuals having different beliefs, tendencies and backgrounds.…

Q: Why is access control over revenue cycle documents just as important as the physical control devices…

A: Access Control: Access control is the electronic framework of an organization. They are intended to…

Q: What is an agency problem?

A: The agency drawback may be a conflict of interest that happens once agents do not absolutely…

Q: What are subsidiary ledgers and control accounts,and why are they used? Describe how they work.

A: An accounting ledger is an accounting account or record that keeps track of activities on the…

Q: What is billing (or vendor) fraud?

A:

Q: Authorization of transactions is considered a key control in most organizations. Authorizations…

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

Q: Which of the following assets require the strongest of internal controls? Group of answer choices…

A: The balance sheet represents the financial position of the business with assets and liabilities on a…

Q: The principle of establishing responsibility does not include approval of transactions. independent…

A: Establishing responsibility is a Principles of internal control activities