Explain an example of internal users.

Q: Explain common principles and limitations of internalcontrol.

A: Internal Control is a concept which ensures management to to safeguard its assets. Internet control…

Q: Explain how an IT environment affects the segregation of functions.

A: Segregation of Duties (SoD) is a set of controls and policies intended to ensure accuracy and keep…

Q: Explain external event with example.

A: Accounting events: Accounting event refers to the business event that creates an impact in the…

Q: What does the process of providing this information to external users is called? Describe about it…

A: Financial Reporting System:   It refers to monitoring the financial resources of an organization as…

Q: What is an ERP system?

A: Enterprise Resource Planning (ERP) System: Enterprise Resource Planning System refers to a…

Q: What is a user view?

A: Database Management:  Database management refers to management of databases held within an…

Q: What islockbox system?

A: Banks provide various services to the organizations such as lock box facility, overdraft facility,…

Q: Briefly explain the major components of AIS

A: SOLUTION- ACCOUNTING INFORMATION SYSTEM (AIS) IS A WAY OF TRACKING ALL ACCOUNTING AND BUSINESS…

Q: Why is a source document important? List some examples of source documents.

A: Source documents refers to the documents pertaining to a business transaction. It captures the key…

Q: What are the key features of POS system

A: POS System: It helps in integration of sales monitoring, analytics and reporting, data management of…

Q: What is SCM software?

A: Supply Chain Management: SCM (Supply Chain Management) refers to the wide variety of activities…

Q: Define the term posting process.

A:

Q: Define the term internal users.

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

Q: Explain how an IT environment affects independent verification.

A: Bookkeeping articulations, particularly in enormous and complex associations, can contain unexpected…

Q: Explain what internal and external linkages are.

A: Interior linkage alludes to everything just in extent of an interpretation unit. Outside linkage…

Q: What do you mean by electronic data interchange?

A: Accounting information systems: Accounting information systems collect data from different events…

Q: Differentiate the following terms - External and internal information

A: Internal data is information generated from within the business, covering areas such as operations,…

Q: Define clientele effect

A: Clientele effect It clarifies the development in the stock cost of a firm as indicated by its…

Q: How to create journalizing transaction with this kind of problem?

A: Journal entries recording is the initial step in accounting cycle process. Under this, atleast one…

Q: Discuss the rules for linking events to resources and agents in an REA diagram.

A: REA Diagram: REA diagram is a technique which is used to establish the relationship between…

Q: Explain CVP APPLICATIONS WITH EXAMPLE?

A: The CVP analysis is used to determine what will happen to the financial results when they are…

Q: What kinds of information can be confirmed with a transfer agent?

A: The transfer agent is an entity that holds the information about the financial records of the…

Q: Define agent

A: Introduction: An agent is a party that has oral or written authority to perform for another…

Q: Explain an example of internal events.

A: An Accounting event is a transaction that is recorded in the books of accounts of the company. There…

Q: What is involved in the posting process?

A: Posting: Posting process means posting of all transactions of business into general ledgers. Every…

Q: What is the client-server model?

A: Client Server model: A client-server model can be defined as the architecture of distributed…

Q: important to manage transaction exposure

A: The RISK - posed by firms participating in international commerce that currency exchange rates will…

Q: What are the types of external user?

A: Entity needs to prepare a financial statement for the use of internal and external decisions making.…

Q: Describe the features of JIT.

A:

Q: Define the term external users.

A: An external user is a person outside of an organization who does not directly run its operations and…

Q: How can forwardrates be used for hedging purposes?

A: SOLUTION:- Risk management is the main stimulus for forward contracts. Forward contract is a…

Q: Give example of the relationship between a Human Resource Information System and MIS.

A: Human Resource Information System (HRIS) refers to the system of collecting, recording, classifying,…

Q: What are the major inputs to the MRP system?

A: The preparation of material requirements planning (MRP) is a method for measuring the materials and…

Q: Describe internal event with example.

A: Definition:   Accounting event: An accounting event is a transaction that is recorded in the books…

Q: Identify the following users as either external users (E) or internal users (I). Suppliers

A: Accounting users: Accounting users are the persons, who use accounting information for investment…

Q: What does stewardship mean and what is its role in an information system?

A: Definition: Accounting information system: The system which helps to gather, store, and process the…

Q: Explain an example of external users.

A: Financial Statement:   They are annual reports of an organization summarizing the financial…

Q: Define the term lnvesting activities? Explain with an example?

A: Investing activities are the activities in a business which involves investment done during a…

Q: What is the difference between system software and application software?

A: System Software is the software type which is the interface between system & application…

Q: What is the purpose of Transaction Tagging?

A: Tagging and tracking transaction: In tagging and tracking transaction technique, the auditor puts a…

Q: Explain an example of external events.

A: Accounting event is a transaction that is recorded in the books of accounts of the company. There…

Q: Define controller

A: The controller generally reports to the chief financial officer of the company. In small companies,…

Q: What information is required in a proxy statement?

A: A proxy statement is a document containing the information the Securities and Exchange Commission…