How should documents removed from workpapers be treated?

Q: Why are journals and ledgers not modeled in an REA diagram?

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Q: How do automated authorization procedures differ from manual authorization procedures?

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Q: Why are office equipments important?

A: Office Equipment: Office Equipment is the assets that a company uses in its office premises for…

Q: What is a memorandum entry? Why it is done?

A: A memorandum entry is different from the journal entries. The memorandum entry is not recorded by…

Q: How are journal vouchers used as a control mechanism?

A: Journal Voucher: Journal voucher are used in providing the inputs for the general ledger. The…

Q: Is a flowchart an effective documentation technique for identifying who or what performs a par-…

A: Flowchart:   A flowchart is a representation of the procedures related to transactions in the…

Q: What are the relative merits of input from source documents and direct input?

A: Definition: Direct input: The data that are directly inserted into the system from the source data…

Q: What journal entry is required to move materials between departments?

A: Journal entry: A journal entry is used to record day-to-day transactions of the business by debiting…

Q: What is a recurring journal entry? How it affects the whole entry system?

A: REcurring journal entries are the entries which get repeated in every accounting period for example…

Q: How should documents added to work papers be treated?

A: Work papers The work papers are a set of documents that an auditor assembles while looking at the…

Q: What is the effect of not returning all client-provided documents upon request?

A: If an auditor is not returning all client provided documents upon request, then this act is an…

Q: What would the journal entry be?

A: A pension plan is usually an agreement between the employer and employee wherein, the employer…

Q: What is reversing journal entries?

A: The journal entries are prepared to record day to day transactions on the regular basis.

Q: What is a journal entry?

A: Journal entry: Journal entry is a set of economic events which can be measured in monetary terms.…

Q: How to make adjuting entries in journal form?

A: Adjustment entries are the type of journal entries which are prepared to rectify the transactions…

Q: What is the Permanent File?

A: Permanent file is file which contains information and documents of a company which are to be used by…

Q: What is the suggested order for carrying out tasks using an ABC system?

A: The ABC system is a way of allocating indirect costs and overheads like salaries and utilities to…

Q: What order is advised when doing tasks using an ABC system?

A: Introduction: Overhead and indirect costs are assigned to related products and services using the…

Q: journalizing?

A: Journalizing is the process followed by businesses in recording their transactions in an orderly…

Q: How are run charts useful in process control?

A: A run chart is a graph of data that is plotted over time. For a particular process if you collect…

Q: Explain the purpose of having mail room procedures.

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Q: What is Journal?

A: Journal is a primary book of account in which transactions are first recorded in a chronological…

Q: The process of making the units of the filing name (pr segment) by which the record is to be stored…

A: The process of making the units of the filing name by which the record is to be stored is called…

Q: Example of posting reversing entries in the ledger.

A: On the first day of a new accounting period, reversing entries are made to reverse accrual adjusting…

Q: What are the computer ethical issues regarding unemployment and displacement?

A: Computer Ethical Issues Regarding Unemployment and Displacement In a new age of technology world,…

Q: How do I journalize?

A: Bonds payable are the type of long term bonds issued by the corporations. These are generated when…

Q: When are adjusting entries made to the worksheet, and what is their purpose? When are the…

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Q: Are both registers and special journals necessary?

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Q: Differentiate between source documents and vouchers.

A: A source document is generated routinely when the transaction takes place as a cash memo; invoice,…

Q: A person's personnel file should include what kinds of documents

A: Answer: Person Personnel file is the record that is maintained by employer for the employee that…

Q: How do you create a journal entry accurately ?

A: Recording journal entry is the first step in  recording of financial trnsaction in the books of…

Q: What are some true statements regarding the use of a worksheet?

A: There are multiple statements regarding the use of worksheet which is true, we are indicating some…

Q: What is an accounting information system (AIS)?

A: Accounting Information System:It is a process which collects data, processes the same into…

Q: What is journal proper? State what are the entries used to record it?

A: Journal proper was used to make original record of the transactions where there is no special…

Q: How do reversing entries simplify recordkeeping?

A: Reversing Entries   Reversing entries are the journal entries that are made in the beginning of the…

Q: Is it possible to explain the procedures that must be followed in order to close out entries

A: This is what I'm saying: A closing entry is a journal entry made after each accounting period to…

Q: Who should select the contact user group—the vendor or the prospective user? Why?

A: Contact user groups are the groups containing list of current users being considered as an important…