INFORMATION SYSTEM CATEGORIZATIONClassify the following as tasks performed by either:TPS—transaction processing SystemFRS—financial reporting SystemMRS—management reporting Systema. Preparation of balance sheetb. Capture customer sales orderc. Preparation of variance reportsd. Preparation of budgetse. Purchase order preparationf. Summary of inventory purchases by vendorg. Preparation of comparative sales report by divisionh. Preparation of cash disbursements to vendorsi. Annual report preparationj. Customer billing processk. Cost-volume-profit analysis

Q: 1. When collecting data, companies must remember that data collected must be relevant and Group of…

A: Note: “Since you have asked multiple questions, we will solve the first question for you. If you…

Q: Give a description of the posting events on purchasing processes and their results in accounting…

A: Here given the details of Posting events on Purchases process and it result into the accounting…

Q: DATA FLOW DIAGRAM—CASH DISBURSEMENTSPrepare a data flow diagram that reflects the activities…

A: Prepare a data flow diagram reflecting expenditure cycle.    Explanation of Solution Data Flow…

Q: Classify the following items as either:TPS—transaction processing systemFRS—financial reporting…

A: Transaction Process System: This system helps an organization to process all the transactions as it…

Q: .Internal Controls and RiskReview the following description of the purchasing and AP procedures for…

A: 1.The internal control weaknesses of this system are listed below:The inventories are received…

Q: Determine whether the following items are objectives in the following areas: Financial, Internal…

A: Balanced scorecard have four perspectives: 1) Financial 2) Customer 3) Learning and growth 4)…

Q: Identify whether each description best applies to a periodic or a perpetual inventory system.…

A: Perpetual inventory system is a system that records real time transactions of received or sold…

Q: 1. The vertical flow distributes information in the form of instructions, quotas, and budgets.…

A: Note: As per our policy we can answer only three parts in one go for the rest parts to answer kindly…

Q: he auditor of Kent Ltd selects a sample from the file of shipping documents in order to confirm that…

A: An audit report is provided by an independent auditor that contains the opinion of the auditor on…

Q: Describe the nature of the following documents and records andexplain their use in the sales and…

A: Bill of lading: Bill of lading refers to the written contract between the carrier and the seller for…

Q: A В D REQUIRED: IDENTIFY THE ASSERTION[S] RELATED TO EACH AUDIT PROCEDURE ASSERTION[S] E= existence…

A: Audit Procedure:- An audit procedure is referred as the procedure which is used by the auditor to…

Q: Which of the following events would be LEAST likely to be modeled in an REA diagram?a. customer…

A: Definition: REA model: The graphical representation which shows the re-engineered accounting system…

Q: Identify an activity base that could be used to charge user divisions for services for each…

A: Concept Introduction: Activity Based Costing (ABC): ABC costing method is generally used to allocate…

Q: To determine the client’s planned amount and timing of production of a product, the auditor reviews…

A: The process that accounts the conversion of raw materials to work-in-progress to finished goods…

Q: DATA FLOW DIAGRAM-CASH DISBURSEMENTSPrepare a data flow diagram that reflects the activities…

A: Data Flow diagram: The graphical representation of flow of data is known as data flow diagram.…

Q: Describe briefly the processing of transactions, including internal control features, in the…

A: Internal control:   It is a business activity that aids in the protection of a company's assets. It…

Q: d. The sales department approves sales credit memos as the result of product returns and forwards…

A: The sales department of the company is responsible for recording the sales made by the company…

Q: Explain how to journalize sales transactions.

A: Journal Entry:   It is a systematic record of a financial transaction of an organization recorded in…

Q: What are the risks that are caused by the following combination of tasks? - The warehouse clerk who…

A: Solution- Warehouse clerk: Warehouse clerk has custodial responsibility as well as record keeping…

Q: The GAAP is an acronym that represents which of the following?Choose one answer.a. Principles for…

A: GAAP refers to as the Generally Accepted Accounting Principles.

Q: Which of the following expenditure cycle tasksshould not be separated?a. Purchasing inventory items…

A: Human intervention is required for certain tasks.

Q: SYSTEM DOCUMENTATION- REVENUE CYCLE (MANUALAND COMPUTER PROCESSES)The following describes the…

A: System documentation The revenue procedure for a corporation is done such manner that the clerk of…

Q: ledger

A: A   COGS A/c    Dr        To Purchase A/c     B    A general ledger is an accounting record book in…

Q: The characteristic that all entries recorded in a cash receipts journal have in common is Group of…

A: The cash receipts journal is a special journal  used in accounting to  record all the cash…

Q: Identify what oversights inventory turnover ratio can provide to a financial analyst.

A: Lets start with basic understanding. Inventory turnover ratio is efficiency ratio which indicates…

Q: How does the procedure for determining inventory requirements differ between a basic…

A: Batch processing system: A technique that is used to collect the data and program together in a…

Q: Classify which area in the organization these functions belong: Finance, Accounting, Marketing,…

A: Various department of the company does various function for example production department is related…

Q: d contrast a manual accounting system with a computerized accounting system for process vendors…

A: manual accounting system requires the acting accountant or bookkeeper to post business transactions…

Q: 7. STEWARDSHIP Identify which department has stewardship over the following journals, ledgers, and…

A: Hello, I am only answering first three sub-parts of the question and if you want others to be…

Q: Describe the integration of the Inventory Ledger with the Payables, Receivables and General Ledgers.

A: Solution:- Introduction:- An integrated accounting system is application software in which all the…

Q: FIGURE 2-24 FLOWCHART SHOWING THE TRANSLATION OF FACTS I, 2, AND Sales Department Computer…

A: In a flow chart the sequence of activities is shown entirely

Q: Define the term key performance indicator. The text provides you with examples of KPIs applicable to…

A:

Q: ccount used under periodic system to record returns of purchased goods to the suppl

A: Solution: Under periodic inventory system, inventory records for each purchase and sale are not…

Q: INFORMATION SYSTEM CATEGORIZATION Classify the following item as either: TPS-Transaction…

A: TPS - Transaction processing system As the name itself suggest it basically supports transaction…

Q: Which of the following audit procedures is a test of control?

A: The audit is the process of the official inspection of the books of accounts of a company. There are…

Q: Which control activity is the entity implementing when all purchase orders above S5,000 should be…

A: Where a certain limitation is built upon the activities of the entity, it cannot be said that the…

Q: Classify the following items as either:   TPS—transaction processing system FRS—financial reporting…

A: Transaction processing system:   It is a process that records all transactions of the company on a…

Q: Classify the following reports as being either scheduled or on-demand reports. Cash disbursements…

A: