ssets = Liabilities + Equity (assume normal balances). Impact 1 Impact 2 Prepaid Insurance adjusted from $5,000 to $3,600 Interest Payable adjusted from $5,300 to $6,800 Prepaid Insurance adjusted from $18,500 to $6,300 Supplies account balance $500, actual count $220
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- Big data is mined ________. A. to find business trends B. to record transactions C. as an alternative to creating an accounting information system D. as an alternative to the darknetWhich of the following is false about accounting information systems? A. They provide reports that people analyze. B. They prevent errors and stop employees from stealing inventory. C. They are designed to gather data about the companys transactions. D. They consist of processes that involve input of data from source documents, processing, output, and storage.A company has the following information in its records. Certain data have been intentionally omitted ($ in thousands). Required: Determine the missing numbers. Note: Enter all amounts as positive numbers. Enter your answers in thousands. Do not give answer in image
- Choose only one answer as well as state their reasons/rationale for the answer chosen. 3) A sales representative mistakenly entered a nonexistent account number into the system. As a result, the goods were shipped but the customer was never billed. Which type of control would be most effective in preventing this type of problem?a. Turnaround documentb. Completeness checkc. Field checkd. Validity checke. Check digit verificationAccounts often need to be adjusted because Select one: a. there are never enough accounts to record all the transactions. b. many transactions affect more than one time period. c. there are always errors made in recording transactions. d. management can’t decide what they want to report.1) Why is it not necessary to model activities such as data entry of information about customers or suppliers, mailing invoices to customers, and recording invoices received from suppliers as events in an REA diagram? 2) How can REA diagrams help an auditor understand a client’s business processes? 3) How would accounts payable be reflected in an REA diagram? Why?
- Hi, Can you please help me with E3.4? My debits and credits are not matching. Thank you!The sales of $2,000 made to Shanaya has been posted to the Sara’s account by mistake. It happened because a customer account number was incorrectly entered into the system. Explain what internal control procedure(s) would provide protection against this threat in future?A firm purchased telephone equipment for cash. By mistake, the accountant debitedUtilities Expense instead of Office Equipment. The error was discovered after the dataposted. The correcting entry should contain:
- 1. Threats - Incomplete, invalid order, un-collectible accounts and loss of customers related to Answer: ....... 2. Where the employees are hired, trained, compensated, evaluated, promoted and terminated. Answer: .......... 3. In the accounting system detect error and update are commonly used as Answer: ........Choose only one answer as well as state their reasons/rationale for the answer chosen. A customer entered the wrong account number on the memo line of the check mailed to the company. Consequently, another customer’s account was credited for that payment. The most effective way to prevent such problems would be to use:a. Turnaround documentsb. A validity check of customer account numbersc. Closed loop verificationd. Check digit verification of customer account numbersMost computerized accounting systems use electronic forms to record transaction information, such as the invoice form illustrated at the top of Exhibit 7 in this chapter.a. Identify the key input fields (spaces) in an electronic invoice form.b. What accounts are posted from an electronic invoice form?c. Why aren’t special journal totals posted to control accounts at the end of the month in an electronic accounting system?