What tasks should the general ledger clerk not be allowed to do?

Q: Can you explain how the internal control of Documentation Procedure is violated in this question?…

A: The controls that are implemented to ensure the accountability and the integrity of the financial…

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: In a manual system, after which event in the sales process should the customer be billed?

A: Sales Process: Sales Process can be defined as trade of goods and services provided by the trader of…

Q: Which files do you usually find in a sales order module versus an account receivable (customer…

A: The sales order module contains an open sales order which is an internal document issued by seller…

Q: How would you find errors in recording transactions and what is the process to correct errors?

A: Often, adding a journal entry will fix an accounting error. The journal entry adjusts the retained…

Q: As a form of internal control, what documents would you review prior to paying an invoice received…

A:

Q: What are the steps taken to ensure control over purchases and payments by check?

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

Q: Describe a walkthrough of the payroll transaction flow from hiring authorization to payroll…

A: Payroll Cycle: The payroll cycle is commenced with the hiring and dismissal of an employee along…

Q: Which of the following is not a user of internal accountinginformation?a. Store manager.b. Chief…

A: Accounting information: It can be defined as all the data or information that relates to the…

Q: How could an employee embezzle funds by issuing an unauthorized sales credit memo if the appropriate…

A: Credit memo is generally issued by a seller to the customer which reduces the amount of account…

Q: Describe the responsibilities of an accounts payables specialist.

A: Accounts payable specialists ensures vendors get paid for services and products rendered. They play…

Q: Distinguish between the sales order, billing, and AR departments. Why can’t the sales order or AR…

A: The sales order, billing and AR department are responsible for placing the orders from the…

Q: Which control activity is the entity implementing when the system verifies that all payrol payments…

A: Payroll processing is an important function in an organization that involves net pay to the employee…

Q: What is a schedule for accounts receiveable?

A: AR stands for Accounts Receivable which is defined as the balance of amount due to the company for…

Q: Which duties should be segregated? a. matching purchase requisitions, receiving reports, and…

A: Cash Disbursement System:   The cash disbursement system carries out the responsibility of…

Q: Are purchasing and receiving functions separate from invoiceprocessing, accounts payable, and…

A: Invoice processing: It is a procedure to maintain the invoices of the organisation to ensure timely…

Q: In a manual accounting system, what advantage does the journal voucher system have over the…

A: Journal  Voucher Journal voucher is a special source of document which has been replaced for general…

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: Why is a “blind” purchase order used as a receiving report document?

A: Blind Purchase Order: Blind purchase order contains all the information related to the purchase of…

Q: What happens to the special journal in a computerized accounting system that uses electronic forms?

A: In computerised accounting system the transactions are recorded in electronic form. Almost all…

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 are the duties of a clerk

A: A clerk is basically a person who is hired for the clerical work of maintaining accounts, records,…

Q: What is the classification of general ledger account?

A: General ledger: General ledger is a set of ledger accounts that are recorded in the journal and…

Q: What document is the source for (a) debiting the accounts in the materials ledger and (b) crediting…

A: a.

Q: What is employee fraud?

A: Employee Fraud:   Fraud can be defined as an act of dishonesty that can be performed by a worker or…

Q: Is there a difference between computerized and manual accounting systems? What makes these two…

A: Introduction: The term "computerized accounting system" refers to the use of computer…

Q: What general ledger journal entries does the purchases system trigger? From which departments do…

A: Purchasing System: The identification and procurement of the inventory needs for the organization is…

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 can an organisation use their information system to prevent employees from making inappropriate…

A: Here discuss about the details about find out of the fraudulent purchases which are related with the…

Q: An employee not involved in personnel, timekeeping, supervision of employees, or payroll accounting…

A: The question is related to internal controls pertaining to payroll.   Internal control is a process…

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: Why does billing receive a copy of the sales order when the order is approved but does not bill…

A:

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: Why should employee paychecks be drawn against a special checking account?

A:

Q: What's the difference between a chart of accounts and general ledger?

A: Charts of Accounts: Charts of accounts are the list of all the accounts which the company has. It is…

Q: Which files do you usually find in a sales order module versus an accounts receivable (customer)…

A: Sale is the outflow of the commodities or the inventory held with the business entity to generate…

Q: The billing department prepares the customers' invoices and records the sale in the sales journal,…

A: The segregation of functions is referred to as the distribution of the work to different…

Q: describe accounting warning signs and methods for detecting manipulation of informationin fi nancial…

A: Accounting warning signs are the indication that the financial statements are going to manipulation…

Q: Explain how exception reporting would be invaluable to the manager of a credit department.

A:

Q: Why would a company bother with double-entrybookkeeping?

A: Double-entry bookkeeping system Double-entry bookkeeping system is the system of accounting where…

Q: Which of the following is most likely to be a general ledger control account? Select one: O a.…

A: General Ledger control account:-Controlling accounts are the accounts that only reflect the…