Why transactions is complex?

Q: What is physical location exchanges?

A: Exchanges:  An open and coordinated marketplace for various financial instruments like stocks,…

Q: What is the objective of a transaction log?

A: Auditing is a gathering of information and evaluation of evidence as to report on the degree of…

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: What is meant by cardinality in entity relationship diagrams?

A: An entity relationship diagram is a representation of all the resources that are associated with the…

Q: What do you mean by Count Data? When it arises?

A: Count data:  Count data is a kind of statistical data, in which the observations might only consider…

Q: How are the network and hierarchical models different?

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

Q: Explain what asymmetric information is.

A: Asymmetric information is aslo known as information failure, it occurs when one party to an economic…

Q: What is internalization?

A: Internalization: It happens when an individual directs an exchange itself, as opposed to sending it…

Q: What is an enterprise system?

A: Introduction:- An enterprise system, also known as an enterprise resource planning. It handles…

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: What is data mining?

A:

Q: How efficient is an Analysis at the account level technique?

A: The question is to discuss efficiency of financial analysis at account level or based on the data…

Q: What is a transaction?

A: Transaction refers to the business activity which brings change in the business assets, liabilities…

Q: Explain an example of internal users.

A: Accounting: Accounting is a system, or a process of collecting and organizing economic transactions,…

Q: Describe what is meant by transaction analysis.

A: Accounting Equation: Accounting equation is the mathematical representation of the relationship…

Q: What is a proxy statement? What information does it provide?

A: Definition:   Proxy statement: Proxy statement is a statement required for seeking shareholders’…

Q: Describe the process of transaction analysis.

A: Process of Transaction analysis: The process of transaction analysis involves the selection of…

Q: What is the relationship among data, information, and an information system?

A: The meanings for following terms are stated below: Data: It can be described as unprocessed facts…

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: 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 information overload?

A: Report: The formal document used for providing information to the managers is called report. The…

Q: what goes where?

A: Let us recall 3 golden rules of accounting: Debit the expense, credit the income. Debit what comes…

Q: What is the EBIT?

A: The income generated by a business in the course of normal operations, after deducting the direct…

Q: What is collusion?

A: Auditing: Auditing refers to the process of verifying the correctness and fair presentation of…

Q: what is the difference between internal and external users of information, their needs and demands…

A: Accounting Information System (AIS):   The system which helps to gather, store and process the…

Q: What is the client-server model?

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

Q: What is the relationship between data, information and an information system?

A: The modern world is completely centered around information. Companies, big and small, generate a lot…

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: What are finanicial transactions?

A: Transaction process system: It is a transaction process system can be defined as a system which is…

Q: briefly, what is the role of the clearinghouse, and is it important?

A: Clearance is very important to meet buyers with sellers and to make transactions possible between…

Q: What is a control account?

A: Control account: It is a particular account that is recorded in the general ledger in a summarized…

Q: What is the role of the data Librarian?

A: Auditing means the inspection of financial accounts of the company to determine if the records are…

Q: What is the purpose of Transaction Tagging?

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

Q: What is off-exchange transaction?

A: The answer is provided in the next step.

Q: What assertions are tests for transaction classes?

A: Management assertions are the claims made by the management about the items in the financial…

Q: What is COSO? What is the PCAOB?  Why are they important?

A: Committee of Sponsoring Organizations of the Tread way Commission (COSO) is an organization formed…

Q: List the steps we use to measure external transactions.

A: Measurement process of external transactions: