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Concept explainers
a)
To determine: The risk for the given functions.
Introduction:
b)
To determine: The controls and technologies for the given functions.
Introduction:
Accounting Information System (AIS) is said to be the specialized subsystem of the Information System (IS). AIS can be used in the business events for the purpose of collecting, processing, and reporting the financial information.
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Chapter 12 Solutions
Bundle: Accounting Information Systems, Loose-Leaf Version, 11th + MindTap Accounting, 1 term (6 months) Printed Access Card
- Which of the following assets require the strongest of internal controls? A. inventory B. credit cards C. computer equipment D. casharrow_forwardWhich 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.arrow_forward1.Discuss the difference between internal and external users of information and their needs and demands on the information system. 2.Comment on the level of detail necessary for operations management, middle management and stakeholders. 3.Examine the General Model for AIS Table 1-4, discuss where and how problems will arise that can cause the resulting information to be bad or ineffective. 4.Why is it important to organizationally separate the accounting function from the other functions of the organization? 5.Contrast centralized data processing with distributed data processing. How do the roles of the different end users differs between the two approacharrow_forward
- What category of control procedures best describes a reconciliation account, such as Accounts Payable? 1)Group of answer choices 2)Detective 3)Application 4)Systems 5)Preventivearrow_forward1. Which of the following is an example of an input control in the expenditure cycle? a. Physical controls over inventory b. Reconciling the bank statement c. Document sequencing d. Access controls over the purchasing system 2. A control procedure that helps prevent duplicate payments is: a. Performing physical inventory counts b. Matching purchase orders, receiving reports, and vendor invoices c. Reconciling bank statements d. Conducting vendor audits 3.Which of the following is an example of an independent verification control in the expenditure cycle? a. Document sequencing b. Reconciling the bank statement c. Segregation of duties d. Physical controls over inventoryarrow_forwardAn element of internal control is a. risk assessment b. controlling accounts c. journals d. subsidiary ledgersarrow_forward
- Question 1 Which of these would be a reason for adopting a predominantly substantive approach? Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer. a Accounts are affected by more than one transaction class Detection risk has been assessed as high C There are no significant control procedures that pertain to the assertion Control risk has been assessed as low b darrow_forwardWhich of the following benefits of an effective accounting information system provides safeguards for a business’s assets and reduces the likelihood of fraud and errors? a. Flexibility b. Relevance c. Control d. Compatibilityarrow_forwardRevenue Cycle. Discuss how the nature of the necessary internal control features is affected by switching from a manual system to a large-scale computer-based accounting system. а.arrow_forward
- 3. Risk registers would normally detail which of the following: (Select all that apply.) A. Risk level before controls are implemented B. Risk lével after controls are implemented C. Responsibility for managing risks D. The total cost of a control being implemented Answer: Page 3 of 11 ted States) E Focus МacВook Proarrow_forward1. _____ are controls that do not rely on the client's information technology (IT) environment for their operation. a. IT general controls (ITGCs) b. Automated controls c. Computer application controls d. Manual controls 2. Assessing control risk begins with understanding entity-level controls. a. True b. Falsearrow_forward
- Auditing: A Risk Based-Approach (MindTap Course L...AccountingISBN:9781337619455Author:Karla M Johnstone, Audrey A. Gramling, Larry E. RittenbergPublisher:Cengage LearningPrinciples of Accounting Volume 1AccountingISBN:9781947172685Author:OpenStaxPublisher:OpenStax CollegeAccounting Information SystemsAccountingISBN:9781337619202Author:Hall, James A.Publisher:Cengage Learning,
- Auditing: A Risk Based-Approach to Conducting a Q...AccountingISBN:9781305080577Author:Karla M Johnstone, Audrey A. Gramling, Larry E. RittenbergPublisher:South-Western College PubCornerstones of Financial AccountingAccountingISBN:9781337690881Author:Jay Rich, Jeff JonesPublisher:Cengage Learning
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