Explain how prenumbered documents help to provide indirect access control over assets.

Q: Which internal control objective is concerned with ensuring that accumulated totals in the…

A: Internal controls are the procedures that are implemented to ensure operational efficiency and…

Q: Explain how to account for one of these assets:  Patents,  Trademarks, Goodwill, or Natural…

A: Goodwill is an intangible asset. In layman terms it means reputation. Goodwill is the additional…

Q: s data independence? why is it important in a comparison of the application and centralised database…

A:

Q: Explain in your own words the key objective of IAS36 – Impairment of assets.

A: An impaired asset is one with a market worth less than the value shown on the balance sheet. When an…

Q: Briefly describe some of the similarities and differences between GAAP and IFRS with respect to the…

A:

Q: Required: (a) Identify the internal controls over the fixed assets at HMD, based on the following…

A: a) The internal controls over the fixed assets at HMD. i) Authorization - Monthly review is done by…

Q: Analyze how different types intangible assets are accounted for.

A: An asset is intangible when it cannot be seen, which means the asset that does not have any physical…

Q: Describe the differences in assets that are unrestricted, temporarily restricted, or permanently…

A: Assets: Assets are those items that provide value for money and future economic benefit for an…

Q: Principles of internal control include all of the following except Multiple Choice Divide…

A: The Answer is Option 2 : Separate Recordkeeping from custody of Assets. Rest of the options are…

Q: Internal control applicable to ________________________ may logically be extended to the entire…

A: It is the process of assuring the organizations' activities are performed efficiently and…

Q: Assets That Are Intangible definition

A: Asset: Assets refer to the resources owned by the business, which are utilized in the course of the…

Q: Within the consolidation process, what is the purpose of a worksheet?

A: The worksheet is used to record the consolidated balances by eliminating the inter-company…

Q: Define receivables and understand issues related to their recognition.

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

Q: needed, state the registr ts where the transaction ed.

A: The journal entries in the given question are made as follows:

Q: What functions should be separated to segregaterecord keeping from asset custody?

A: Assets: Assets are those items that provide value for money and future economic benefit for an…

Q: Display graphically and explain the mechanism of settlements by collection orders

A: There are mechanism of company working for the settlements of collection orders where the sender of…

Q: Provide the proper format for recording a transaction.

A: Journal: Recording of a business transactions in a chronological order is called journal.

Q: In the flat-file data management environment, users are said to own their data files. What is meant…

A: Definition: Database management: Database management refers to the management of databases held…

Q: Whose property are audit documentation (audit workpapers)? In what form must they be?

A: Auditing:                   It is a systematic verification of the books of accounts of an…

Q: How does a database lockout contribute to financial data integrity?

A: Definition: Database management: Database management refers to the management of databases held…

Q: Explain the difference between Tangible and Intangible Assets

A: Introduction: Assets: Any resource which is having monetary value called as Assets. Assets are to be…

Q: Mention two audit procedures relating to electronic data interchange controls

A: Audit: Audit is the process of verification of the compliance of the financial statements. It…

Q: important to manage transaction exposure

A: The RISK - posed by firms participating in international commerce that currency exchange rates will…

Q: Describe the alternative approach to record prepayments.

A: Prepayments are the amounts paid in advances for expenses of future period. Alternative approach to…

Q: Define the term Acquisitions.

A: An acquisition is when one company purchases most or all of another company's shares to gain control…

Q: What are fictitious assets?

A: Fictitious assets: Asset formed by an accounting entry (and included under assets in the balance…

Q: What is the purpose of the general ledger history file?

A: General Ledger:   The financial information required for the preparation of financial report; of…

Q: What is a prefiling conference, and why might it be helpful to a registrant?

A: Prefilling conference: A prefilling conference is requested by a company if it faces problems or…

Q: why is there a need to re evaluate impairment of assets due to trigger events?

A: The impairment refers to the decrease in the value of assets of the company. This reduction is…

Q: For the given asset, A computer used in your job, state whether the asset is tangible/ intangible…

A: Three conditions must be fulfilled for an asset to be depreciated. The commodity must be kept in the…

Q: Explain the accounting issues for recording goodwill.

A: Definition:   Goodwill: In terms of accounting, goodwill may be defined as an intangible asset that…

Q: What is the purpose of a registration statement?

A: Registration statement is a legal document which is filed with the SEC to register securities for…

Q: Explain the steps in processing transactions and the role of source documents.

A: Accounting cycle: It can be defined as the collective process of identifying, recording, and…

Q: Assets that are ready for their specific/intended use when purchased are classified as qualifying…

A: Assets are the resources and rights of the business, on which it has full right to own or sell the…

Q: noncurrent asset

A: The balance sheet represents the financial position of the company that includes the assets,…

Q: How do you identify intangible assets such as usufruct in modern transactions

A: Goodwill, brand awareness, and proprietary information like as patents, trademarks, and copyrights…

Q: COA needs to journalize the appropriation and allotment released by DBM. * true or false?

A: The government uses a different way to report their financial statements than the private sector…

Q: Which department performs the formal record- keeping function for fixed assets?

A: Definition: Fixed Assets: It refers to the long-term assets having a useful life of more than a year…

Q: Provide an explanation of the circumstances under which assets and liabilities are de-registered.

A: This question deals with the circumstances under which assets and liabilities are de-registered.

Q: What are subsidiary ledgers and control accounts,and why are they used? Describe how they work.

A: An accounting ledger is an accounting account or record that keeps track of activities on the…

Q: Is it a turnaround document contain information that subsequently used as a source    document?…

A:

Q: Which of the following is often called a compensating control?a. transaction authorizationb.…

A: The compensating control is referred to as a type of control that is meant for reducing attacks and…

Management Information Systems

While undertaking any business decisions, data is the most important aspect. An information system (IS) is a set of data, computing devices and management methods that support routine company operations. A management information system (MIS) is a specific subset of IS.