Explain which of the four potential exposures in the FRS may be controlled better by a close examination of the journal voucher listing.

Q: Define special journals and explain their usefulness.

A: General Journal   It is a chronological record of the transactions, showing an explanation of each…

Q: How are journal vouchers used as a control mechanism?

A: Journal Voucher: Journal voucher are used in providing the inputs for the general ledger. The…

Q: Discuss the diffences between internal and external users of ingormation and their needs and demands…

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

Q: Please study and complete the following table by stating whether the characteristics of the…

A: SOLUTION- DECISION MAKING - IT IS THE PROCESS FORMULATING RESOLUTIONS WITH IN THE SCOPE OF INFLUENCE…

Q: Identify and describe any four areas validity checks can be applied?

A:

Q: Analyze and review the following items and determine the appropriate journal entry.

A: Investment:- An investment is considered as the asset which is acquired with the motive to generate…

Q: List and describe the eight general types ofaudit procedures for gathering evidence

A: Definition: Audit: Audit is the process of verification of the compliance of the financial…

Q: Determine the similarities and differences between the detective and preventive internal controls…

A: Every company requires an effective internal control system to achieve its organizational goals.…

Q: Each of the following are input controls. Please give an example of how they may be used: Thank…

A: 1). Range check Range check is a check which can be applied on numeric fields. This check ensure…

Q: Describe the benefits of internal control report.

A: Internal Control Report:   An internal control report is the end result of the conducting an…

Q: How to create journalizing transaction with this kind of problem?

A: Journal entries recording is the initial step in accounting cycle process. Under this, atleast one…

Q: Examine the flowchart below and determine any control threats. Specifically discuss thecontrol…

A: The internal control system is defined as the techniques or procedures that ensure no…

Q: What is the purpose of special journals? In what ways do they simplify the recording process?

A: Special journal: The purpose special journal is to record the particular types of transactions which…

Q: Requirements: Draw a decision tree for the "mailing list" problem, including all probabilities and…

A:

Q: Examine the flowchart and determine any control threats. Specifically discuss the control problems,…

A: Internal Control: Internal control can be defined as the rules, policies, and mechanisms enforced by…

Q: Explain the purpose of IFRS for SMEs and how it differs from full IFRS.

A: IFRS or International Financial Reporting Standards are the guidelines of accounting given by the…

Q: Which of the following is a control that can be used to ensure that all of the components of an…

A: The procedures for rejection inputs is a  control that can be used by the auditor to ensure that all…

Q: After a receipt is uploaded into QBO, the user will need to ______ the data and ensure the receipt…

A: Quickbooks is very popular accounting software that is used for accounting and recording…

Q: What are the major advantages of the use of special journals?

A: Special Journals are designed to facilitate the process of journalizing and posting transactions.…

Q: What information is contained in a journal voucher?

A: Definition: Journal Voucher is a document based on which transactions are recorded. It serves as…

Q: Berkeley College wants to monitor the efficiency and quality of its course registration process.…

A: Possible Input Measures 1.Registration staffing per student 2.Technology investment per period for…

Q: Summarize what are the MACRS guidelines?

A: The MACRS (Modified Accelerated Cost Recovery System) is the current tax depreciation system in the…

Q: . What four common mistakes in estimating theWACC should Jana avoid?

A: A firm’s capital structure is the mix of debt and equity. The cost of procuring this debt and equity…

Q: Briefly describe record counts, batch totals, and hash totals. What types of errors in input…

A: Input controls: It is created to provide reasonable guarantee of received data for processing by the…

Q: In addition to EPS numbers themselves, what additional disclosures should be provided concerning the…

A: Earning per share (EPS) refers to the measure of earnings that are available to each share in a…

Q: Which of the following statements best describes the phrase, “evaluating the design of a control”?…

A: "Evaluating the design of control" means Considering whether the control, individually or in…

Q: Briefly describe the NBBO and the order protection rule. Whatregulation implemented them?

A: NBBO is a securities exchange commission regulation that requires brokers to trade at the best…

Q: What is an engagement quality review?

A: When it comes to an engagement quality review, a reviewer should evaluate the significant judgements…

Q: What is a Review engagement?

A: Auditing:   Auditing refers to the procedure for providing independent report over the presentation…

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: Provide the necessary journal entries using the area-of-interest method

A:

Q: I need the transactions that will be put in special journals

A: Special journals are specialized list of financials journals that are used to record the most…

Q: Describe a review engagement and explain the level of assurance given in such an engagement.

A: You have asked to answer different questions under a single question and we provide solution to one…

Q: describe mechanisms that discipline fi nancial reporting quality and the potential limitationsof…

A: The mechanism that discipline financial reporting quality includes the free market and incentives…

Q: An analysis of systems serves what purpose? What kind of information should be included in the…

A: The answer

Q: benefit of having special journals versus just a general journ

A:

Q: describe presentation choices, including non-GAAP measures, that could be used to infl uence an…

A: There is very nothing new during this reading, simply a review of the previous material. heaps of…

Q: what exactly is a cookie jar reserve?  Does using a cookie jar reserve follow GAAP?  Does using a…

A: A cookie jar reserve is the portion of profits which the company secretly keeps in reserve in its…

Q: What controls should be employed to avoid breaches into an accountijg information system.

A: An Accounting Information System (AIS) is a system which the businesses are using to recognize,…

Classification Of Risk

Risk means when there could be a possibility that the returns expected from a particular project or investment may or may not match the investor's expectations. In other words, the uncertainty of an income arising from a source that would either be lower than expected or result in losses in risk exposure of the project. The higher the risk involved, the higher is the return expected by the investor as the investor is exposed to a high level of risk. There are various methods by which different types of risk can be assessed and avoided or mitigated.