Explain, on what criteria or by what internal controls in place, where Billing could be responsible for issuing invoices, sales journal, AR update (for both billing and payment received).

Q: Normally revenue is recognized when:

A: Answer

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

A:

Q: The general ledger clerk receives summary data from which departments?what form of summary data?

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: Which of the following assets require the strongest of internal controls?A. inventoryB. credit…

A: Internal control procedures are those techniques and procedures which are established for the…

Q: For each of the transactions, state which special journal (sales journal, cash receipts journal,…

A: For each of the transactions, state which special journal (sales journal, cash receipts journal,…

Q: What document initiates the billing process?

A:

Q: the auditor is verifying whether all goods received by the company have been recorded appropriately.…

A: Source Documents - Source documents are the document using which auditor can check the genuineness…

Q: Prepare a trial balance for the selected general ledger accounts and prove the accuracy of…

A: Trial Balance -:A trial balance is a simple schedule of all the common ledger accounts (both income…

Q: What steps of independent verification does the general ledger department perform?

A: The general ledger of an organisation is maintained by the general ledger department. The recording…

Q: All of the following functions are normally found within an organization's sales/collection except:…

A: An entity involved in sale of merchandise has to keep a track of multiple functions such as receipt…

Q: The functions of and documents generated by which of the below departments determine when a…

A: Lets understand the basics. In organization, there are various department which are inter connected…

Q: (A) Explain the fundamental purpose of the sales and collection process. (B) Differentiate between a…

A: The process of sales and collection is officially known as Sales and Collection Cycle and RRR…

Q: Function Missing words Customer billing for provided Receipt and processing of and services Managing…

A: Debtors represent the term that is used when a payment is due to be received from the customers and…

Q: Compare and contrast a manual accounting system for processing customer transactions. Include an…

A: A manual accounting system is a bookkeeping system for recording business activity transactions,…

Q: Describe briefly the processing of transactions, including internal control features, in the…

A: Internal control:   It is a business activity that aids in the protection of a company's assets. It…

Q: In the sales/OE system, when a customer's order is entered into the system, and before accepting the…

A: Every entity before accepting the order from the customer needs to check the master data. It…

Q: The payables clerk obtains and matches the purchase order, receiving report, and vendor's invoice…

A: Clerk: A clerk refers to an individual who is an employee of a company or a bank and is responsible…

Q: In Tally, Vouchers serve as a medium to record an entry of any transaction or event and it’s posting…

A: Voucher A voucher is a document that contains details of a monetary dealings and is needed for…

Q: Question 2 All of the following controls can ensure input validity of shipping notice, except? O…

A: The answer is provided as follows:

Q: Discuss the relationship between the balance in the accounts payable general ledger control account…

A: Definition:   General ledger: General ledger is a record of all accounts of assets, liabilities, and…

Q: The following are typical questions that might appear on an internal control questionnaire for…

A: Internal controls: Internal controls are designed and implemented by management for effective and…

Q: What type of internal control is matching supporting documents before paying an invoice?

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

Q: Differentiate between a remittance advice and a customer invoice within the sales process of an…

A: Accounting exchanges are those exchanges that legitimately influence the financial statements of a…

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: Why should the function of requisitioning the purchase of goods be segregated from the function of…

A: Note: We’ll answer the first question since the exact one wasn’t specified. Please submit a new…

Q: Describe how accounts are used to record information about the effects oftransactions?

A: Firstly the transaction are recorded in the original books i.e. Journal, when the transactions are…

Q: authorization payment

A: Authorization of payment means allow subordinates to make payment after approval of top executives…

Q: The following are key controls over the purchasing and disbursement cycle except: A. Proper…

A: The purchasing  cycle involve various controls such as receiving the goods and invoice on timely…

Q: An internal control system where obligations by the company should be liquidated only by checks. A.…

A: Internal controls are the methods used by a company for the integrity of financial statements and…

Q: 2) A proper manual payment certification includes whose signature? [List the types of…

A: The certifying officer

Q: Which one of the following departments does not have a copy of the purchase order?a. the purchasing…

A: Answer:   Option d.

Q: Using prenumbered checks and having an approved invoice for each check is an example of Select one:…

A: Internal controls are approaches and strategies put in place to guarantee the proceeded reliability…

Q: Explain how prenumbered shipping documents and sales invoicescan be useful controls for preventing…

A: Prenumbering: It refers to the process of assigning of numbers to documents which can be identified.

Q: What type of internal control is verifying source documents before recording transactions?

A: Step 1:   The verification of source documents means to check if all the documents relating to a…

Q: ware to analyze the customer and vendor’s Payments and Receipts? Justify the figures using

A: Software used:  QuickBooks Premier Plus Contractor Edition 2019-Desktop   Needed:  A report showing…

Q: Which of the following statements is true?a. Journal vouchers detailing transaction activity flow…

A:

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: What is a walkthrough of a sales transaction? How can the walkthrough work complement the use of an…

A: Internal control- It is a process of assuring to achieve organizational's objectives by doing…

Q: which of the following actions update/ record is: a master file, transactions file, special journal,…

A: Transaction- A business transaction, also known as a financial transaction, is one that can be…

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.