purpose of control accounts'
Q: ine Internal Control CORIT DIT E
A: 1. Internal control—a process affected by a college or university's governing board,…
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: How do automated authorization procedures differ from manual authorization procedures?
A:
Q: Define control decisions.
A: Managerial accounting: Managerial accounting is a system, or a process of collecting and organizing,…
Q: Which type of control is considered a compensating control? a. segregation of duties b. access…
A:
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: How discussing control with the apprpriate levels of personnel in internal control system?
A: To achieve the organisation’s goals & objectives the board of directors along with the top tier…
Q: Relationship between IT Control and Financial reporting
A: Information Technology (IT) control can be defined as the specific activities that are performed by…
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: Explain internal control. Suggest suitable system of internal control of CSD.
A: Internal control is the procedure, rules used by business in order to ensure the solidarity of the…
Q: ut control. cessing control. put control.
A: Control refers to the concept of having the desired power or authority to mold or manipulate an act…
Q: What is (are) the purpose(s) of maintaining a valid vendor file?
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Q: Match the conditions for internal control to each of the policies listed.
A: Internal Control: Internal control is a process which ensures continuous reliability of…
Q: Discuss any separation of duties necessary to control against unauthorized entries to the general…
A: General Ledger: The financial information required for the preparation of financial reports of…
Q: What's control account?
A: Accounting means the summarizing, recording and analyzing of the all business transaction during a…
Q: What information is contained in the general ledger master file?
A: General Ledger: The financial information required for the preparation of financial reports of…
Q: A company's internal control system:
A: ABOUT COMPANY'S INTERNAL SYSTEMS AS UNDER
Q: Explain discretionary access privileges.
A: In discretionary access privilege, the proprietor of the item indicates which subjects can get to…
Q: important to manage transaction exposure
A: The RISK - posed by firms participating in international commerce that currency exchange rates will…
Q: what is Reference control ?
A: I assumed as a question, as what is meant by the reference to cost control?
Q: How does the Genral Ledger work?
A: General ledger is the account prepared by the company for each transactions made by the company. It…
Q: Define collection policy
A: Introduction: A mutual responsibility between the operating departments, accounts receivables is to…
Q: What type of internal control is preparing batch totals for check processing?
A: Internal controls: It refers to those rules and procedures that are implemented by an enterprise for…
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: Differentiate management control from joint control.
A: Control refers to the authority to make important decisions and rule other important activities of…
Q: An element of internal control is a. risk assessment b. controlling accounts c. journals…
A: Introduction: Fraud: To deceive the others intentionally called as Fraud. There are several types of…
Q: internal controls
A: Financial statements may be manipulated by the employees of the organization to exploit…
Q: internal reporting.
A: Option a is wrong because one of the options is correct. Option b is wrong because ABC can only be…
Q: How testing transaction as appropriate in in
A: Internal Control System: An internal controls system includes a group of rules, policies, and…
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: 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: Is it necessary to have several entries in a control structure? why?
A: Control structure is an amalgamation of the polices and procedure , which is implemented to ensure…
Q: Reconciliations of the General Ledger Control Accounts to the Subsidiary Ledgers are an example of…
A: In this we quote an example of Reconciliations of the General Ledger Control Accounts to the…
Q: What is a run-to-run control?
A: During computer processing, processing controls keep an eye on the quality of accounting results.…
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,…
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…
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- The notes receivable is debited by the bookkeeper instead of accounts receivable. What is the effect of the error in the total assets of the entity? a. No effect b. Cannot be determined based on the given information c. Understated d. OverstatedSTATEMENT 1: The purpose of performing compliance tests is to provide reasonable assurance that transactions are recorded at the amounts executed. STATEMENT 2: The process of analyzing subsidiary ledger accounts of accounts receivable to determine those accounts which are current, past due, and collectible is called anolysis. A. Only Statement 1 is incorrect B. Only Statement 1 is correct C. Both statements are incorrect D. Both statements are correctWhich statement is NOT correct for an expenditure system with proper internal controls?a. Cash disbursements maintain the check register.b. Accounts payable maintains the accounts payable subsidiary ledger.c. Accounts payable is responsible for paying invoices.d. Accounts payable is responsible for authorizing invoices.
- Discuss, using practical example the effect of prepayment figures on the preparation of a financial statement? Suggest Four reasons why there might be difference between the balance on the receivable ledger control account and the total list of the list of accounts receivable ledger balances.? Discuss, using practical example how revenue expenditure should not be capitalized ?Which one of the following statements is true? a. When a company uses a subsidiary ledger, the balance in the control account, Accounts Receivable, shows only the amount the company expects to collect from the accounts receivable, net of any expected uncollectible accounts. b. An accounts receivable subsidiary ledger represents amounts due to vendors and suppliers. c. The balance in the control account, Accounts Receivable, should be equal to the sum of the balances in the subsidiary ledger for accounts receivable. d. A subsidiary ledger takes the place of the control account for some companies.The payment of supplier’s account is debited to accounts receivable. What is the effect of the error in assets and liabilities of the entity? Group of answer choices a. Assets - understated; Liabilities - understated b. Assets - understated; Liabilities - overstated c. Assets - overstated; Liabilities - overstated d. Assets - overstated; Liabilities - understated
- Which of the following statements is correct? Select one: a. Account receivable turnover is equal to net credit sales divided by average net accounts receivable. b. Buying aged receivables from businesses and then collects the payments directly from the customers is called Allowance for uncollectible accounts. c. Auto generated document numbers is a fraud preventive method which is more efficient than physical controls. d. If the same people are responsible for a series of related accounting activities is called Segregation of Duties.The collection of accounts of Customer Alexander is recorded as a credit to the ledger of Customer Sean. What is the effect of the error in the total assets of the entity?Normally revenue is recognized when: A. the customer order is receivedB. the customer order is accompanied by a checkC. the transaction results to recording an accounts receivableD. when the title of the goods changes
- The payment of supplier’s account is debited to accounts receivable. What is the effect of the error in assets and liabilities of the entity? Assets - overstated; Liabilities - overstated Assets - understated; Liabilities - overstated Assets - understated; Liabilities - understated Assets - overstated; Liabilities - understatedWhich of the following is true? a. When individual customers’ accounts have credit balances of material amounts, these amounts must be deducted from the debit balance in other customers’ accounts on the statement of financial position. b. Sales revenue is increased by a recovery of an account previously written off. c. It is appropriate to measure the impairment of receivables based on recognized sales and other revenues. d. A noninterest-bearing promissory note is measured on the statement of financial position at face value less the amount of unamortized discount.Which of the following statements is associated with analytical procedure test? a. It helps to identify the errors in journal and ledger. b. It helps to test the internal control system. c. It helps to study the comparison of relationships among balance sheet accounts. d. It helps to discover detailed misstatements in the financial statements.