BARTLEBY should not be copied. Explain simply what accounting is

Q: In order to be relevant, financial information must have O neutrality. O confirmatory or predictive…

A: Financial information is the information regarding the financial aspects of business and this…

Q: Distinguish between responsibility, authority, and accountability.

A: Responsibility: When a sub-ordinate is obligated to perform the duties assigned to him, it becomes…

Q: Which of the following is false about accounting information systems?A. They provide reports that…

A: Accounting is the process of recording, classifying and summarising accounting information in order…

Q: Only those transactions involving material amounts should be authorized before they are executed. *…

A:

Q: Which is not a benefit of computerized accounting system?

A: Computerized accounting system is the one whereby the accounting of the transactions is being done…

Q: When transactions are entered in wrong accounts, the classification assertion is violated. * True…

A: Classification Assertion. The assertion is that all transactions have been recorded within the…

Q: Which of the following error will be called as an Error of Commission?

A: The error of principle states that it is a error when entries are posted correct for amount but in…

Q: both financial and management accounting rely exclusively on gaap for reporting true false

A: Financial accounting is that branch of accounting which deals with preparation and circulation of…

Q: How would you find errors in recording transactions and what is the process to correct errors?

A: Often, adding a journal entry will fix an accounting error. The journal entry adjusts the retained…

Q: Computers remove a fundamental separation of functions between authorizing and processing…

A: It is a true statement that computers remove a basic separation strategy of separating the functions…

Q: what is stale checks in accounting

A: Introduction: Banks: Banks accepts deposits from the public and gives loans to the needy people or…

Q: True or false, the individual posting account balance right offs should be given complete authority…

A: The write-off refers to the amount that is deducted from the receivables balance because this is the…

Q: A company cannot choose whether a mandatory information should be provided in the administration…

A: It is compulsory to provide the mandatory information in the administration reports or in the notes…

Q: Elaborate about The duty to not misrepresent.

A: A obligation is a promise or expectation to do something in general or in specific situations. In an…

Q: For what reasons is it a wise policy to keep credit appraisal and sanctioning from the work out…

A: Credit appraisal refers to a bank's investigation/assessment of a project's commercial, financial,…

Q: Distinguish between a fictitious transaction and an artificial transaction?

A: The difference between fictitious transaction and an artificial transaction is based on the…

Q: what are the objectives of eliminating the receiving function. What accounting/audit problems need…

A: Receiving Department:   The receiving department is in obligation of inspection and the receiving…

Q: Who are covered by the anti-bribery provisions?  Who are covered by the accounting provisions?

A: The Foreign Corrupt Practices Act of 1977 (FCPA) is a United States federal law  known primarily for…

Q: Provide one example where information is not relevant but is faithfully represented.

A: Relevance is the primary characteristic of financial information which says that the information…

Q: What is the effect of not returning all client-provided documents upon request?

A: If an auditor is not returning all client provided documents upon request, then this act is an…

Q: What cause Fraud in Computerised Accounting

A: Computerized Accounting System:   A computerized accounting system are software programs that are…

Q: Explain why the ledger can still contain errors even though the trial balance is in balance. Give…

A:

Q: What do we call it when one party has more information than the other party does in a transaction? O…

A: B . Assymetric information

Q: In the Framework, it is possible that an entity may not disclose relevant information. Why?

A: The <IR> Framework is the International Integrated Reporting Framework, which presides over…

Q: INSTRUCTION(s): For every general potential error type enumerated below, list down some basic…

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

Q: What alternative procedures should be applied to accounts that do not return confirmations?

A: Confirmation of accounts receivable:  When the auditor has examined the documents of the clients…

Q: Is there a difference between computerized and manual accounting systems? What makes these two…

A: Introduction: The term "computerized accounting system" refers to the use of computer…

Q: Clear lines of authority and responsibility are essential to establishing a responsibility…

A: Responsibility Accounting System:  Its a system which Divides the Entire Organization in to multiple…

Q: It is not an objective of accounting control Develop operational efficiency resource protection las…

A: The answer for the multiple choice question and relevant explanation are presented hereunder :…

Q: most common types of accounting distortions

A: Accounting distortions are differences occur when comparing the reported financial information with…

Q: Which of these statements are true about information? Check all that apply. O Data that has been…

A: In the given case the following statements are true.. Data that has been processed is Information...…

Q: How would you find errors in recording transactions and what is the process to correct errors?…

A: Accounting error: Accounting errors can be defined as omission of the fundamental accounting…

Q: Dicuss the techniques an imposter can use to breach into an accounting information system.

A: Computer Fraud: A computer fraud is an unlawful act committed by the employees in an organization…

Q: The primary qualities that make accounting information useful for decision-making are :(a) Relevance…

A: Accounting information: Accounting information refers to the data or the information about the…

Q: Which of the following is NOT true of a turn- around document? a. They may reduce the number of…

A:

Q: What is a MIS report, why is it  prepared?

A: MIS is Management Information System. Management information system is an integrated collection of…

Q: Distinguish between responsibility, authority, and accountability.

A: Responsibility: When a sub-ordinate is obligated to perform the duties assigned to him, it becomes…

Q: Some accountants argue that the receiving department should be eliminated. Discuss the objective of…

A:

Q: Distinguish between responsibility, authority, and accountability

A: Responsibility: When a sub-ordinate is obligated to perform the duties assigned to him, it becomes…

Q: . In the relational database environment, certain accounting records (for example, journals and…

A: Determine the reason for non-existence of accounting records in the relational database environment.

Q: Explain the primary functions of internal controls procedures in the accounting area. What is meant…

A: Internal control: The internal control refers to the plan of a company. Implementation of effective…

Q: How to ensure that overstatement as well as misstatements of account balances due to redundancy and…

A: Overstatement of account balances means reporting the account balances at an amount above the actual…

Q: Discuss how a change in accounting policy is handled when it is impractical to ascertain earlier…

A: This question explains about  impractical to ascertain earlier values due to unforeseen…

Q: Generally, test of details of transactions is used when account balances are affected by large…

A: Test of details of transaction: Testing of transactions which give rise to the ending balance of a…

Q: In a relational database environment, certain accounting records (for example, journals, subsidiary…

A: Relational Database Management System is a system used for database management in which data is…

Q: Distinguish between responsibility, authority, and accountability.

A: Accountability simply means to answer about the things which are in his or her power. And power…

Q: Do you need to eliminate inter-company transactions when it comes to JV? explain briefly.

A: A joint venture is a business entity that can be defined as a joint arrangement where the parties…