Which of the following is not a function of an Accounting Information System?  a.The efficient and effective collection and storage of data concerning an organization’s financial activities b.The supply of information useful for making decisions c.The determining and evaluating of alternative courses of action d.The implementation of controls to accurately record and process data.

Q: Explain management’s responsibility for ethical financial reporting and describe the basic…

A: Management is liable for coverage and business the monetary data attributable to the subsequent…

Q: What are some of the internal controls that an accountant should put into place to determine if…

A: Accounts payable controls are designed to help mitigate loss risk in the accounts payable function.…

Q: Which of the following is not a component of an accounting system?   the input source documents…

A: The Components of an accounting system is : The Input source documents The output reports.

Q: Explain why the accounting standards are necessary in financial reporting.

A: Accounting Standards are the rules and guidelines that are used for preparation of financial…

Q: Which of the following statement best explains the need for a regulatory framework? A regulatory…

A: Financial statements are prepared for various purposes such as for external reporting, managerial…

Q: What is the rationale behind the Financial Accounting Standards Board's classification of accounting…

A: Introduction

Q: The internal control system provides reasonable assurance that the company’s objectives are being…

A: Internal control:   Internal control can be defined as a process to ensure achievement of the…

Q: hich of the following is not a function of an Accounting information system? Select one: a. The…

A: solution concept accounting information system               accounting information system is a…

Q: What processes are used to be able to ensure that all related financial details are allocated for…

A: For being able to make sound business decisions it is very important to ensure that all the related…

Q: why Chief Financial Officer must have a background on the following subjects: Financial Accounting…

A: why Chief Financial Officer must have a background on the following subjects:  Financial…

Q: An organization’s investors and creditors will primarily use information provided by:a. the…

A: Financial accounting: Financial accounting is the process of recording, summarizing, and reporting…

Q: An introduction to what are the most effective internal control systems or techniques available for…

A: Introduction to Internal control system: The internal control system consists of procedures and…

Q: If there is a Standard or Interpretation that specifically applies to a transaction, it overrides…

A: The answer for the True or false question on the applicability of Conceptual framework is discussed…

Q: True (t) or False (f) ______ Financial accounting is the process of identifying, measuring,…

A: The Statement is "True (t)".

Q: Suppose you are tasked to construct and evaluate complex financial statements, including those…

A: SASB standards are those standards which provide information in relation to the corporate…

Q: All of the following are objectives of internal control excepta. to ensure accurate and reliable…

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

Q: Which of the following are considered secondary characteristics of accounting information? a.…

A: Secondary Qualitative Characteristics of accounting information is how useful the information is.…

Q: Why is it important to organizationally separate the accounting function from other functions of the…

A: Accounting functions: The functions that are related to maintenance of records of the financial…

Q: Which of the following is NOT a purpose of the Transaction Processing System?a. managing and…

A:

Q: Accuracy of information is important but the timeliness of information is focused in management…

A: Solution:- Definitions:- Timeliness is how quickly information is available to users of accounting…

Q: A conceptual framework for financial reporting is a statement of generally accepted theoretical…

A:

Q: Which of the following is not considered to be part of the internal control structure of a…

A: Every business organisation has its own objectives and goals. Business wants to achieve that goals…

Q: Which of the following characteristics does NOT pertain to management accounting? OA. Has externally…

A:

Q: Which of the following statements are True? a) The financial statements are management's…

A: management is primarily responsible for the preparation and presentation of financial statements.…

Q: What is involved in the legal requirements of financial governance? Select an answer: having a…

A: According to the given question, we are required to find out the correct option from the available…

Q: Financial accounting information can be used for internal reporting purposes.

A: The costs involve the fixed cost and variable cost in the production process of the company.

Q: When it comes to the contemporary practice of accounting, what is the significance of the Accounting…

A: Here is the Answer

Q: Which of the following statements about an accounting information system (AIS) is incorrect ?(CPA…

A: There are 4 options given with regards to the given concept and one of them is them is incorrect and…

Q: Which of the following statements regarding users of financial information is correct? Managers of…

A: Financial statement means the statement including income statement , balance sheet , cash flow…

Q: Describe the recognition, measurement, and disclosure concepts that guide accounting practice.

A: Accounting concepts are referred to the basic assumptions, principle and rules which guides the…

Q: Which is one of the most important roles of the accounting function within an organization?

A: Accounting Function: Accounting function are the functions related to maintenance of records of the…

Q: Accounting is an information and measurement system that identifies, records and communicates an…

A: Accounting are often outlined because the method of recording, classifying, summarising the money…

Q: Which of the following characteristics does NOT pertain to management accounting? A. Has externally…

A: Management accounting means an field of accounting where accounting information is used in such a…

Q: Which one of the following concepts is an important issue for the Auditors of financial accounts?…

A:

Q: Which of the following is an attribute of the internal control procedure—assignment of​…

A: The process by which the operational efficiency and effectiveness in the organizational objectives…

Q: Which of the following is not considered to be part of the internal control structure of a company?…

A: Answer:  Publish accurate financial statements on a regular basis.

Q: Briefly explain the importance of independence of the accounting function in Accounting Information…

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

Q: One output of the accounting information system is the balance sheet. Transactions commonly…

A: Accounting information system is one of the important system that is being used for maintaining and…

Q: In general, what is the conceptual framework that underlies accounting principles, and how  does it…

A: A conceptual framework can be defined as a system of ideas and objectives that lead to the creation…

Q: Explain how accounting is used to track and monitor the principal business activities of an…

A: Accounting: Accounting can be defined as the process of identifying, classifying and recording the…

Q: Briefly discuss the role of the control accounts in the identification of missing figures in the…

A: The control accounts is a kind of adjustment account which gives a summary of a particular ledger…

Q: Evaluation of the appropriateness of accounting policies used and the reasonableness of accounting…

A: Evaluation of the appropriateness of accounting policies used and the reasonableness of accounting…

Q: Indicate which of the following statements are moredescriptive of management accounting than of…

A: Managerial accounting represents the practice of identification, measurement, analysis,…

Q: What is meant by generally accepted accounting principles,and how do these principles add to the…

A: