Answered: Which of the following is not one of…

Which of the following is not one of the nine features of an internal control system? Multiple Choice Having employees covered by a fidelity bond Establishment of clear lines of authority

Accounting Information Systems

10th Edition

ISBN:9781337619202

Author:Hall, James A.

Publisher:Hall, James A.

Chapter11: Enterprise Resource Planning Systems

Section: Chapter Questions

Problem 9P

See similar textbooks

Related questions

Q: Sunland Corporation, a private company, began operations on January 1, 2020. During its first three…

A: Retained earnings are the earnings of the company which have been accumulated over a period of time.…

Q: A process cost system would be appropriate for Oa. custom cabinet builder b. natural gas refinery…

A: There are many methods of costing and costing depends on the industry and types of customers and…

Q: Required information Problem 04-46 (LO 04-3) (Algo) [The following information applies to the…

A: According to the given question, we are required to compute the deduction for qualified business…

Q: Prepare the journal entry to record Jevonte Company's issuance of 36,000 shares of its common stock…

A: Journal entry :— It is an act of recording transaction in books of account when it is occurred.…

Q: Kirkwood Limited intends replacing plant and equipment that has reached the end of its useful life.…

A: Depreciation refers to the amount that is charged on fixed assets, by which the asset value…

Q: Problem 1: Candyman Company is a wholesale distributor of candy. The company services grocery…

A: “Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…

Q: At January 1, 2021, Café Med leased restaurant equipment from Crescent Corporation under a nine-year…

A: Lease financing: - It is a contractual agreement between the owner of the asset who grants the right…

Q: On July 1, 2021, the Canada Bank lent $37,000 to Sheffield Limited. The 18-month loan bears interest…

A: For bank, issue of loan results in reduction in cash balance and increase in receivable balance

Q: Sandy Copper needs to work late at the office, much later than the time that doggie day care closes…

A: In order to get money from their customers, businesses must produce invoices. Invoices operate as…

Q: Dake Corporation's relevant range of activity is 2,000 units to 6,000 units. When it produces and…

A: Direct manufacturing costs means the costs that are directly involved in the making or the…

Q: Cool Pool has these costs associated with production of 21,916 units of accessory products: direct…

A: calculation of cost per unit under absorption method are as follows

Q: Christie sued her former employer for a back injury she suffered on the job in 2019. As a result of…

A: Introduction: Gross income refers to the gross profit made by a corporation through the selling of…

Q: The following data are available pertaining to Household Appliance Company's retiree health care…

A: “Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…

Q: Equity Method Accounting, Second Year Palmetto Corporation acquired all of the voting stock of…

Q: ! Required information Problem 04-46 (LO 04-3) (Algo) [The following information applies to the…

A: Business income refers to the amount that is earned from operations or day-to-day activities. These…

Q: The following information is available for ADT Company, which produces special-order security…

A: Journal entries are the recording of the transactions of the business in order to maintain a proper…

Q: Sunspot Beverages, Limited, of Fiji uses the weighted-average method in its process costing system.…

A: "Since you have posted a question with multiple sub-parts, we will solve the first three sub-parts…

Q: QUESTION 2 Jane Lee maintains double-entry records; she has supplied the following information: RM…

A: Ledgers are the accounts that summarize transactions related to a particular head so that the net…

Q: On January 1, 2023, Grouper Corporation purchased 30% of the common shares of Martz Limited for…

A: In the above question is asked only how the statement of comprehensive income is affected in 2023…

Q: Which of the following is not negotiable? A. “I bind myself to pay to the order of P, PhP30,000”.…

A: Negotiable instrument a written consent provided that promise or order to pay a certain amount with…

Q: Joyce has never invested in shares before. She has come to you, as a prospective finance graduate,…

A: Introduction The least income (returns) a shareholder will seek or expect in exchange for assuming…

Q: Cally Company owns current assets with a market value of $4,000,000 and plant and equipment with a…

A: Acquisition is when one company purchases a controlling interest in the other Company. It means…

Q: Peter Company acquired 80 percent of the common stock of Paul Company on January 1, 2022, when Paul…

Q: Ocean Sails manufactures sailing boats in two models: the Wave Rider and the Stress Killer. The…

A: Given in the question: Fixed Manufacturing Overhead = 3,500,000 The variable cost of goods sold is…

Q: What makes a check negotiable? (Pick all correct answers) A. must be printed B. must be in writing…

A: The negotiable instrument is a type of written document in which one party promises to pay a certain…

Q: Question: Buffalo Company manufactures equipment. Buffalo's products range from simple automated…

A: recording of journal entry with necessary calculation are as follows

Q: Following is the alphabetized account information. Assume all accounts have normal balances.…

A: UNADJUSTED TRAIL BALANCE An unadjusted trial balance help to checks whether the sum of all…

Q: Sandhill Company manufactures equipment. Sandhill's products range from simple automated machinery…

A: Journal entries are the first step in recording financial transactions. With Accounts posted to the…

Q: This year (2022), Evan graduated from college and took a job as a deliveryman in the city. Evan was…

A: Taxable Income: - Taxable income is the total income of an individual after all expenses and…

Q: Accounting Selected accounts with amounts omitted are as follows: Work in Process 251,340 Aug. 31…

A: WORK IN PROCESS INVENTORY Work-in-process inventory is materials that have been partially…

Q: During the year ended 30 June 2021, a parent entity rents a warehouse from a subsidiary entity for…

A: Journal entries are first step of recording of accounting transactions. These are recorded in…

Q: Markus Company's common stock sold for $4.75 per share at the end of this year. The company paid…

A: Return on total assets represents the efficiency of the company to generate income by investing in…

Q: Jake sold stocks shares he had owned 3 years. Jake is in the 35% marginal tax bracket and his…

A: Capital gain is of two different types which are long-term and short-term. The long-term gain arises…

Q: ACTIVITY STATEMENT OF FINANCIAL POSITION The following were taken from the books of James Bred for…

A: According to the given question, we are required to prepare the statement of financial position in…

Q: A report prepared periodically by a processing department, summarizing (1) the units for which the…

A: The cost of production report (CPR), a document utilized in process costing systems, compiles data…

Q: Using the chart of accounts in Figure 2-1, determine the changes to the balance sheet, income…

A: Answer: Balance Sheet : Assets 130 Inventory. $ 0…

Q: sheet on December 30, 2025, so that the CFO could get an idea of how the company stood. He knows…

A: Current ratio is a liquid ratio that measures a company's ability to pay short term obligation or…

Q: ates are determined by iding the cost budgeted for each activity pool by t e for that pool iding the…

A: Activity rate is used in activity based costing. Activity rate is then multiplied into usage to…

Q: A technician makes an annual check on an oil burner. The charges for itemsand services are:1 gun…

A: In this question given blank bill asked to be completed but we are not allowed to photoshop the…

Q: Differentiate treasury shares with redeemable shares. (With explanation and example)

A: Many companies have more than one type of shareholder and it's possible to issue different share…

Q: Nelson Corporation is required to record an inventory write-down of $2,500 as a result of using the…

A: Financial statements are written records that summaries a company's operations and financial…

Q: Can you show me the calculations to get these numbers: 40/80, 40/80, 20/80, 60/80

A: Direct allocation method is the one using which the costs incurred by service departments are…

Q: Capital contribution: Naidoo R200 000 Pillay R300 000 The remaining profit of R700 000 will be…

A: Partnership is one form of business organisation under which two or more than two persons join their…

Q: AMT depreciation of personal property is calculated using which method? Multiple Choice O…

A: Alternative minimal is tax system which operates under regular tax system. It will add some of…

Q: Explain what is meant by the impairment of the value of property, plant, and equipment and…

A: Property, plant, and equipment are defined as fixed assets with a useful life of more than a year…

Q: Taylor Company had beginning inventory of $1,180 and ending inventory of $1,680. Taylor Company had…

A: Cost of goods sold is defined as the value (or carrying cost) of inventory of finished goods or…

Q: Mohlaletse Ltd was incorporated with an authorised share capital of 1 000 000 NPV ordinary shares…

Q: Initial investment cost Savings (from suppliers) Total variable cost Transportation cost New costs…

A: SUPPLIER CHARGES =$1.50 MANUFACTURER CHARGES = $1.20 TRANSPORTATION COST =$12000 SALVAGE VALUE…

Q: The April 30 bank statement for Trimble Corporation shows an ending balance of $37,169. The…

A: Bank reconciliation: It is a statement drawn up by the business to verify the cash book balance with…

Q: Peach Company paid $250,000 in cash and issued 80,000 ordinary shares of $10 par value on January 1,…

Question

Which of the following is not one of the nine features of an internal control system?
Multiple Choice
Having employees covered by a fidelity bond
Establishment of clear lines of authority
Customer service comment cards
Requiring regular vacations for certain employees

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

Step 2

Step 3

Step 4

Trending now

This is a popular solution!

Step by step

Solved in 4 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

Mini-Case Analysis Authorization of transactions is considered a key role in most organizations. Authorizations should not be made by individuals who have incompatible functions: Required: Indicate the individual or function (e.g. the head of a particular department) that should have the ability to authorize each if the following transactions. Briefly indicate the rationale for your answer. Writing off old accounts receivable Paying the employee for overtime Shipping goods on account to a new customer Temporarily investing funds in common stock investments instead of money market funds Rewriting the company’s major computer programs for processing purchase orders and accounts payable (the cost of rewriting the program will represent one quarter of the organization’s computer development budget for the year.
If the branch receives credit memo from the home office, the branch shall record it in its separate statement of financial position by Disclosure Debiting the home office account Crediting the home office account Increasing the home office account
Multiple choice question Which of the following statement is not correct? Employees who approve the payment should not also prepare cheques Control relies heavily on separation of record keeping and custodianship Making all payments by electronic transfer or by cheques is necessary for a good internal control system. All of the statements are correct.
Under a system of good internal control, which of the following departments issues a voucher? Question 41 options: The accounts payable department The shipping department The purchasing department The billing department
Which of the following is not an internal user? a. Creditor b. Department manager C. Controller d. Treasurer 9.
What secondary source of data can I use for the following research topic: COVID-19 : A Threat to the Financial Resiliency of Hotel Employees. Include citations or links if possible
Which of the following is an internal control activity that could prevent a paid disbursement voucher from being presented for payment a second time?a. Vouchers should be prepared by individuals who are responsible for signing disbursement checks.b. Disbursement vouchers should be approved by at least two responsible management officials.c. The date on a disbursement voucher should be within a few days of the date the voucher is presented for payment.d. The official who signs the check should compare the check with the voucher and should stamp “PAID” on the voucher documents.
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).
Which of the following IT controls would a company appropriately use to mitigate the risk of unauthorized access to its payroll data? a. Validity checks b. Biometric devices c. A neural network d. Employee purchase cards
in qyuickbooks Which steps should be followed to set up the different types of payments accepted from clients?
Question 1 For each of the following records, indicate the appropriate related file structure: master file, transaction file, reference file, or archive file customer ledgers sales orders vendor ledgers hours each employee has worked during the current pay period. Tax tables.
the accounts payable (A/P) clerk asked you to open an account named New Expenses. You know that an account name should be specific and well defined, and you're afraid the A/P clerk might charge some expenses to the account that are inappropriate. Why do you think the A/P clerk needs the New Expenses account? Who needs to know this information and what action should you consider?