Explanation Journal Voucher: The journal voucher provides the input for the general ledger. The entries providing adjustments, day to day transactions entries and closing journal entries are all reconciled by the medium of journal voucher into the general ledger. The following figure shows journal voucher listing and general ledger change report as the control mechanisms: Fig (1) The changed real-time general ledger system shows the general ledger change report and the journal voucher listing as the control mechanisms. The general ledger system is split into the general ledger master file and others. The general ledger is updated from the master file and the history file. The updates in the general ledger are posted to the journal voucher file. The control over the general ledger system and financial reporting system helps in mitigating the risks of misrepresenting of financial statements and reports...

MindTap Accounting, 1 term (6 months) Printed Access Card for Hall's Accounting Information Systems, 10th

10th Edition

ISBN: 9781337619257

Author: Hall, James A.

Publisher: Cengage Learning

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Question

Chapter 8, Problem 7P

To determine

Draw a diagram which incorporates the journal voucher listing and general ledger change report as control mechanisms. Describe the specific controls which would be imposed on the system.

Expert Solution & Answer

Chapter 8 Solutions

MindTap Accounting, 1 term (6 months) Printed Access Card for Hall's Accounting Information Systems, 10th

Ch. 8 - What information is contained in a journal...Ch. 8 - How are journal vouchers used as a control...Ch. 8 - Prob. 3RQ Ch. 8 - Prob. 4RQ Ch. 8 - What is the purpose of a responsibility center...Ch. 8 - Prob. 6RQ Ch. 8 - Name, in order, the 11 steps of the financial...Ch. 8 - Prob. 8RQ Ch. 8 - When are adjusting entries made, and what is their...Ch. 8 - Prob. 10RQ

Ch. 8 - Prob. 11RQ Ch. 8 - Prob. 12RQ Ch. 8 - Prob. 13RQ Ch. 8 - Prob. 14RQ Ch. 8 - What is an XBRL taxonomy?Ch. 8 - Prob. 16RQ Ch. 8 - Prob. 17RQ Ch. 8 - Explain how the formalization of tasks promotes...Ch. 8 - Prob. 19RQ Ch. 8 - Distinguish between narrow and wide span of...Ch. 8 - Prob. 21RQ Ch. 8 - Prob. 22RQ Ch. 8 - Contrast the four decision typesstrategic...Ch. 8 - Prob. 24RQ Ch. 8 - What management levels are more likely to deal...Ch. 8 - Prob. 26RQ Ch. 8 - Prob. 27RQ Ch. 8 - Prob. 28RQ Ch. 8 - What are the two phases of responsibility...Ch. 8 - What are the three most common forms of...Ch. 8 - What is goal congruence?Ch. 8 - Prob. 32RQ Ch. 8 - Prob. 33RQ Ch. 8 - Prob. 34RQ Ch. 8 - Explain some reporting techniques that may cause...Ch. 8 - Prob. 36RQ Ch. 8 - What types of variances are found on cost center...Ch. 8 - Distinguish between a profit center and an...Ch. 8 - Prob. 39RQ Ch. 8 - Prob. 40RQ Ch. 8 - Prob. 41RQ Ch. 8 - Prob. 1DQ Ch. 8 - Prob. 2DQ Ch. 8 - Explain how erroneous journal vouchers may lead to...Ch. 8 - Prob. 4DQ Ch. 8 - Prob. 5DQ Ch. 8 - Prob. 6DQ Ch. 8 - Prob. 7DQ Ch. 8 - Prob. 8DQ Ch. 8 - If management control and strategic planning...Ch. 8 - Prob. 10DQ Ch. 8 - Prob. 11DQ Ch. 8 - Prob. 12DQ Ch. 8 - Prob. 13DQ Ch. 8 - Prob. 14DQ Ch. 8 - Prob. 15DQ Ch. 8 - Why are cost centers considered to be more...Ch. 8 - Explain how a production quota used to evaluate a...Ch. 8 - Prob. 18DQ Ch. 8 - Prob. 19DQ Ch. 8 - Prob. 20DQ Ch. 8 - Prob. 21DQ Ch. 8 - Prob. 22DQ Ch. 8 - Which of the following statements best describes a...Ch. 8 - Prob. 2MCQ Ch. 8 - Which of the following is NOT an output report of...Ch. 8 - Prob. 4MCQ Ch. 8 - Prob. 5MCQ Ch. 8 - Prob. 6MCQ Ch. 8 - Hercules Inc. uses a performance reporting system...Ch. 8 - Prob. 8MCQ Ch. 8 - Which of the following statements is true? a....Ch. 8 - Which of the following budgeting processes is...Ch. 8 - Prob. 11MCQ Ch. 8 - At what level of management is the long-range...Ch. 8 - Which is the fundamental purpose of responsibility...Ch. 8 - Prob. 14MCQ Ch. 8 - An investment center is described best by which of...Ch. 8 - Prob. 1P Ch. 8 - FINANCIAL REPORTING PROCESS The following contains...Ch. 8 - Prob. 3P Ch. 8 - Prob. 4P Ch. 8 - Prob. 5P Ch. 8 - Prob. 6P Ch. 8 - Prob. 7P Ch. 8 - ORGANIZATIONAL CHART Prepare an organizational...Ch. 8 - DECISION LEVEL Classify the following decisions as...Ch. 8 - Prob. 10P Ch. 8 - ORGANIZATION STRUCTURE AND SPAN OF CONTROL Refer...Ch. 8 - ORGANIZATION STRUCTURE AND SPAN OF CONTROL Refer...Ch. 8 - CMA-ADAPTED ORGANIZATIONAL STRUCTURE While...Ch. 8 - CMA-ADAPTED PERFORMANCE MEASURES The Star Paper...Ch. 8 - Prob. 15P Ch. 8 - MANAGEMENT BY EXCEPTION A variety of quantitative...Ch. 8 - Prob. 17P

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