Discuss the accuracy of the following statements regarding internal control: 1. The more computerized applications within a
Question:
1. The more computerized applications within a company’s accounting system, the lower the risk will be that fraud or errors will occur.
2. The more involved top management is in the day-to-day operations of the business, the lower the risk will be that fraud or errors will occur.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 75% (16 reviews)
1 It is not necessarily true that extensive computerized application will lower a companys ...View the full answer
Answered By
Asim farooq
I have done MS finance and expertise in the field of Accounting, finance, cost accounting, security analysis and portfolio management and management, MS office is at my fingertips, I want my client to take advantage of my practical knowledge. I have been mentoring my client on a freelancer website from last two years, Currently I am working in Telecom company as a financial analyst and before that working as an accountant with Pepsi for one year. I also join a nonprofit organization as a finance assistant to my job duties are making payment to client after tax calculation, I have started my professional career from teaching I was teaching to a master's level student for two years in the evening.
My Expert Service
Financial accounting, Financial management, Cost accounting, Human resource management, Business communication and report writing. Financial accounting : • Journal entries • Financial statements including balance sheet, Profit & Loss account, Cash flow statement • Adjustment entries • Ratio analysis • Accounting concepts • Single entry accounting • Double entry accounting • Bills of exchange • Bank reconciliation statements Cost accounting : • Budgeting • Job order costing • Process costing • Cost of goods sold Financial management : • Capital budgeting • Net Present Value (NPV) • Internal Rate of Return (IRR) • Payback period • Discounted cash flows • Financial analysis • Capital assets pricing model • Simple interest, Compound interest & annuities
4.40+
65+ Reviews
86+ Question Solved
Related Book For
Accounting Information Systems The Processes and Controls
ISBN: 978-1118162309
2nd edition
Authors: Leslie Turner, Andrea Weickgenannt
Question Posted:
Students also viewed these Accounting questions
-
Discuss the accuracy of this statement: Formal strategic planning systems are irrelevant for firms competing in high- technology industries where the pace of change is so rapid that plans are...
-
Discuss the accuracy of stock valuation, and compare it with that of bond valuation.
-
Discuss the accuracy of the following statement: The Balanced Scorecard approach is incomplete because it does not include measures on environmental performance and measures of employee health and...
-
Use the following information taken from the multi-step income statement of On That Note Music Shop to answer the questions below Account Name or Subtotal Cost of Good Sold General and...
-
Julia purchased a sweatshirt that was reduced from $42 to sell for $26. How much was her markdown? What was the markdown and the rate of markdown?
-
Find the equivalent transfer function, T(s) = C(s)/R(s), for the system shown in Figure P5.3. G1 R(s) + G5 G6 C(s) G2 G3 G4 G7 FIGURE P5.3
-
Based only on the emerging markets discussion, developments in which of the following areas most likely signal increasing risk for Country Bs equity market? A. Politics B. Competitiveness C....
-
Professor Littrell is teaching a summer seminar in business torts at State University. Several times during the course, he makes copies of relevant sections from business law texts and distributes...
-
As a construction engineer for a city, you are responsible for ensuring that the company that is providing gravel for a new road puts as much gravel in each truckload as they claim to. You plan to...
-
As a second-year financial analyst for A.J. Straub Investments, you are performing an initial analysis on Fizer Pharmaceuticals. A difficulty you've encountered in making comparisons with its chief...
-
Identify the steps involved in risk assessment. Do you think it would be effective for an organization to hire external consultants to develop its risk assessment plan?
-
Identify whether each of the following activities represents preventative controls, detective controls, or corrective controls: Job rotation Preparation of bank reconciliation Segregation of duties...
-
Convert each of the following direct quotes to dollar indirect quotes: a. 1 Korean won = $0.0009 b. 1 Malaysian ringgit = $0.3238 c. 1 Thai baht = $0.0331
-
A 1.81 kg cannonball was fired with an initial velocity of 95.4 m/s [east 12 north]. What is its momentum? (5 marks)
-
What is the amount of free cash flows in 2017?
-
286 J of work is done to increase a 14.5 kg cart's speed from 10.0 m/s. What is its speed after the work is done? (6 marks)
-
CEO of start-up with 110 employees signs an agreement that if the start-up is purchased and she is replaced, she will receive $1,000,000. The start-up is indeed acquired and she is released and paid...
-
Carla Vista Corp. has collected the following data concerning its maintenance costs for the past 6 months. Units Produced Total Cost July 20,180 $44,058 August 35,872 53,808 September 40,356 61,655...
-
Consider the velocity and temperature profiles for airflow in a tube with diameter of 8 cm can be expressed as with units in m/s and K, respectively. If the convection heat transfer coefficient is...
-
Q:1 Take any product or service offered in Pakistan and apply all determinents of customer Perceived value ?
-
Identify the journal in which each of the following transactions is recorded. 1. Cash sales 2. Owner withdrawal of cash 3. Cash purchase of land 4. Credit sales 5. Purchase of merchandise on account...
-
Indicate whether each of the following debits and credits is included in the cash receipts journal. (Use Yes or No to answer this question.) 1. Debit to Sales 2. Credit to Merchandise Inventory 3....
-
Indicate whether each of the following debits and credits is included in the cash receipts journal. (Use Yes or No to answer this question.) 1. Debit to Sales 2. Credit to Merchandise Inventory 3....
-
When would a preferred stock with a stated maturity most likely see its largest decline in price? Select answer from the options below Never, as a stated maturity date for preferred stock is not...
-
When businesses buy new factories and equipment, this is called A. imports. B. investment spending. C. stock investments. D. depreciation.
-
Cost of Production Report: Weighted Average Method The increases to Work in Process-Roasting Department for Highlands Coffee Company for May as well as information concerning production are as...
Study smarter with the SolutionInn App