Question: Describe why it is true that there may be two authorizations related to sales, revenue, and conversion processes before they are posted to the general

Describe why it is true that there may be two authorizations related to sales, revenue, and conversion processes before they are posted to the general ledger.

Step by Step Solution

★★★★★

3.37 Rating (169 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock

In a properly controlled accounting system transactions within the revenue ... View full answer

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Document Format (1 attachment)

375-B-A-I-S (5525).docx

120 KBs Word File

Students Have Also Explored These Related Accounting Questions!

It has been pointed out that there may be increased amounts of NO in the troposphere as compared with the past because of massive use of nitrogen-containing compounds in fertilizers. Assuming that NO...

Explain why it is true that for a firm in a perfectly competitive market, P = MR = AR.

Describe why it is not usually appropriate to use the coupon rate on a firms bonds to estimate the pretax cost of debt for the firm.

"Explain the internal control environment of financial capital and investment processes." "Describe why there may be two authorizations related to revenue, expenditures, and conversion processes...

Describe why there may be two authorizations related to revenue, expenditures, and conversion processes before they are posted to the general ledger.

There are two problems due this week (each worth 35 points) as follows. Problem 1.6 (page 20) In comprehensive paragraphs, answerrequirements a to e. You will have 5 paragraphs total of four to five...

Hello, Can you help me to finish step 5 to step 10, and also make a cash flow statement at the end? Here I attach the instruction file and the excel file that you continue to work on. There were some...

Instructions 1.The due date for this assignment is Friday 16 July (Session 10) at 5pm via the online LMS portal under Session 10. Late submission will not be accepted. 2.This assignment is designed...

You are trying to find the value of the network of Sam's Clubs stores and you are considering using Costco as a comparable. You must choose from a variety of available multiples. For example, you...

3) Enterprise resource planning system (ERP) is one of the major business initiatives: a. Discuss what is ERP. Support your answer with two examples of ERP software applications? (15 points) b....

Did the outsourcing of bike production to China and other countries during the 19802018 period benefit American consumers? Did it benefit American bike producers?

Study Source A. Why was Mr Jinnah-shocked?

Selected transactions for Ruiz Advertising Company, Inc., are listed here. 1. Issued common stock to investors in exchange for cash received from investors. 2. Paid monthly rent. 3. Received cash...

McBride Company entered into these transactions during May 2010. 1. Purchased computers for office use for $30,000 from Dell on account. 2. Paid $4,000 cash for May rent on storage space. 3. Received...

During 2010, its first year of operations as a delivery service, Lopez Corp. entered into the following transactions. 1. Issued shares of common stock to investors in exchange for $100,000 in cash....

Classify the following situations it if requires Descriptive or Inferential statistics. The problem solving abilities of students were interpreted by classifying their average or scores as excellent,...

(Java) Create a simple Servlet Filter application and design a UML class diagram showing its usage and purpose.

Question 3 70 adults with gum disease were asked the number of times per week they used to floss before their diagnoses. The (incomplete) results are shown below: # of times floss per week Frequency...