Users who do not directly run the organization and have limited access to accounting information are called (internal/external) BLANK users.
Q: hat are the accounting information needed by: a. Internal users b. External users
A: Accounting Information:- This is that information that is required by both external and internal…
Q: Explain the problems associated with inappropriate accounting practices.
A: Fraud: Fraud is a malicious act committed by people to fulfill their personal benefits. In case of…
Q: Can you name some common errors in accounting?
A: Some of the common errors in Accounting are as under: Error of omissions: Here some transactions…
Q: Which of the following statements does not fit the job title? An accounting clerk works out…
A: Accounting clerks means that the person who use to pass out the regular accounting work including…
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: Why are traditional accounting events such as recording a transaction in a journal or posting to…
A: The traditional accounting events such as recording transaction in a journal not modelled in REA…
Q: Please explain in your own words the issues that a financial analyst may encounter without…
A: The ledger accounts will be prepared taking the journal as the source document. The ledger accounts…
Q: Accounting is categorized as a supporting process in managing operations of any organization O a.…
A: There are three processes in managing the operation of any organization Upper Management process…
Q: True or false, the individual posting account balance right offs should be given complete authority…
A: The write-off refers to the amount that is deducted from the receivables balance because this is the…
Q: What can be understood by Staff Accounting Bulletins?
A: International Financial Reporting Standards (IFRS): International Financial Reporting Standards is…
Q: Which of the following users is not considered an internal user of accounting O a. An employee O b.…
A: Internal user of accounting means the stakeholder within the organization who uses the accounting…
Q: Which of the following statements is false? a. Most computerized accounting systems use principles…
A: Answer: a) Subsidiary ledgers and special journals are only useful when a business doesn't have a…
Q: Controls that enhance the accuracy and reliability of the accounting records are automated…
A: Accounting control is the manner in which process are configured to. Manage risk within an…
Q: Which of the following would not be considered internal users of accounting data for a company? a.…
A: The company produces accounting data in the form of financial reports and related disclosures. There…
Q: A backlog in recording transactions is an example of a warning sign from the accounting system. True…
A: In an accounting system,financial transactions need to be recorded to account for them. A…
Q: Which of the following statement is incorrect? Select one: a. Cost accounting is not required by law…
A: Financial accounting, management accounting and cost accounting are three different forms of…
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: If a transaction cannot be recorded in a special journal, it indicates that the company should adopt…
A: If the transaction is not recorded in a special journal then it is recorded in General journal…
Q: Why are traditional accounting events,
A: Answer:
Q: explain on how cloud accounting help accountant in completing the accounting job especially during…
A: Accounting is primarily concerned with identifying, recording, measuring, summarizing transactions…
Q: how you will use accounting information both as an internal and an external user?
A: The accounting is a process to classify and record the business transactions and prepare the…
Q: A company limits access to computerized accounting records. What can be said of this procedure? a.It…
A: Limited Access Control: Limited access control is a type of control that provides limited access to…
Q: Departmental reports are used for internal management only; therefore the accounting rules for…
A: The correct answer is “True”.
Q: Users who do not directly run the organization and have limited access to accounting information are…
A:
Q: 1. Which of the following is not an advantage of computerized accounting system? Data is entered…
A: Since there are multiple questions, we will solve first for you. To get the remaining questions…
Q: _____is not a specific account in a company’s accounting records?
A: ANSWER
Q: Identify the following users of accounting information as either an (a) external or (b) internal…
A: Internal Users: The internal users are the users of the information who are within the…
Q: It is not an objective of accounting control Develop operational efficiency resource protection las…
A: The answer for the multiple choice question and relevant explanation are presented hereunder :…
Q: Explain how an IT environment affects the firm’s obligation to maintain adequate accounting records.
A: Solution- The IT Software helps to record even the complex transactions with accurate calculations…
Q: Internal control does not consist of policies and procedures that a. ensure employees and managers…
A: Internal control consists of policies and procedures which is implemented in the organisation so…
Q: Financial accounting data prepared in accordance with GAAP. But management accounting don’t follow…
A: The answer for the theory question on Financial Accounting vs Management Accounting is presented…
Q: Understand the reporting of accounting changes and errors.
A: Accounting Changes and Errors: Meaning: Error Correction and Accounting changes are guidance that…
Q: An internal control system where obligations by the company should be liquidated only by checks. A.…
A: Internal controls are the methods used by a company for the integrity of financial statements and…
Q: CPAs may audit around or through computers in the examination of financial statements of clients who…
A: Audit is defined as inspection of the books of the accounts through auditor followed through…
Q: What control system and subsidiary accounts should be included in Ermler & Trump’s manual accounting…
A: Control system and subsidiary accounts that should be included in Ermler & Trump’s manual…
Q: Which of the following is not one of the general ledger and reporting activities? A. Updating the…
A: General ledger: It is the T-accounts prepared for every journal entry and get recorded in their…
Q: Which of the following statements is false? Oa. Even small companies use computerized accounting…
A: Accounting cycle includes: Identifying transactions Journalizing Posting Unadjusted trial balance…
Q: What is a suspense account? Is it necessary that is suspense account will balance off after…
A: A suspense account is created when there is no certainty about debit or credit of a transaction and…
Q: describe accounting warning signs and methods for detecting manipulation of informationin fi nancial…
A: Accounting warning signs are the indication that the financial statements are going to manipulation…
Q: ___________________________is not a specific account in a company’s accounting records?
A: SOLUTION- NET INCOME IS GROSS PROFIT MINUS ALL OTHER EXPENSES OR COSTS AS WELL AS ANY OTHER INCOME…
Q: Discuss the types of errors in financial accounting and explain why some errors need to go through…
A: Accounting errors are the events which occur unintentionally and not for misleading the information…
Q: Explain how REA databases are able to support financial statement reporting when they do not employ…
A:
Q: Why should the responsibility for maintaining the accounting records be separated from the…
A: Internal control refers to the policies and plans of the business organization along with other…
Users who do not directly run the organization and have limited access to accounting information are called (internal/external) BLANK users.
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- Internal users of accounting information would not include _______________________. managers employees creditors officersWhich of the following is false about accounting information systems? A. They provide reports that people analyze. B. They prevent errors and stop employees from stealing inventory. C. They are designed to gather data about the companys transactions. D. They consist of processes that involve input of data from source documents, processing, output, and storage.True or false, the individual posting account balance right offs should be given complete authority to do so without superior approval
- In a relational database environment, certain accounting records (for example, journals, subsidiary ledgers, and event general ledger accounts) may not exist. How is this possible?Which of the following is false about accounting information systems?A. They provide reports that people analyze.B. They prevent errors and stop employees from stealing inventory.C. They are designed to gather data about the company’s transactions.D. They consist of processes that involve input of data from source documents, processing, output, andstorage.Which of the following statements is incorrect? The practice of management accounting is fairly flexible. The information gathered from management accounting is not required by law. Management accounting focuses mainly on the internal user. Reports produced using management accounting must follow GAAP.
- . In the relational database environment, certain accounting records (for example, journals and subsidiary ledgers) may not exist. How is this possible?Which of the following statements is incorrect? a.Management accounting focuses mainly on the internal user. b.The information gathered from management accounting is not required by law. c.The practice of management accounting is fairly flexible. d.Reports produced using management accounting must follow GAAP.Which of the following statements is incorrect?A. The practice of management accounting is fairly flexible.B. The information gathered from management accounting is not required by law.C. Management accounting focuses mainly on the internal user.D. Reports produced using management accounting must follow GAAP.
- Which of the following statements is incorrect? Select one: a. Reports produced using management accounting must follow GAAP. b. The information gathered from management accounting is not required by law. c. The practice of management accounting is fairly flexible. d. Management accounting focuses mainly on the internal user.What control system and subsidiary accounts should be included in Ermler & Trump’s manual accounting system? Why?A Primary Objective of an accounting information system (AIS) is:Select one:a. To control the organization so the organization can achieve its objectivesb. None of the abovec. To help organisation finalising the job descriptions of different staff membersd. To help organisations to protect their intellectual property.