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accounting

Questions and Answers of Accounting

What are the three logical steps of the cash disbursements system?
What general ledger journal entries does the purchases system trigger? From which departments do these journal entries arise?
What two types of exposures on close supervision of the receiving department reduce?
How can a manual purchases cash disbursements system be reengineered to reduce discrepancies, be more accurate, and reduce processing costs?
What steps of independent verification does the general ledger department perform?
What is (are) the purpose(s) of maintaining a valid vendor file?
How do computerized purchasing systems help to reduce the risk of purchasing bottlenecks?
What is the purpose of the blind copy of a purchase order?
Give one advantage of using a vouchers payable system.
What three documents must accompany the payment of an invoice? Discuss where these three documents originate and the resulting control implications.
Are any time lags in recording economic events typically experienced in cash disbursements systems? If so, what are they Discuss the accounting profession’s view on this matter as it pertains to
Discuss the importance of supervision controls in the receiving department and the reasons behind blind fields on the receiving report, such as quantity and price.
Why do the inventory control and general ledger departments seem to disappear in computer-based purchasing systems? Are these functions no longer important enough to have their own departments?
How does the procedure for determining inventory requirements differ between a basic batch-processing system and batch processing with real-time data input of sales and receipts of inventory? What
What advantages are achieved in choosing?a. A basic batch computer system over a manual system?b. A batch system with real-time data input over a basic batch system?
Discuss the major control implications of batch systems with real-time data input. What compensating procedures are available?
Discuss some specific examples in which information systems n reduce time lags and how the firm is positively affected by such time lags.
You are conducting an end-of-year audit. Assume that the terms of trade between a buyer and a seller are free on board (FOB) destination. What document provides evidence that a liability exists and
Describe a three-way match.
Multiple-Choice 1. Which document helps to ensure that the receiving clerks actually count the number of goods received?a. Packing listb. Blind copy of purchase orderc. Shipping notice d. Invoice2.
You are auditing the financial statements of a New York City company that buys a product from a manufacturer in Los Angeles. The buyer closes its books on June 30.Assume the following details:Terms
Refer to Figure in the text, which illustrates three alternative methods of ordering inventory.Requireda. Distinguish between a purchase requisition and a purchase order.b. Discuss the primary
Create the appropriate documents (purchase requisition, purchase order, receiving report, inventory record, and disbursement voucher), and prepare any journal entries needed to process the following
Examine the diagram for Problem and indicate any incorrect initiation and/or transfer of documentation. What problems could thiscause?
Indicate which department—accounts payable, cash disbursements, data processing, purchasing, inventory, or receiving—has ownership over the following tiles and registers:a. Open purchase order
Explain, in detail, the process by which the information is obtained and the source of information for each of the fields in the expenditure cycle files.
Explain how the processing procedures would differ, if at all, for the transactions listed in Problem 6 if a computer-based system witha. A basic batch-processing system were implemented.b. A
Using the flowchart for Problem 8 of a purchases system, identify six major control weaknesses in the system. Discuss and classify each weakness in accordance with SAS 78/COSO.
Estimate the amount of money accounts payable and cash disbursements departments could save if a basic batch-processing system were implemented. Assume that the clerical workers cost the firm $12
Using the information provided in Problem 9, discuss all transaction listings and summary reports that would be necessary for a batch system with real-time input of data.
The following is a description of manufacturing company’s purchasing procedures. All computers in the company are networked to a centralized accounting system so that each terminal has full access
Answer the following questions.a. Which department is responsible for initiating the purchase of materials?b. What is the name of the document generated by the department identified in (a) above?c.
a. Create a data flow diagram of the current system.b. Create a system flowchart of the current system.c. Analyze the internal control weaknesses in the system. Model your response according to the
a. Create a data flow diagram of the current system.b. Create a system flowchart of the existing system.c. Analyze the internal control weaknesses in the system. Model your response according to the
a. Create a data flow diagram of the current system.b. Create a system flowchart of the existing system.c. Identify the internal control weaknesses in the system. Model your response according to the
a. Create a data flow diagram of the current system. b Create a system flowchart of the existing systemc. Analyze the internal control weaknesses in the system. Model your response according to the
a. Create a data flow diagram of the current system.b. Create a system flowchart of the existing system.c. Analyze the internal control weaknesses in the system. Model your response according to the
a. Create a data flow diagram of the current system.b. Create a system flowchart of the existing system.c. Analyze the internal control weaknesses in the system. Model your response according to the
a. Create a data flow diagram of the current system.b. Create a system flowchart of the existing system.c. Analyze the internal control weaknesses in the system. Model your response according to the
a. Create a data flow diagram of the current system.b. Create a system flowchart of the existing system.c. Analyze the internal control weaknesses in the system. Model your response according to the
a. Create a data flow diagram of the current system.b. Create a system flowchart of the existing system.c. Analyze the internal control weaknesses in the system. Model your response according to the
a. Create data flow diagrams of the revenue and expenditure procedures.b. Create system flowcharts of the current revenue and expenditure procedures.c. Analyze the internal control and operational
Why should the employee’s supervisor not distribute paychecks?
Why should employee pay checks be drawn against a special checking account?
What is a personal action form?
What tasks does a payroll clerk perform upon receipt of hours-worked data from the production department?
What documents are included in the audit trail for payroll?
What are the strengths and weakness of batch process with sequential files?
What are the strengths and weaknesses of a batch system with direct access files?
What are the objectives of fixes assets system?
How do fixed systems differ from purchases system?
What information is found on the depreciation schedule? How can this information be verified?
Why is it crucial to the integrity of the financial statements that the fixed asset department be informed of asset improvements and disposals?
What is the auditor’s role with respect to the fixed asset system?
What document shows when fixed assets are fully depreciated?
Who should authorize disposal of fixed assets?
Assets used for production are secured in a ware-house. Who has custody of fixed assets?
What is the importance of the job ticket? Illustrate the flow of this document and its information inception to impact on the financial statements.
Are any time lags in recording economic events typically experienced in payroll systems? If so, what are they? Discuss the accounting profession’s view on this matter as it pertains to financial
What advantages are achieved in choosing a basic batch computer system over a manual system? What advantages are achieved in choosing a batch system with real-time data input over a basic batch
Discuss the major control implications of batch systems with real-time data input. What compensating procedures are available? Discuss.
Discuss some specific examples in which information systems can reduce time lags and how the firm is positively affected by such time lags.
Discuss some service industries that may require their workers to use job tickets.
Payroll is often used as a good example of when batch processing by using magnetic tapes is considered appropriate. Why is payroll typically considered a good application for this type of storage
If an asset that is not fully depreciated is sold or disposed, but the fixed asset records are not adjusted, what effect will this have on the financial statements?
Discuss the fundamental risk and control issues associated with fixed assets that are different from raw materials and finished goods.
Describe an internal control that would prevent the charging of depreciation expense to the maintenance department for a sweeper that is now located in and used by the engineering department.
What negative consequences result when fixed asset records include assets that the firm no longer owns?
(Multiple choice)1. The document that captures the total amount of time that individual workers spend on each production job is called aa. time card.b. job ticket.c. personnel action form. d. labor
John Smith worked in the stockyard of a large building supply company. One day he unexpectedly left for California, never to return. His foreman seized the opportunity to continue to submit time
Refer to the flowchart of Problem 2.Requireda. What risks are associated with the payroll procedures depicted in the flowchart?b. Discuss two control techniques that will reduce or eliminate therisks.
Sherman Company employs 400 production, maintenance, and janitorial workers in eight separate departments. In addition to supervising operation, the supervisors of the departments are responsible for
Discuss any control weaknesses found in the flowchart for Problem 4. Recommend any necessarychanges.
In a payroll system with real-time processing of human resource management data, control issues become very important. List some items in this system that could be very sensitive or controversial.
Discuss the risk depicted by payroll system flowchart for problem 6. Describe the internal control improvements to the system that are needed to reduce theserisks.
Discuss the internal control weaknesses in the expenditure cycle flowchart for Problem 7. Structure your answer in terms of the control activities within the SAS 78/COSO control model.
The fixed asset acquisition procedures for Turner Brothers, Inc., are as follows:Supervisors in the user departments determine their fixed asset needs and submit bids or orders directly to
Holder Co. maintains a large fleet of automobiles, trucks, and vans for their service and sales force. Supervisors in the various departments maintain the fixed asset records for these vehicles,
Discuss the risks depicted by the fixed asset system flowchart for Problem 10. Describe the internal control improvements to the system that are needed to reduce theserisks.
The treatment of fixed assets accounting also includes accounting for mineral reserves, such as oil and gas, coal, gold, diamonds, and silver. These costs must be capitalized and depleted over the
When employees arrive for work at Harlan Manufacturing, they punch their time cards at a time clock in an unsupervised area. Mary, the time-keeping clerk, tries to keep track of the employees but is
Fittipaldi Company recently purchased a patent for a radar detection device for $8 million. This radar detection device has been proven to detect three times better than any existing radar detector
a. Create a data flow diagram of the payroll systems.b. Create a system flowchart of the payroll systems.c. Analyze the internal control weaknesses in the system. Model your response according to the
a. Create a data flow diagram of the current system.b. Create a system flowchart of the existing system.c. Analyze the internal control weaknesses in the system. Model your response according to the
a. Create a data flow diagram of the current system.b. Create a system flow chart of the existing system.c. Analyze the internal control weaknesses in the system. Model your response according to the
a. Create a data flow diagram of the current systemb. Create a system flowchart of the existing system.c. Analyze the internal control weaknesses in the system. Model your response according to the
a. Create a data flow diagram of the current system.b. Create a system flowchart of the existing system.c. Analyze the internal control weaknesses in the system. Model your response according to the
a. Create a separate data flow diagram for each major subsystem described here (purchase, payroll, fixed assets, and sales orders).b. Create a separate system flowchart for each major subsystem.c.
What activities are involved in the batch processing system?
Distinguish between continuous, batch, and made- to-order processing.
What documents trigger and support batch processing systems?
What are the primary determinants for both materials and operations requirements?
What are the objectives of inventory control in the production process?
What documents are needed for cost accounting clerks to update the work-in-process accounts with standard charges?
What types of management reports are prepared by the cost accounting system?
What functions should be separated to segregate record keeping from asset custody?
Give an example for each of the following control activities in the conversion cycle: transaction authorization, segregation of duties, and access.
Distinguish between computer-aided design and computer-aided manufacturing.
What is meant by the statement. “Inventories camouflage production problems and can cause overproduction”? What is wrong with overproduction if you already own the raw material?
What are the primary goals of lean manufacturing?

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