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business
corporate accounting

Questions and Answers of Corporate Accounting

‘Excessive stocks can camouflage manufacturing problems and lead to overproduction of products.’ Discuss.
Explain why it is important for the accountant to be involved in product development.
Briefly explain the internal control procedures that could be used to detect and/or prevent the following:n the theft of work-in-progress by factory employees, n the issue of a production order for
If the activity cost-based approach is seen as superior to the absorption cost-based approach and the variable cost-based approach, why is it still rarely used in practice?
You have recently been appointed as production accountant for a small manufacturing company that produces leather accessories and has recently been asked to explain the need for the following:n the
Distinguish between retained earnings and retained profits.
Briefly describe and explain the main types of internal controls you would expect to find in the management of derivative instruments.
Describe the functions of a share registrar.
What information would you expect to find in a fixed assets register?
Distinguish between an open tender, restricted tender and a negotiated tender.
Identify and describe the main differences between the Baumol cash management model and the Miller–Orr cash management model.
Describe the main functions of the general ledger.
Briefly describe and explain the following categories of internal controls normally found in a stock management system:n movement-related internal controls, n security-related internal controls, n
Briefly describe the alternative types of RFID tags available and explain how the use of such tags could improve the management of fixed assets and current assets.
Why is it important for a company/organisation to undertake a regular physical stocktake of all stock held?
The management of fixed assets can be divided into three stages:n the acquisition stage, n the retention stage, and n the disposal stage.Required Briefly describe the main purpose of each stage and
You are an internal auditor working for Eketel plc., a UK-based retail company. The company has an in-house training policy that requires all graduate entrants to the company’s finance department
Kiley plc is a UK-based retailer. The company regularly invests surplus funds in seven-day notice short-term deposits on the UK money market. Currently, such short-term deposits pay an interest of 5%
One of the most important operational resources a company possesses is undoubtedly cash. Often regarded as the lifeblood of corporate activity, cash systems (especially cash receiving systems) are
‘In computer-based accounting information systems, the general ledger is no longer required and is, to all intent and purposes, redundant.’ Discuss.
Distinguish between a dotcom company, a dotbam company and a dotbam+ company.
Distinguish between a symmetric key algorithm and an asymmetric key algorithm.
Briefly describe the main provisions of the UK Electronic (EC Directive) Regulations 2002.
‘Despite the rhetoric to the contrary, the internet-based “virtual shop” will never replace the traditional highstreet retail outlet.’ Discuss.
Companies and organisations are increasingly using a range of alternative schemes/technologies to protecttheir information systems and e-commerce facilities.Such schemes/technologies include the use
Whilst e-commerce-related activities have grown substantially over the past few years, in general, consumersare still unwilling and/or unable to accept the online self-service e-commerce business
Retail companies/organisations increasingly use their websites for a range of activities other than e-commercebased retail sales. Such activities include:n product/service advertising activities,n
‘Although the benefits of e-commerce are undoubtedly significant, such benefits are not without social,political and economic cost/consequence.’ Discuss.
Distinguish between event/activity-based risk and resource/asset-based risk.
What is meant by the term ‘phishing’?
Why would a company normally deploy virus defence software at three hierarchical levels – the internet gateway level, the network server level and the desktop/workstation level?
During a recent computer system/network review of HaTiMu Ltd, the following issues were identified:n computer staff are allowed unrestricted and unmonitored access to the internet, n all company
The business environment of the early 21st century continues to change with increasing vigour. The growth of e-commerce and e-retailing and the use of the internet for the movement of goods, services
Sentel plc is a UK financial services company with offices in the south-east and north-west of England. In total the company has five offices in the south east of England and six in the north-west.
You have recently been appointed as a trainee chartered accountant at Shuster Whitehouse LLP, a Manchesterbased accounting partnership. Following your induction, a senior partner has asked you to
Fraud can be defined as the use of deception with the intention of obtaining an advantage, avoiding an obligation or causing loss to another party.Although there are many types of fraud, the
Distinguished between preventative controls and detective controls.
Distinguished between general controls and application controls.
Define, describe and evaluate the following general controls:n organisational controls, n documentation controls, n access controls, and n asset management controls.
Define and describe the concept of business process re-engineering.
Describe the risks associated with:n EDI, and n EFT.
In relation to information and communication technology innovation and development, distinguish between:n the push effect, and n the pull effect.
In January 2006, Jessica Leigh (finance director) and Stephanie Dodsworth (sales director) both resigned from the management board of Deeport plc, a large UK retail company, following a critical
During a recent information systems review of HTM Ltd, the following internal control procedures were identified:n Assigning different employees to maintain physical stock in the warehouse and the
The business environment of the early 21st century continues to change with increasing vigour. The growth of e-commerce and e-retailing, and the use of the internet for the movement of goods,
VeTel Ltd is a well-established industrial cleaning company with a turnover of approximately £30m. The company has 15 regional offices throughout the UK and its head office is in Beverley.Five days
‘The impact of innovations and developments in information and communication technology on corporate accounting information systems has removed the need for excessive internal control.’ Discuss.
Distinguish between a financial statement audit, a compliance audit and an operational audit.
Define and explain the purpose of a content (application) audit.
Define and distinguish between each of the following terms:n generic audit software, n utility software, and n expert audit software.
Distinguish between a hard real-time system and a soft real-time system.
Describe and evaluate the primary role and function of an internal auditor, and explain how and why the role of an internal auditor has changed over recent years.
‘The external auditor is a bloodhound whose sole purpose is the detection of fraud.’ Discuss.
Real-time transaction processing systems are now far from unusual.Required(a) Explain what additional problems real-time transaction processing systems cause the auditor compared with a batch
The use of EDI is now common in a wide range of industries.Required Explain:n the main uses of EDI, n the risks and problems associated with its use, and n the main controls an auditor would expect
The business environment of the early 21st century continues to change with increasing vigour. The growth of e-commerce and e-retailing, and the use of the internet for the movement of goods,
According to Grundy (1993) there are three varieties of change. Distinguish between the following:n smooth incremental change, n rough incremental change, and n discontinuous change.
Distinguish between the following:n soft-minor change, n hard-minor change, n soft-major change, and n hard-major change.
Explain the key stages you would expect to find in the systems analysis stage of the systems development life cycle.
Distinguish between the following types of resistance n hostile aggression, n defiant opposition, and n negative projection.
Explain the main factors/issues a company/organisation should consider when selecting a hardware system.
Distinguish between the following types of outsourcing:n on-site outsourcing, n off-site outsourcing, and n blended outsourcing.
Describe the main details that would normally be covered in an outsourcing service level agreement.
Borlan plc is a UK listed and UK-based retail company. Because of significant data processing problems encountered during the 2004/05 and 2005/06 financial years, the managing director of the company
Learn-a-lot Ltd is a small but expanding Leeds-based retail company that provides computer-based educational facilities and equipment for a range of public and private sector colleges and
Describe and evaluate the main costs/benefits associated with information and communication technologies, and explain why it is important for a company to develop an effective information and
During the systems development life cycle, it is not uncommon for a systems development team seeking to introduce new systems and procedures to face/encounter significant resistance.Required Explain
Where an alleged breach of a service level agreement occurs, it is important that any such alleged breach of agreement is resolved as soon as possible. Depending on the nature and seriousness of the
‘The internet is a global phenomenon started by the Russians!’ Discuss.
‘The internet is a global phenomenon managed and controlled by the Americans!’ Discuss.
Computer-based accounting software can be classified into two categories:• accounting finance-related software, and • management-related software.Required Describe and explain the three types of
The BACSTEL payment service was withdrawn at the end of December 2005 and replaced by BACSTEL-IP.Required Briefly describe the four stage processing procedure of BACSTEL-IP and explain the main
There are many different types of websites, some of which allow free access, some of which require a subscription to access part of their content and some of which require a subscription to access
Distinguish between:• a hub,• a bridge,• a switch, and• a router.
Distinguish between collaborative computing and affinity computing.
Distinguish between the OSI reference model and the TCP/IP reference model.
Briefly explain why the internet is often referred to as a three-tier network.
What are the major differences between:• an internet,• an intranet, and• an extranet.
Define and describe the advantages and disadvantages of:• a bus topology,• a ring topology, and• a star topology.
Distinguish between:• a wide area network (WAN),• a metropolitan area network (MAN),• a local area network (LAN), and• a personal area network (PAN).
Intranets are now an essential corporate/organisational tool.Required Explain why the use of intranets has become so important and describe the main activities intranets are used for.
The OSI model is a seven-layer reference model used as a template for the mapping of communications and computer network protocols.Required Briefly describe the content and importance of each of the
Soft-type networks can be categorised as:• formal bureaucracy,• formal adhocracy,• informal bureaucracy, or• informal adhocracy In which of the above categories would the following be
An extranet exists when the intranets of two or more companies/organisations are linked together.Required Describe the main benefits that can accrue from a company/organisation linking its intranet
What is meant by the term ‘purposive context’?
Distinguish between the following contact points: exit point, entry point and null point.
In relation to the Data Protection Act 1998 define the following terms:• data subject,• data controller, and• data processor.
Ergon plc was a Cambridge-based UK listed company. During the late 1990s the company produced digital positioning equipment for the global transportation sector, especially the merchant navy. The
Louis P. Lou is managing director of Ann de-Pandy Ltd an established female lingerie retail company located in the north and the south-west of England. The company has been operating successfully for
Lantern plc is a growing UK company which produces a range of biochemical products for the agricultural sector in the UK and the USA. Because of recent problems regarding the purchasing of raw
The Data Protection Act 1998 contains eight data protection principles which are designed to ensure data is properly handled. The data protection principles are listed on page 257.Required Critically
In terms of a database management system, what is the role of a data dictionary?
What is the difference between a primary key, a secondary key and a foreign key?
In terms of database design, distinguish between the bottom-up approach and the top-down approach.
To be converted into useful information, transaction data requires processing. In an accounting information systems context, such processing requires the data to be structured and organised using
‘Computer-based data processing is inherently risky.’ Discuss.
Because of the increasing volume and complexity of business transactions, various system of processing data have emerged. In a contemporary context, such systems include batch processing and online
Distinguish between the following types of flowcharts:• systems flowchart, • document flowchart, • program flowchart,explain the advantages and disadvantages of using such flowcharts as
The increasing use of information technology has necessitated the need for increasingly sophisticated coding systems and charts of accounts.Required Describe the qualities and characteristics of a
Distinguish between a debtor-based revenue cycle and a non-debtor-based revenue cycle.

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