Explain briefly what is meant by an accounting system.
Question:
Explain briefly what is meant by ‘an accounting system’.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 33% (3 reviews)
An accounting system is a structured formal method that businesses use to record monitor and analyze ...View the full answer
Answered By
Joseph Mwaura
I have been teaching college students in various subjects for 9 years now. Besides, I have been tutoring online with several tutoring companies from 2010 to date. The 9 years of experience as a tutor has enabled me to develop multiple tutoring skills and see thousands of students excel in their education and in life after school which gives me much pleasure. I have assisted students in essay writing and in doing academic research and this has helped me be well versed with the various writing styles such as APA, MLA, Chicago/ Turabian, Harvard. I am always ready to handle work at any hour and in any way as students specify. In my tutoring journey, excellence has always been my guiding standard.
4.00+
1+ Reviews
10+ Question Solved
Related Book For
Question Posted:
Students also viewed these Business questions
-
Harry is a recent graduate of the Beauxbatons Academy of Managerial Accountants and has recently been hired by Hogwarts Inc to reinforce the ranks of its already well-established accounting...
-
Question 2 Company Y acquired Company Z on January 1, 2019. Company Z had the following items on its books: Cash $80,000; Accounts receivable $150,000; Prepaid expense $75,000; Building $800,000;...
-
Explain briefly what is meant by an online real-time system.
-
Write the Comparison for Legal Factors of China and South Africa
-
A parallel-plate capacitor with plate area 2.0cm2 and air-fully charged the battery is then disconnected. (a) What is the charge on the capacitor? (b) The plates are now pulled to a separation of...
-
The cost of people constitutes 75 percent to 80 percent of the total costs of operating a public accounting firm. In periods of economic contractions (such as the late 1980s and early 1990s),...
-
The 2004 election. George Bush was reelected president in 2004 with 51.0% of the popular vote. His Democratic opponent, John Kerry, received 48.1% of the vote, with minor candidates taking the...
-
Randolph Dana owns a catering company that prepares banquets and parties for business functions throughout the year. Danas business is seasonal, with a heavy schedule during the summer months and the...
-
WFO Corporation has gross receipts according to the following schedules Year 15 24.00 million Year 25 20.00 million Year 35 25.00 million Year 4 5 27.50 million Year 5 530.00 million Year 6 5 31.00...
-
Explain briefly why a clients accounting system is divided into subsystems (or audit segments) for audit purposes. State two bases on which this sub-division may be based.
-
Explain briefly the relationship between materiality limits, audit risk and audit planning.
-
On January 1, 1994, the retained earnings of Quigley Company were \(\$ 432,000\). Net income for the succeeding five years was as follows: The outstanding capital stock of the corporation consisted...
-
The Role of Leadership in Shaping Organizational Culture Recent research stated that [c]ompanies with an established organizational culture that includes strong capabilities for change, commitment to...
-
Unscheduled absences by clerical and production workers are an important cost in many companies. Reducing the rate of absenteeism is, therefore, an important goal for a company's human relations...
-
Many of the largest tech firms, including Google, Apple, Amazon, and Microsoft, have spent hundreds of millions of dollars to improve their information technology infrastructure. Now, these companies...
-
In the business sense, a product refers to a commodity available for purchase, encompassing both services and tangible or intangible items. It may exist in physical, virtual, or cyber forms. Every...
-
Data Exploration and Multiple Linear Regression (MLR) using SAS. The "College" data set contains the statistics for many US Colleges from 1995 issue of US News and World Report. It has 777...
-
A wet cooling tower is to cool 50 kg/s of water from 38oC to 24oC. Atmospheric air enters the tower at 1 atm with dry and wet-bulb temperatures of 20oC and 15oC, respectively, and leaves at 32oC with...
-
Starr Co. had sales revenue of $540,000 in 2014. Other items recorded during the year were: Cost of goods sold ..................................................... $330,000 Salaries and wages...
-
Explain which transportation mode would probably be most suitable for shipping the following goods to a large Los Angeles department store: a. 300 pounds of Maine lobster. b. 15 pounds of...
-
Indicate the nearest location where you would expect to find large storage facilities. What kinds of products would be stored there? Why are they stored there instead of some other place?
-
When would a producer or intermediary find it desirable to use a public warehouse rather than a private warehouse? Illustrate, using a specific product or situation.
-
firm purchased a new piece of equipment with an estimated useful life of eight years. The cost of the equipment was $65,000. The salvage value was estimated to be $10,000 at the end of year 8. Using...
-
On an average day, a company writes checks totaling $1,500. These checks take 7 days to clear. The company receives checks totaling $1,800. These checks take 4 days to clear. The cost of debt is 9%....
-
Olds Company declares Chapter 7 bankruptcy. The following are the book values of the asset and liability accounts at that time. A bankruptcy expert estimates that administrative expense will total $...
Study smarter with the SolutionInn App