Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

see attachment. Short answers. 1 paragraph. I need this back asap. Question #1: As you know, there are several ways to migrate from one system

see attachment. Short answers. 1 paragraph. I need this back asap.image text in transcribed

Question #1: As you know, there are several ways to migrate from one system to another. First, describe each of the methods that can be used. Secondly, describe the advantages of each method. Next, describe the disadvantages to each method. Finally, identify and discuss the pros & cons of purchasing a commercial-off-the-shelf accounting system vs building one from scratch. (NOTE This is a 3-part, response question) Question #2: For each item, identify & describe at least three internal control procedures that would reduce the following risks in a manual system: 1. 2. 3. The purchasing department not being notified when goods need to be purchased. Purchase orders being prepared based on unauthorized requisitions. Payments may be made for items not received. (NOTE: Each item requires you to describe 3 separate internal control procedures) Question #3: In order to understand an existing system, you must collect data about the system. There are several methods (at least three) that can be used to help you to collect data about the system so that you will have an understanding of it. Identify & describe each collection method and identify at least two strengths / weaknesses for each method. (NOTE: For each collection method identify 2 strengths and 2 weaknesses) Question #4: We know how information technology can greatly enhance the processing of transactions and distribution of output from an AIS. For the Revenue, Expenditure, and Human Resources / Payroll cycles, identify at least three specific ways (tools) that information technology can be used to improve each of these processes. Next, you will need to identify & describe an internal control method that is needed for each item. (NOTE: For each transactional area, you will identify three ways technology can be used to improve them and for each way, identify an internal control method that is needed to support this). Question #5: You have been hired by SEC to present information on the effectiveness of SOX (Sarbanes-Oxley Act of 2002). Using what we learned about usefulness of information, identify and describe SOX, using the characteristics of useful information. Be sure that you provide a definite of each of the characteristics of 'useful information' when presenting your information. (NOTE: You will identify how each characteristic of information applies to SOX). Question #6: There are several ways to collect and manage your customers' debt (Billing & A/R). First, describe each of the methods that can be used (note: the techniques to collect & manager the debt are NOT the same). Secondly, describe the advantages of each method. Next, describe the disadvantages to each method. (NOTE: For each method that you identify, you will identify 2 strengths and weaknesses with each method). Question #7: You have been hired by the AICPA to develop guidelines that should be when creating general-ledger accounts in accounting systems. First, describe at least four guidelines that should be in place for designing coding systems to support the creation & maintenance of these accounts. Secondly, describe the two problems that can occur when firms do not follow these guidelines. (NOTE: For each guideline, you will describe two problems that can occur with the use of that guideline). Question #8: You have been hired to conduct a complete review of UMUC to ensure that proper internal controls are in place in its accounting operations. Identify at least three ways to that one would use in assigning authority and responsibility within an organization. Next, identify at least one challenge in maintaining proper internal controls. (NOTE: After identify the methods for assigning authority, you will identify at least one challenge for each way)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Accounting Multicolumn Journal

Authors: Claudia Gilbertson

10th Edition

128552845X, 9781285528458

More Books

Students also viewed these Accounting questions

Question

3. Tactical/strategic information.

Answered: 1 week ago

Question

3. To retrieve information from memory.

Answered: 1 week ago

Question

2. Value-oriented information and

Answered: 1 week ago