Which of the following is not an example of independent verification? a. comparing the accounts payable...
Which of the following is not an example of independent verification?
a. comparing the accounts payable subsidiary ledger to the control account
b. permitting only authorized users to access the accounting system
c. comparing fixed assets on hand to the accounting records
d. performing a bank reconciliation
Homework Answers
Answer is option b) permitting only authorized users to access the accounting system
permitting only authorized users to access the accounting system is an example of good internal control for accounting system.There is no verification involved.
all other are related to verification of books of accounts
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Which of the following is not an example of independent
verification?
a. comparing the accounts payable...
8. Which of the following accounts has a normal debit balance? a. Accounts Payable b. Sales...
8. Which of the following accounts has a normal debit balance? a. Accounts Payable b. Sales Returns and Allowances c. Sales d. Interest Revenue 9. Using a perpetual inventory system, the entry to record the purchase of $30,000 of merchandise on account would include a a. debit to Sales b. debit to Merchandise Inventory c. credit to Merchandise Inventory d. credit to Sales 10. A retailer purchases merchandise with a catalog list price of $15,000. The retailer receives a 30%...
which of the following statements is true? a. The balance in the control account, Accounts Receivable, should be eq...
which of the following statements is true?
a. The balance in the control account, Accounts Receivable, should be equal to the sum of the balances in the subsidiary ledger for accounts receivable. b. An accounts receivable subsidiary ledger represents amounts due to vendors and suppliers. C. A subsidiary ledger takes the place of the control account for some companies. d. When a company uses a subsidiary ledger, the balance in the control account, Accounts Receivable, shows only the amount the...
Please help. 1. Postings to the control accounts in the general ledger are made a. annually...
Please help.
1. Postings to the control accounts in the general ledger are made a. annually b. daily. c. monthly d. weekly 2. The balance of a control account in the general ledger a. must always be zero. b. must equal the amount of total assets. c. is always greater than the composite balance of individual accounts in a related subsidiary ledger. d. must equal the composite balance of individual accounts in a related subsidiary ledger. 3. Postings are made...
2) What is an AIS? a) A system is a set of two or more interrelated...
2) What is an AIS? a) A system is a set of two or more interrelated components that interact to achieve a goal. b) Systems are almost always composed of smaller subsystems, each performing a specific function supportive of the larger system. 3) AIS components a) Not just hardware and software, also includes i) People ii) Procedures iii) Data 4) Processing in accounting systems a) Capture transaction inputs. b) Record transaction data in journals c) Record the debits and credits...
Which of the following general ledger accounts will have a subsidiary ledger account? Cost of Goods...
Which of the following general ledger accounts will have a subsidiary ledger account? Cost of Goods Sold account Joe’s Accounts Receivable subsidiary account Operating Expenses account Work-in-Process Control account
29. Internal controls are concerned with. a. only manual systems of accounting. b. the extent of...
29. Internal controls are concerned with. a. only manual systems of accounting. b. the extent of government regulations. c. safeguarding assets. d. preparing income tax returns. 30. Internal control is defined, in part, as a plan that safeguards a. all balance sheet accounts. b. assets. c. liabilities. d. capital stock. Which of the following is not an internal control procedure for cash? a. Payments should be made with cash. b. There should be limited access to cash. c. The amount...
Maldanada Company has a balance in its Accounts Payable control account of $10,500 on January 1,...
Maldanada Company has a balance in its Accounts Payable control account of $10,500 on January 1, 2020. The subsidiary ledger contains three accounts: Smith Company, balance $3,000; White Company, balance $2,500 and Marino Company. During January, the following payable-related transactions occurred. Smith Company White Company Marino Company Purchases $8,500 5,250 6,100 Payments $6,000 2,500 6,250 Returns $ -0- 1,500 What was the January 1 Balance in the Marino Co. Subsidiary account? What is the January 31 Balance in the control...
Cullumber Company has a balance in its Accounts Payable control account of $8,690 on January 1,...
Cullumber Company has a balance in its Accounts Payable control account of $8,690 on January 1, 2020. The subsidiary ledger contains three accounts: Hale Company, balance $2,870; Janish Company, balance $1,840; and Valdez Company. During January, the following payable-related transactions occurred. Hale Company Janish Company Valdez Company Purchases $7,230 5,280 6,745 Payments $5,670 1,840 6,160 Returns $0 2.870 0 (a) Your answer is incorrect. What is the January 1 balance in the Valdez Company subsidiary account? Balance in the Valdez...
1) In this exercise, you created an accounts receivable general ledger reconciliation account. Assume that you...
1) In this exercise, you created an accounts receivable general
ledger reconciliation account. Assume that you forgot to enter one
of the zeros in step #1, such as shown in the screenshot below.
Upon performing step #3, an error message would be shown at the
bottom of the screen.
What kind of application control is present, and on which
combination of fields, based on the error message shown?
COX E G/L account Edit Goto Extras Environment Settings System Help ««XEH8139...
For each of the following specific audit procedures, indicate the type of audit evidence it is...
For each of the following specific audit procedures, indicate the type of audit evidence it is gathering: (1) Inspection of records or documents, (2) inspection of tangible assets (3) observation, (4) inquiry, (5) confirmation, (6) recalculationreperformance (8) analytical procedures, and (9) scanning. The audit evidences can be used more than once a Discussing the recording of sales discounts in the fourth quarter with the accounts receivable manager b Examining sales invoices for supporting customer order and shipping documents c Reviewing...
8. Which of the following accounts has a normal debit balance? a. Accounts Payable b. Sales Returns and Allowances c. Sales d. Interest Revenue 9. Using a perpetual inventory system, the entry to record the purchase of $30,000 of merchandise on account would include a a. debit to Sales b. debit to Merchandise Inventory c. credit to Merchandise Inventory d. credit to Sales 10. A retailer purchases merchandise with a catalog list price of $15,000. The retailer receives a 30%...
which of the following statements is true?
a. The balance in the control account, Accounts Receivable, should be equal to the sum of the balances in the subsidiary ledger for accounts receivable. b. An accounts receivable subsidiary ledger represents amounts due to vendors and suppliers. C. A subsidiary ledger takes the place of the control account for some companies. d. When a company uses a subsidiary ledger, the balance in the control account, Accounts Receivable, shows only the amount the...
Please help.
1. Postings to the control accounts in the general ledger are made a. annually b. daily. c. monthly d. weekly 2. The balance of a control account in the general ledger a. must always be zero. b. must equal the amount of total assets. c. is always greater than the composite balance of individual accounts in a related subsidiary ledger. d. must equal the composite balance of individual accounts in a related subsidiary ledger. 3. Postings are made...
29. Internal controls are concerned with. a. only manual systems of accounting. b. the extent of government regulations. c. safeguarding assets. d. preparing income tax returns. 30. Internal control is defined, in part, as a plan that safeguards a. all balance sheet accounts. b. assets. c. liabilities. d. capital stock. Which of the following is not an internal control procedure for cash? a. Payments should be made with cash. b. There should be limited access to cash. c. The amount...
Maldanada Company has a balance in its Accounts Payable control account of $10,500 on January 1, 2020. The subsidiary ledger contains three accounts: Smith Company, balance $3,000; White Company, balance $2,500 and Marino Company. During January, the following payable-related transactions occurred. Smith Company White Company Marino Company Purchases $8,500 5,250 6,100 Payments $6,000 2,500 6,250 Returns $ -0- 1,500 What was the January 1 Balance in the Marino Co. Subsidiary account? What is the January 31 Balance in the control...
Cullumber Company has a balance in its Accounts Payable control account of $8,690 on January 1, 2020. The subsidiary ledger contains three accounts: Hale Company, balance $2,870; Janish Company, balance $1,840; and Valdez Company. During January, the following payable-related transactions occurred. Hale Company Janish Company Valdez Company Purchases $7,230 5,280 6,745 Payments $5,670 1,840 6,160 Returns $0 2.870 0 (a) Your answer is incorrect. What is the January 1 balance in the Valdez Company subsidiary account? Balance in the Valdez...
1) In this exercise, you created an accounts receivable general
ledger reconciliation account. Assume that you forgot to enter one
of the zeros in step #1, such as shown in the screenshot below.
Upon performing step #3, an error message would be shown at the
bottom of the screen.
What kind of application control is present, and on which
combination of fields, based on the error message shown?
COX E G/L account Edit Goto Extras Environment Settings System Help ««XEH8139...
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