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121.The purpose of segregating the duties of hiring personnel and distributing payroll checks is to separate the: A.Authorization of transactions from the custody of related assets. B.Operational responsibility from the record keeping responsibility. C.Human resources function from the controllership function. D.Administrative controls from the internal accounting controls.               122.              Which of the following departments or.

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155. Fracho and EDI Controls.  Required: Describe the IT controls that Frimco should include when        it implements an internet EDI system.  For each control you suggest, describe the intended        purpose of the control.  156. Wikkam Company and segregation of duties: Accounts payable record keeping. Authorization of new vendors Authorization of purchase returns Authorization of.

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  • 155. Fracho and EDI Controls.  Required: Describe the IT controls
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99.The security of assets and documents would include all of the following, except: A.Supervisors need to make certain that the assets are being used for their intended purpose. B.Designated members of management should be assigned responsibility for the disposal of any assets C.Maintaining adequate insurance coverage D.Electronic controls are needed to control access to.

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  • 99.The security of assets and documents would include all of
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21.The human resources department should be responsible for the record keeping function related to payroll. 22.The cash disbursements department should have the responsibility of signing, essentially approving all paychecks. 23.The paymaster should be independent from the departmental supervision responsibilities, so that it can be determined that the paychecks are being distributed to.

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  • 21.The human resources department should be responsible for the record
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69.Types of fraud that may occur in the payroll function include all of the following, except: A.Overstated hours B.Incorrectly computed tax withholdings C.False claims of sick leave D.Pay claims made by ghost employees 70.Which of the following correctly states a reconciliation process to be completed related to payroll? A.Time sheets reconciled to the payroll register. B.Payroll register.

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  • 69.Types of fraud that may occur in the payroll function
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167. Question not available. 168. Question not available. 169. Following are ten internal control failures related to the revenues and cash collection processes. _____ A customer ordered 12 boxes of your product (total of 144 items) for express shipment.  Your data entry clerk inadvertently entered 12 individual items. _____ You enter sales and accounts.

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  • 167. Question not available. 168. Question not available. 169. Following ten internal
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59.Personnel records will typically include all of the following, except: A.Documentation related to the initial hiring B.Personal information, such as the employee address C.Medical history subsequent to hiring D.Social security number 60.Each of the following items would likely be found in an employee’s personnel records related to the initial hiring, except: A.Employment application B.Recommendation letters C.Background investigation results D.Overtime.

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  • 59.Personnel records will typically include all of the following, except: A.Documentation
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79.An electronic payroll time keeping device that collects time and attendance data when employees enter their time sheets is called: A.Timekeeper B.Paymaster C.Electronic time clock D.Badge readers 80.An electronic payroll time keeping device that collects data when employee identification badges are swiped through an electronic reader are called: A.Timekeeper B.Badge reader C.Paymaster D.Electronic time clock 81.In order to smooth out.

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  • 79.An electronic payroll time keeping device that collects time and
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- CHAPTER 10 - MULTIPLE CHOICE 49.Routine business transactions would include which of the following? A.Purchase of merchandise inventory. B.Payment of principal on a note. C.Purchase of fixed asset. D.Paying wages and salaries to employees. 50.This type of transaction is one that a business encounters on a regular, recurring basis.  The volume of the transactions is.

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  • - CHAPTER 10 - MULTIPLE CHOICE 49.Routine business transactions would include
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170. Brathert Company is a small company with four people working in the revenue processes.  One        of the four employees supervises the other three.  Some tasks that must be accomplished within        the revenue processes are the following: Accounts receivable record keeping Approving credit of customers Authorizing customer returns Authorizing new customers Billing customers Cash receipts.

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  • 170. Brathert Company a small company with four people working
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159. Visit the e-commerce website for Jupitermedia Corporation at www.ecommerce-guide.com and        search for EIPP under the News and Trends tab.  Identify the company that introduced an EIPP        product in 2002 as part of its Financial Management Solutions Package.  What does this        company call its EIPP application? 160. You are.

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  • 159. Visit the e-commerce website for Jupitermedia Corporation at www.ecommerce-guide.com
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- CHAPTER 9 - MULTIPLE CHOICE 38.The policies and procedures that employees following in completing the purchase of goods or materials, capturing vendor data and purchase quantities, and routing the resulting purchasing documents to the proper departments within the company are called: A.Systems B.Processes C.Activities D.Requisitions 39.The information from a purchase must flow into the purchase.

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  • - CHAPTER 9 - MULTIPLE CHOICE 38.The policies and procedures that
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11.The accounting department is responsible for implementing internal controls over each business process. 12.Independent reconciliation of the accounts payable subsidiary ledger to the general ledger control account will help to assure that all inventories has been properly recorded. 13.Independent reconciliation of the periodic inventory counts and the inventory ledger and the general.

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  • 11.The accounting department responsible for implementing internal controls over each
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21.Cash should be periodically verified by comparing the cash balance with the bank statement. 22.Only the purchasing department should authorize the processing of a cash disbursement transaction. 23.The authorization of a cash disbursement occurs when the accounts payable department matches the purchase order, receiving report, and the invoice, and then forwards the.

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  • 21.Cash should be periodically verified by comparing the cash balance
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89.A detailed listing of the company’s fixed assets, divided into categories consistent with the general ledger accounts is called a: A.Fixed Asset Journal B.Fixed Asset Subsidiary Ledger C.Fixed Asset Schedule D.Fixed Asset Budget 90.This phase of the fixed asset processes relates to those required to maintain accurate and up-to-date records regarding all fixed assets throughout.

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  • 89.A detailed listing of the company’s fixed assets, divided into
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– CHAPTER 9 – END OF CHAPTER QUESTIONS: 98.Within the purchases processes, which of the following is the first document prepared and thereby the one that triggers the remaining purchasing processes? A.The invoice B.The receiving report C.The purchase order D.The purchase requisition 99.Personnel who work in the receiving area should completed all of the following processes,.

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  • – CHAPTER 9 – END OF CHAPTER QUESTIONS: 98.Within the purchases
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58.Internal control activities within the purchasing process, identified as segregation of duties, would include all of the following, except: A.Responsibility for authorization, custody, and record keeping are to be assigned to different individuals. B.Duties related to requisitioning, ordering, purchase approval, receiving, inventory control, accounts payable, and general accounting are to be delegated.

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  • 58.Internal control activities within the purchasing process, identified as segregation
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88.In order to help safeguard the security and confidentiality in an electronic business environment, a company should implement controls such as user ID, password, log-in procedures, access levels, and authority tables in order to reduce the risk of: A.Unauthorized access B.Incomplete audit trail C.Virus and worm attacks D.Repudiation of purchase transactions 89.In order to help.

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  • 88.In order to help safeguard the security and confidentiality in
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– CHAPTER 10 – END OF CHAPTER QUESTIONS:               111.Which of the following statements about payroll and fixed asset processes is true? A.Both have only routine processes B.Both have only non-routine processes C.Both have routine and non-routine processes D.Payroll has only routine processes, while fixed assets has only non-routine processes               112.For a given pay period,.

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  • – CHAPTER 10 – END OF CHAPTER QUESTIONS:               111.Which of
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