Controls as preventive and detective or corrective

Assignment Help Financial Accounting
Reference no: EM13749767

Classify the following controls as preventive, detective, or corrective:

Periodic bank reconciliation.

Separation of cash and accounting records.

Maintaining backup copies of master and transaction files.

Pre-numbering of sales invoices.

Chart of accounts.

Retina scan before entering a sensitive R & D facility.

Resubmission of transactions for subsequent processing.

Internal auditor rechecking the debits and credits on the payment voucher.

Depositing all cash receipts intact.

Qualified accounting personnel.

Reference no: EM13749767

Questions Cloud

Own payroll but rapid expansion is making demands : The owner of a small family-owned business prepares his own payroll but rapid expansion is making demands for his time in other areas. He hires you to design payroll procedures with the proper internal controls that a small payroll department can han..
The balance in the office supplies account : The balance in the office supplies account on June 1 was $5200, supplies purchased during dune were $2500, and the supplies on hand at June 30 were $2000. The amount to be used for the appropriate adjusting entry is A. $4500 B. $2500 C. $9700 D.$5700
Difference in file-oriented transaction processing system : What is the difference between file-oriented transaction processing systems and relational database systems? Discuss the advantages and disadvantages of these systems.
Describe each of the three business functions : There are three important business functions that are performed by the six components of AIS. Describe each of the three business functions and the six components of AIS
Controls as preventive and detective or corrective : Classify the following controls as preventive, detective, or corrective:
Ring of foreign-based hackers broke : Several years ago a ring of foreign-based hackers broke into Town Bank’s system and stole $10 million from its customers’ accounts. Discuss how systems can become vulnerable to computer crimes and then evaluate controls that strengthen those weakness..
Eight basic steps required in the implementation phase : As a member of a development team, you’ve been asked to develop and test the new AIS. Discuss the eight basic steps required in the implementation phase of the SDLC in the proper order they should occur.
Determine the book value of the divisions assets : On September 17, 2013, Ziltech, Inc. entered into an agreement to sell one of its divisions that qualifies as a component of the entity according to generally accepted accounting principles. By December 31, 2013, the company’s fiscal year-end, the di..
Prepare the necessary adjusting entry for inventory : Presented is information related to Rogers Co. for the month of January 2010. Ending inventory per perpetual records $21,520 Ending inventory actually on hand 21,000 Cost of goods sold 210,000 Freight out 7,068 Insurance expense 12,300 Rent expense 2..

Reviews

Write a Review

Financial Accounting Questions & Answers

  Financial statement analysis and preparation

Financial Statement Analysis and Preparation

  Shareholder of a company

Describe the ways that a person can become a shareholder of a company. Why Wal-Mart would split its stock?

  Financial and accounting principles

An understanding of financial and accounting principles can be a valuable tool for managers. While not all managers will find themselves calculating financial ratios or preparing annual financial data.

  Prepare a statement of cash flow using the direct method

Prepare a Statement of Cash Flow using the Direct Method and Prepare the Operations section of the Statement of Cash Flow using the Indirect Method.

  Financial accounting assignment

This assignment has one case study and two question apart from case study. Questions related to document Liquidation question and Company financial statements question - Torquay Limited

  Prepare general journal entries for goela

Prepare general journal entries for Goela Ltd

  Principles of financial accounting

Prepare the journal entry to record the acquisition of the assets.

  Prepare general journal entries to record the transactions

Prepare general journal entries to record the transactions, assuming use of the periodic inventory system

  Global reporting initiative

Compare the view espoused by the economist Milton Friedman about the social responsibilities of business with the views express by Stigler.

  Explain the iasb conceptual frameworks

Explain the IASB Conceptual Framework's perspective of users and their decisions.

  Determine the company''s financial statements

T he focus of the report is to determine the extent to which you are comfortable relying on the financial statements as presented by management .

  Computation of free cash flow

Computation of Free Cash Flow

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd