Reference no: EM132832815

Question 1: What are some advantages and disadvantages to using XBRL? How are XBRL tags helpful?

Question 2: Please discuss some objectives involved with processing revenue and expenditure transactions in an AIS.

Question 3: Forecasting Cash Payments and Receipts in crucial to effective Cash management. What parts of an AIS can assist with this process in your opinion?

Question 4: Why would some companies choose to have payroll processed by an external vendor rather than process payroll internally?

As you know, each amount on a Balance Sheet must be provable. One way that accountants can "prove" that a fixed asset's listed amount is correct in the AIS is to maintain a Fixed Assets Book in Excel. The Fixed Asset Book contains copies of purchase receipts/invoices for each asset; also included in the book is a depreciation schedule for each asset, so that the carrying amount and the monthly depreciation expense for each asset matches the amounts noted in the AIS. In Excel, please construct a depreciation schedule for the following asset and note the asset's carrying amount and the monthly depreciation expense for the period ending March 31, 2024.

Asset: Delivery Vehicle

Cost: $55,000

Salvage Value: $7,500

Expected Life: 6 years

Acquisition Date: 31 October, 2019