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Need him with the decriotionaIncluding the budget's objective, how the budget assists an organization in managing its financial activities, and what types of data need to be included in that specific budget

19) Comparing your client with the industry can accomplishes which of the following: A) Understanding of the client's business B) Discovery of errors in client's financials C) Better understanding of client's budgets D) Quality of client's internal control

Using the following table as a guide, describe for each function (see Figure 11.1): A risk (an event or action that will cause the organization to fail to meet its goals/objectives). A control/process or use of technology that will address the risk. Function Risks Controls and Technology Marketing     Finance     Billing       AR (debit)         Sales (credit)     Collections       Cash (debit)         AR (credit)

PLEASE ANSWER ALL 10. Which of the following does the planning function involve?a. Analyzing financial statementsb. Setting goals and objectives for an entityc. Hiring the right people for a particular jobd. Coordinating the accounting information system 11. The ethical standards established for management accountant are in the areas ofa. Competence, licensing, reporting, and education.b. Budgeting, cost allocation, product costing, and insider trading.c. Competence, confidentiality, integrity, and objectivity.d. Disclosure, communication, decision making, and planning. 12. Management accountinga. Must follow generally accepted principles.b. Information should be developed within the same general accounting system asfinancial accounting.c. Deals primarily with the needs of parties external to the firm such as investors and creditors.d. Is just another financial term.

The has a role that focuses on budgeting, accounting, and tracking the performance of a single business unit. treasurer chief financial officer O controller O director of risk management

The major objectives of any budget system are to Define responsibility centers, provide a framework for performance evaluation and promote communication and coordination among organizations segments Define responsibility centers, facilitate the fixing of blame for missed budget predictions, and ensure goals congruence between superiors and subordinates Foster the planning of operations, provide a framework for performance evaluation, and promote communication and coordination among organization segments

Match the following terms with their definitions. (Use each definition only once.) A (Consider the following definitions.) Term Definition More Info 1. Internal control 2. Control procedures 3. Firewalls a. Two or more people working together to overcome internal controls. 4. Encryption b. Part of internal control that ensures resources are not wasted. 5. Environment c. Requires companies to review internal control and take responsibility for the accuracy and completeness of their financial reports. 6. Information system d. Should be prenumbered to prevent theft and inefficiency. 7. Separation of duties e. Limits access to a local network. 8. Collusion f. Example: The person who opens the bank statement should not also be the person who is reconciling cash. 9. Documents g. Identification of uncertainties that may arise due to a company's products, services or operations. 10. Audits h. Examination of a company's financial statements and accounting system by a trained accounting…

Budgets are a most common control procedure within many organizations. Explain how each transaction-related control objective is enhanced by comparing actual to planned/budgeted results. Is an actual to planned/budget comparison a preventive control or is it a detective control? Explain.

Match each of the following components of internal control with its description. Components of Internal Control Descriptions 1. Control environment 2. Risk assessment 3. Control activities 4. Information and communication 5. Monitoring a. Procedures for maintaining separation ofduties.b. Routine activities that are meant tocontinually observe internal controlactivities.c. Transfer of data from lower managersto top executives for accurate financialreporting.d. Formal policies to evaluate internal andexternal threats to achieving companyobjectives.e. Overall attitude of the company withrespect to internal controls.

You have been assigned to review the payment system of an enterprise. The finance director suspects that some duplicate payments may have been made. List five control procedures which you would expect to find.

Internal controls are crucial to ensuring that financial transactions are authorized and company records are maintained properly. Please explain some of the internal control procedures that accounting departments utilize to achieve the aforementioned goals. How do these internal controls help accounting departments achieve their objectives?

SCOREKEEPING- which enables both internal and external parties to evaluate organizational performance and position. Attention Directing- helps manager to focus on operating problems, opportunities as well as inefficiencies. This is commonly associated with current planning and control and the analysis and investigation of recurring routine internal accounting reports to signal situation in which management action may required. Problem Solving- quantification of the relative merits of possible courses of action as well as recommendations as the best procedure. P.s. I have included the meaning of the three choices.

Why do the authors suggest that a thorough review of the firm’s chart of accounts, account classifications, and reporting systems are a must before initiating a budgeting and planning system?

Which of the following is true in a bottom-up budgeting approach?   a.Supervisors tell departments their budget amount and the departments are free to work within those amounts. b.Departments determine their needs and relate them to the overall goals. c.Every expense needs to be justified. d.Departments budget their needs however they see fit.

The successful use o a budgeting system Acceptance and support by key management people. A sense of ownership by those assigned to carry out the Correct and reasonably accurate budgets. Inclusion of "budgetary slack" in most budgets.

Segregation of Duties (SOD) is a basic building block of sustainable risk management and internal controls for a business. Which of the following statements is not a segregation of duties violation?A. The duties of Internal IT Developer of company is to write application programs and then perform required program maintenance when a problem occurs.B. The payroll administrator is distributing payroll checks to employees and recording cash receipts in the journal under supervision.C. The accounting clerk who recording cash receipts in the journal in the general ledger performs bank reconciliation to compare if there are any differences between cash transactions.D. The inventory warehouse clerk task is to maintain the inventory records with custody of physical assets inventory to manage asset identification, location and condition Explain why you choose your answer, and not the other (in max 200 words)

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