.  Which of the following statements is incorrect? Group of answer choices the responsibility for receiving merchandise and paying it should usually be given to one person certain clerical personnel should be rotated among various jobs the accounting function should be separated from the custodianship of assets an entity's personnel should be given well-defined responsibilities

Q: Managerial accounting a. is primarily for external users. b. has no mandatory rules. c, provides…

A: Managerial accounting is focused on providing information to managers.   This helps the managers in…

Q: Are there significant distinctions between conducting adjustment and closing for a service firm and…

A: Service Industry Service industry mainly focus on the providing services to the customers and the…

Q: Manufacturing Accounting is different from Financial Accounting...what is the  nature and purpose of…

A: Departmental accounting is system of bookkeeping where the transactions of all the departments…

Q: Most of the accounting cycles have journal entries that accompany activities of each cycle.Which of…

A: Recording transaction in journal is termed as journalizing the entries. Transaction are first…

Q: Most of the accounting cycles have journal entries that accompany the activities of each cycle.…

A: A process of identifying a transaction, analyzing it and then recording the same in the books is…

Q: Poor record keeping was an accounting problem encounter 1.Statement of one accounting problem…

A: The accounting problem identified in the host organization where work-based experience was…

Q: The receiving department compares the quantity received with the quantity prin on the receiving…

A: PO termed as Purchase order refers to the document which legally binds and it is created through…

Q: The Maintenance Department of a company is considered to be a: A) Revenue Center B) Cost Center C)…

A: generally, the maintenance department is responsible and accountable for maintenance.  a cost center…

Q: Which of the following procedure is designed to prevent the company from ordering unnecessary items?…

A: D) Approval of purchase requisitions is the procedure designed to prevent the company from ordering…

Q: Ethics within inventory estimates and other creative accounting methods. Channel stuffing, swaps,…

A: Ethics implies the arrangement of rules that the association ought to follow. While in business,…

Q: Which of the following statements best explains the relationship between the acquisition/payment…

A: Solution Explanation - Sales collection process is a series of operating events that collectively…

Q: what are the objectives of eliminating the receiving function. What accounting/audit problems need…

A: Receiving Department:   The receiving department is in obligation of inspection and the receiving…

Q: Which of the following are characteristics of management accounting information?

A: Statement 1: Non-financial as well as financialThis means that control accounting information…

Q: What is "The units-of-output method" and "The staright-line method" in accounting? What are their…

A: Companies use tangible long term resources to perform daily operations and create revenue for its…

Q: Which of the following expenditure cycle tasksshould not be separated?a. Purchasing inventory items…

A: Human intervention is required for certain tasks.

Q: 1. Please explain whether the item is an example of IPE from a transaction process, and 2. Please…

A: IPE from a transaction process: IPE is short for Information Produced by the Entity. It can be…

Q: 1. Which of the following is not an advantage of computerized accounting system? Data is entered…

A: Since there are multiple questions, we will solve first for you. To get the remaining questions…

Q: Poor record keeping was an accounting problem encounter 1.write a Statement of one accounting…

A: During my work-based experience in the host organization, one significant accounting problem that…