.  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: 1. When collecting data, companies must remember that data collected must be relevant and Group of…

A: Note: “Since you have asked multiple questions, we will solve the first question for you. If you…

Q: Is there any relevance for double entry in accounting. Why would it be impossible to insist single…

A: Double-Entry Accounting:It's like a detailed and balanced record-keeping system.Every financial…

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: 1. The vertical flow distributes information in the form of instructions, quotas, and budgets.…

A: Note: As per our policy we can answer only three parts in one go for the rest parts to answer kindly…

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: Match the following ____ Complexity in business operations a. Management compensation ____ Timely…

A: Notes One side has 5 items and another side has 6 items. So when the match one side doesn't have any…

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: When does sales revenue is recognized? When does sales revenue is recorded? Does recognize and…

A: The sales revenue is the amount of total sales made during the period.

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: require independence? I. Management Consulting II. Tax Consulting III, Audit IV. Review Group…

A: The different field of study help us to gain knowledge to different areas and many fields are…

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: Service organizations do not make or sell goods. In fact, the output of service…

A: A service organization/department are engaged in an effort to provide services to the customer with…

Q: From the options given below identify which one of the statements shows the meaning of the term…

A: An audit is the evaluation of a person, organization, project, product or primarily for thepurpose…

Q: The use of management accounting is Legally obligatory O a . False O b . True

A: Accounting is very vast scope, it has, several branches like cost accounting, financial accounting…

Q: Which of the following statement is correct? while comparing between management accounting and…

A: Financial accounting is the process of recording, summarizing and reporting a company's business…

Q: 48) Which of the following statement is not true about analyzing and recording process under…

A: SOURCE DOCUMENTS IS THE ORIGINAL DOCUMENT THAT CONTAINS THE DETAILS OF BUSINESS TRANSACTIONS AND IT…

Q: According to the convention of consistency Select one: a. Accounting policies and practices once…

A: In accounting, the convention of consistency means that accounting methods once adopted must be…

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…

Q: According to PAS 18 Revenue, which of the following is not a criterion to be satisfied before…

A: As Per PAS 18, Criteria of Revenue recognition is as follows: The outcome of the transaction is…

Q: Which of the following statements is not correct about management accounting O A. The information is…

A: Managerial accounting is used by management personnel for decision making. It is used internally…