4. Processing methods a.are the means by which the accounting system collects, summarizes, and reports accounting information b.are the policies and procedures that protect assets from misuse c.ensure that business laws and regulations are followed d.must be computerized

Q: Which of the following is a feature of the transaction file? Conceptually similar to the ledger in…

A: A transaction file is the file which contains the list of transactions. It is used to update the…

Q: The most important fundamental component of an entity’s internal control isa. Effectiveness and…

A: Internal control: Internal control is a process which ensures continuous reliability of…

Q: 1. Which of the following is NOT a financial transaction? a. purchase of products b. cash receipts…

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

Q: Which of the following statements is the best definition of an accounting information system? A. A…

A: It is a systems used for collecting, storing, managing, processing, retrieving and reporting of…

Q: An audit trail is a step-by-step record by which accounting data can be traced to its source.…

A: Vouching refers to checking the business transactions with their respective source documents.

Q: CPAs may audit around or through computers in the examination of financial statements of client who…

A: Auditing is explained as a process used by the auditor in examining records of the organization and…

Q: Which of the following most accurately describes the process of walkthroughs? 1. Inspection of…

A: Auditing involves independent examination of the financial records of an entity with a view to…

Q: Match the de

A: Financial informations are the informations which is measured in monetary term and these are the…

Q: What are management’s responsibilities related to maintaining a transaction trail?

A: A transaction tail defines the sequence of evidences which helps in reconstruction of transaction…

Q: A system that traces the detailed transactions relating to any item in an accounting record could be…

A: Audit trails is a process which has the recording of all the trade related, accounting and all othe…

Q: Which of the following is NOT a purpose of the Transaction Processing System?a. managing and…

A:

Q: What is the relationship between Accounting and an Accountinginformation system?  • What has…

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

Q: LO6. On January 2, 2021, for past services, Marigold Corp. granted Nenn Pine, its president, 29,200…

A: As compensation has not been recognized it will be done by deducting the initial stock price from…

Q: Which of the following financial intermediaries is responsible for maintaining records a) Custodian.…

A: Financial intermediary is a middleman acting as a facilitator of financial transactions between two…

Q: The accounting and finance department performs processes such as creating financial statements,…

A: In the realm of organizational functions, the accounting and finance department plays a pivotal role…

Q: 1) Why is it not necessary to model activities such as data entry of information about customers or…

A: REA stands for Resource, events as well as agents model which views the accounting data collection…

Q: What is a primary control for determining the accuracy of a business’s record keeping?

A: In the era of computers, it is not that hard to determine the accuracy of record keeping, various…

Q: Accounting is an information and measurement system that identifies, records and communicates an…

A: Accounting are often outlined because the method of recording, classifying, summarising the money…

Computerized Accounting System

The Computerized Accounting System is generally a system of maintaining accounts using computers. In this method of accounting system, the accounting transactions are processed through the use of hardware and software to generate the reports such as journals, ledgers, trial balance, trading account, P/L accounts, balance and other reports.