Accounting information systems have five generic elements . Which of the following pairs includes examples of two different elements within the context of the acquisition /payment process ? Select one : a. All of these b. Journal entry that debits inventory and credits cash O c. Separation of duties and a blind copy of the receiving report O d. Purchase requisition and schedule of accounts payable

Q: In recording an accounting transaction in a double-entry system

A: Double entry, a fundamental concept underlying present-day bookkeeping and accounting, states that…

Q: A. What document is used to create the Sales Order in the Revenue Cycle and where does itcome from?…

A: Answer a: Sales order is created by using a document formed by SAP.

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: Sales receipts, purchase orders, and payroll records are all examples of accounting transactions…

A: Book keeper is the employee of the company who is responsible to record the original transactions…

Q: Discuss the importance of accounting independence in accounting information systems. Give an example…

A: Accounting Information System:   The system which helps to gather, store and process the accounting…

Q: For each of the following processes, state whether OLTP or OLAP is appropriate and why.a. An order…

A: Meaning OLTP & OLAP OLAP means Online Analytical Processsing and OLTP means Online Transaction…

Q: A trial balance represents the:   Multiple Choice   Chronological record of all transactions…

A: Trial balance includes both temporary accounts and permanent accounts. All expenses, losses, and…

Q: The controlling account in the general ledger that summarizes the individual accounts with creditors…

A: A chart of accounts is a in every accounting system which shows all available accounts that can be…

Q: What document signals that a company should record thepurchase of goods on account?a. Purchase…

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Q: A В D REQUIRED: IDENTIFY THE ASSERTION[S] RELATED TO EACH AUDIT PROCEDURE ASSERTION[S] E= existence…

A: Audit Procedure:- An audit procedure is referred as the procedure which is used by the auditor to…

Q: (A) Explain the fundamental purpose of the sales and collection process. (B) Differentiate between a…

A: The process of sales and collection is officially known as Sales and Collection Cycle and RRR…

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: purchases and disbursements cycle usually begins when a. a user department request for acquisition…

A: Solution: The purchase and disbursement cycle is the cycle in which the purchase needs of a business…

Q: Which duties should be segregated? a. matching purchase requisitions, receiving reports, and…

A: Cash Disbursement System:   The cash disbursement system carries out the responsibility of…

Q: Describe the integration of the Inventory Ledger with the Payables, Receivables and General Ledgers.…

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Q: Are purchasing and receiving functions separate from invoiceprocessing, accounts payable, and…

A: Invoice processing: It is a procedure to maintain the invoices of the organisation to ensure timely…

Q: Ledgers help to organize accounting information into categories normally known as ‘’classes’’. With…

A: SOLUTION A JOURNAL IS A COMPANY'S OFFICIAL BOOK IN WHICH ALL BUSINESS TRANSACTIONS ARE RECORDED IN…

Q: Which statement about the Expenditure Cycle is correct? The blind copy of the purchase order goes…

A: Step 1 The expenditure cycle is the flow of activities related to the acquisition of and payment for…

Q: Shown here is a partial entity-relationship diagram of a purchase system. Describe the business…

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Q: procedure will complete the purchase procedure in a company?

A: Option a is wrong because approving suppliers invoice is usually done at the beginning stage of…

Q: A REQUIRED: IDENTIFY THE ASSERTION[S] RELATED TO EACH AUDIT PROCEDURE ASSERTION[S] E=existence…

A: Auditing:- An audit is the referred as the physical examination of books of accounts. This can be…

Q: For each of the following processes, state whether OLTP or OLAP is appropriate, and why. a. An…

A:

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

A: Human intervention is required for certain tasks.

Q: Which task must still require human intervention in an automated purchases/cash disbursements…

A: Cash disbursement: Cash disbursement refers to the outflow of cash paid in exchange for provision of…

Q: The accounts payable department usually has responsibility for approving acquisitions for payment by…

A: SOLUTION-   AN ACCOUNTS PAYABLE DEPARTMENT'S  MAIN RESPONSIBILITY IS TO PROCESS AND REVIEW…

Q: The purchases and disbursements cycle usually begins when Group of answer choices A user department…

A: A disbursement seems to be the transfer of funds from one account to another, whether for a purchase…

Q: Accounting information systems have five generic parts. Outputs of the purchases and cash…

A: Accounting is the process of recording, classifying and summarising all financial information in…

Q: The outputs of a computerized accounting information system are called a. reports. b. software. c.…

A: Computerized accounting includes using the computers and accounting software for recording, storing…

Q: In a sales transaction, which of the following is an assertion of existence or occurrence: a. All…

A: Existence or occurrence deals with whether assets or liabilities exist at a given date and whether…

Q: Why should the function of requisitioning the purchase of goods be segregated from the function of…

A: Note: We’ll answer the first question since the exact one wasn’t specified. Please submit a new…

Q: 4. Indicate which department -accounts payable, cash disbursements, data processing, purchasing,…

A: Purchase requisition is prepared and sent to the prepare purchase order function to initiate the…

Q: An auditor would vouch inventory on the inventory status report to the vendor’s invoice toobtain…

A: Management assertion: Management assertion refers to the claim made by the management ensuring the…

Q: The classification and normal balance of the sales discount account would be A. expense and debit B.…

A: The seller for increasing their sales uses the sales discount method and for recovering early…

Q: Prepare the accounts payable subsidiary ledger, and determine that the total agrees with the ending…

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Q: Describe the integration of the Inventory Ledger with the Payables, Receivables and General Ledgers.

A: Solution:- Introduction:- An integrated accounting system is application software in which all the…

Q: Identify the cycle to which each of the following general ledgeraccounts will ordinarily be…

A: General ledger:   A general ledger is also referred to as a nominal ledger which is a book keeping…

Q: A relational database system contains the following inventory data: part number, description,…

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Q: What are the two accounting systems are used to record transactions involving inventory?

A: Inventory:   Inventory refers to the raw materials, work-in process, and the finished goods…

Q: The Vendor Ledgers report displays the

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Q: Which one of the following departments does not have a copy of the purchase order?a. the purchasing…

A: Answer:   Option d.

Q: The following are subsystems of the Accounting Information System, EXCEPTa. Transaction Processing…

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Q: r and shipping document?  O Invoice price, vendor, delivery date, quantity. O Invoice date,…

A: A three-way matching refers to the process that involves matching the desired purchase orders,…

Q: which of the following actions update/ record is: a master file, transactions file, special journal,…

A: Transaction- A business transaction, also known as a financial transaction, is one that can be…