Answered: Explain internal control. Suggest…

Explain internal control. Suggest suitable system of internal control Utility Stores Corporations or any other large scale superstore store such as Metro or CSD.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Q: Analyse the system requirement for accounting software for the retail sector. Critically discuss the…

A: Accounting software plays a crucial role in the retail sector, aiding in the management of financial…

Q: List internal control procedures related to e-commerce.

A: E-commerce: E-commerce is one form of business transactions made with the help of electronic…

Q: Which distributed database method is best for company “A”. Explain your reasoning. Which distributed…

A: Distributed Database System: Distributed database system is the mechanism which allows users to…

Q: How do you conduct a SWOT analysis for Walmart?

A: An evaluation of a company's strengths, weaknesses, opportunities, and threats is done using a SWOT…

Q: A fairly recent technology-related tool that many companies use to solicit feedback from customers…

A: Customer relationship is important factor in business. This says that healthy relations should be…

Q: Discuss the difference between business-to-business and business-to-costumer. Provide a specific…

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

Q: Which of the following are correct regarding why management uses internal controls? (Check all that…

A: The objective of this question is to identify the correct reasons why management uses internal…

Q: how to communicate information and monitor control processes in organizations.

A: Information is required for the entity to carry out internal control obligations in order to…

Q: Explain the similarities and the differences between the lockbox system and regional collection…

A: Both the lockbox system and the regional collection offices have some similarities and some…

Q: Discuss how reengineering process of sales order processing subsystem be accomplished using the…

Q: Leonard Moses is planning to grow its customer base and is in the process of creating an online…

A: Internal Control -Internal control is the collection of guidelines, policies, and processes that…

Q: Explain how internal control can be enhanced through the proper installation of Information…

A: Hello. Since your question has multiple parts, we will solve the first question for you. If you want…

Q: In networking, what is the main function of a router?A) To connect multiple networks and route data…

A: In computer networking, a router is a device that forwards data packets between computer networks.…

Q: What is E-commerce? Differentiate between E-commerce and E-business. Define Cipher. Define the…

A: a) E-Commerce E-Commerce or Electronic commerce refers to that business model that allows the firm…

Q: State with the help of an example how intelligent information systems also help to generate sales…

A: The money created by a company's operations is known as revenue. Revenue can be estimated in a…

Q: Do you think the key to further improve computer security lies in more effective user training or in…

A: Having an effective computer security system in place has become very essential in current business…

Q: For a small brick-and-mortar store, what would be a realistic price for creating an online store for…

A: Answer:- Online store meaning:- An online store is a website where customers may place orders for…

Q: Explain which of the conversion methods would be suitable for the following. Justify your choice:…

A: Since you have posted multiple questions, we will be solving just the first question. Therefore, if…

Q: Define risk in an electronic commerce setting.

A: E-Commerce: E-Commerce also refers to electronic commerce or internet commerce where buying and…

Q: Explain how the management accountant, with the use of computer technology, can provide information…

A: Accountant is the professional body appointed by the business organization to handle and manage the…

Q: has hired you to review its sales order procedures for internal control compliance and to make…

A: Hey there since you have posted multiple questions, we can answer only first three questions for…

Q: Product availability is O the probability of fulfilling a customer demand with high service the…

A: Product availability is an very important supply chain performance measure and appears as a key…

Q: How does block chain make the trail of transactions permanent and who can view the block chained…

A: Blockchain can be said to be a diary or register where transactions are recorded. Every transaction…

Q: Organization should use scanners and other physical counting technology for small tool inventory…

A: Managing the inventory is a big deal for may organisations because these organisations may have high…

Q: HKSB plans to outsource the operation settlement functions from the existing core banking module to…

A: Outsourcing is a business practice in which administrations or occupation capacities are cultivated…

Q: Sunset Graphics often buys inventory after receiving a sales order from the customer. Suppose you…

A: The objective of the question is to identify the shared and unique elements in the sales and…

Q: Audit approaches to computerized systems – Auditing around and through the computer

A: Audit:- It is means verification of the accounting books whether the company is following the…

Q: The type of culture best suited to a retail clothing store would be a) Networked O b) Fragmented O…

A: The answer is stated below:

Q: Identify the different types of stakeholders you would encounter in respect of a large grocery store…

A: Stakeholders of a company are the individuals or other entities that have an interest in the…

Q: order to meet the purchasing objective, purchasing agents should avoid temptations such as gifts and…

A: the purchasing objective is considered to be an important part because it is objective according to…

Q: rnal control example. What is an internal control you have witnessed? Maybe at work, as a customer,…

A: Internal controls are very important in the accounting and they are important in daily life also.…

Q: implemented and how they make accountant job more

A: Introduction :- The accountant may be a key player in any business - in any case , bad money…

Q: Internal Control Build an environment of a media communication company (follow the principles and…

A: Answer:- Internal control definition:- Internal control can be defined by the accounting and…

Q: Describe ways that system theory can help you implement an OD intervention.

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

Q: Benefits of Big data to Fintech services include O a. Personalisation of Services O b.…

A: Big Data is a massive collection of data that continues to grow dramatically over time. Fintech is…

Q: Consider the use of Integrated Accounting, as a computerized accounting system. Write a discussion…

A: Computerized Accounting System refers to an accounting information system that runs on a software…

Q: What is the role of management in information technology?

A: Note : As per the guidelines, only first question will be answered. Kindly post the remaining parts…

Q: Which of these is NOT an advantage of using cloud computing? The entity has control over when to…

A: Solution: Following are the advantages of cloud computing: 1. Access to the service/s is based on a…

Q: Research a company you are familiar with, either in person or online, and determine what the company…

A: Source Documents at Apple Inc.**1. Purchase Order** - **Usage**: A purchase order (PO) is a…

Q: Which of the following allows consumers and suppliers to connect directly, removing the need for a…

A: Blockchain technology is a recent development. It is defined as a decentralized ledger that records…

Question

Explain internal control. Suggest suitable system of internal control Utility Stores Corporations or any other large scale superstore store such as Metro or CSD.

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Accounting

VIEW

Answer

VIEW

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

Can management of a retail company like Amazon use lean techniques? Explain.
3.
Can you explain some impacts of implementing software-based AIS (Accounting Information System) on the different departments and processes in the picture below.
What type of company will most likely establish a cookie jar?
What is the best way for owners of small businesses to maintain proper internal controls
How do you analyze the QUICKBOOK Software to analyze the customer and vendor’sPayments and Receipts? Justify the figures using QuickBooks.
Assume you are the manager of the finished goods warehouse of a computer manufacturer. Which warehouse-related busi-ness measures might help the company achieve its balanced scorecard goals?
Distinguish between a service department and a production department. Give an example of the counterpart of a manufacturer’s “production” departmentin a bank.
One physical computer can be used to host multiple instances of operating systems, and multiple users can separately access those separate operating systems. This is an example of: A) blockchain. B) value chain. C)Virtualization. D)distributed computing. Controls that are designed to apply to an entire control environment are called:. A)Integrated controls. B)Application controls . C)General controls . D)Governance controls. This internal control framework is used by many public companies that file with the SEC in the United States: . A)COBIT. B)PCAOB. C) ERM. D)coso. In conversations, Bob told Alice that a property for sale had an "ocean view." She was so motivated that she made an offer and gave money as a down payment. When she went to see the property the ocean was not visible because it was too far away. Which element of fraud is illustrated by this story?. A) Misappropriation of assets. B)Corruption . C)Material fact .…
Which of the following provides a decentralized database or digital ledger of transactions that everyone on the network can see? a.Block chain technologies b.Crowd funding c.Crypto currencies d.Investment banking
An engineering company is looking for a software solution to manage their inventory and distribution.Name the four main activities of systems analysis that could be applied in the given situation.