Answered: Identify and define the two major types…

Business

Accounting

Identify and define the two major types of controls in an accounting information system.

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter4: Internal Control And Cash

Section: Chapter Questions

Problem 10DQ

See similar textbooks

Related questions

Q: Which internal control objective is concerned with ensuring that accumulated totals in the…

A: Internal controls are the procedures that are implemented to ensure operational efficiency and…

Q: When does an accounting information system becomes useful? What is the relevance of having…

A: 1.When does an accounting information system becomes useful? 2. What is the relevance of having…

Q: Draw a diagram depicting the relationship between the general ledger master file, control accounts,…

A: Relationship between the general ledger master file, control accounts, subsidiary files, and…

Q: Explain how an IT environment affects access control.

A: Information technology plays the pivotal role in the survival and success of any entity in modern…

Q: An introduction to what are the most effective internal control systems or techniques available for…

A: Introduction to Internal control system: The internal control system consists of procedures and…

Q: The controls in a computerized system are classified asa. input, processing, and output.b. input,…

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

Q: What are the key control objectives required for a well-designed general ledger and reporting…

A: A well-designed general ledger and reporting information system should have several key control…

Q: What are some of the more common uses of data codes in accounting information systems?

Q: Identify risks for accounting systems that rely heavily on IT functions.

A: Risk refers to the outcomes of uncertainties. It can be good if well planned and it can be worst…

Q: Mention two audit procedures relating to electronic data interchange controls

A: Audit: Audit is the process of verification of the compliance of the financial statements. It…

Q: Discuss the key segregation of duties related to computer programs that process accounting…

A: The segregation of duties is an important concept in maintaining the internal control system of the…

Q: What are four ways in which database management systems provide a controlled environment to manage…

Q: What are the key control objectives required for a well-designed general ledger and reporting…

A: The objective of this question is to identify the key control objectives that are necessary for a…

Q: What different accounting transaction process needs a data warehouse? Why?

A: Accounting Information system is a set of components used for gathering, making, storing, preparing,…

Q: The objectives of the data collection activity of the general model for Accounting Information…

A: The correct option is d i.e. efficient and relevant.

Q: Evaluate three accounting system controls.

A: A set of interconnected accounting operations and controls is referred to as an accounting system.…

Q: An element of internal control is a. risk assessment b. controlling accounts c. journals…

A: Introduction: Fraud: To deceive the others intentionally called as Fraud. There are several types of…

Q: Draw the sketch of the management Accounting control system. What type of considerations are…

A: The administrative devices that firms use to control their managers and staff are referred to as…

Q: What control system and subsidiary accounts should be included in Ermler & Trump’s manual accounting…

A: Control system and subsidiary accounts that should be included in Ermler & Trump’s manual…

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

Q: What are subsidiary ledgers and control accounts,and why are they used? Describe how they work.

A: An accounting ledger is an accounting account or record that keeps track of activities on the…

Q: Reconciliations of the General Ledger Control Accounts to the Subsidiary Ledgers are an example of…

A: In this we quote an example of Reconciliations of the General Ledger Control Accounts to the…

Q: Which of the following is often called a compensating control?a. transaction authorizationb.…

A: The compensating control is referred to as a type of control that is meant for reducing attacks and…

Q: Answe these questions in relation to accounting packages systems

A: Here discuss about the details of the sage Pastel software for the Accounting and uses to kept…

Question

Identify and define the two major types of controls in an accounting information system.

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

Step 1

VIEW

Step 2

VIEW

Step 3

VIEW

Step by step

Solved in 3 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

Distinguish between entity-wide and transaction controls. Which components of internal control are typically entity-wide controls? Which components of internal control are typically transaction controls?
What are the key control objectives required for a well-designed general ledger and reporting information system?
Which of the following is often called a compensating control?a. transaction authorizationb. supervisionc. accounting recordsd. independent verification
What are the key control objectives required for a well-designed general ledger and reportinginformation system?
How are system flowcharts and program flow charts related? (this is related to accounting information system)
What are some of the more common uses of data codes in accounting information systems?
Mention two audit procedures relating to electronic data interchange controls
The following are subsystems of the Accounting Information System, EXCEPTa. Transaction Processing System.b. Human Resources System.c. General Ledger/Financial Reporting System.d. Management Reporting System.
An element of internal control is a. risk assessment b. controlling accounts c. journals d. subsidiary ledgers
Enumerate some accounting information system input devices and indicate its purpose, including how each is used.
The controls in a computerized system are classified asa. input, processing, and output.b. input, processing, output, and storage.c. input, processing, output, and control.d. input, processing, output, storage, and control.e. collecting, sorting, summarizing, and reporting.
Distinguish between entity relationship diagrams, data flow diagrams, and system flowcharts.