Accounting Information Systems
10th Edition
ISBN: 9781337619202
Author: Hall, James A.
Publisher: Cengage Learning,
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Chapter 6, Problem 6P
To determine
Explain payroll risk depicted in flowchart and what internal control improvement is needed to reduce the risk.
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Refer to the system flowchart labeled Problem 4.Requireda. Discuss the uncontrolled risks associated with the systems as currently configured. b. Describe the controls that need to be implemented into the system to mitigate the risks in thegiven scenario.
Using the following table as a guide, describe for each function (see Figure 11.1):
A risk (an event or action that will cause the organization to fail to meet its goals/objectives).
A control/process or use of technology that will address the risk.
Function
Risks
Controls and Technology
Marketing
Finance
Billing
AR (debit)
Sales (credit)
Collections
Cash (debit)
AR (credit)
how to relate cloud accounting with cost management?
Chapter 6 Solutions
Accounting Information Systems
Ch. 6 - Which document is used by the cost accounting...Ch. 6 - Prob. 2RQCh. 6 - Prob. 3RQCh. 6 - Why should employee paychecks be drawn against a...Ch. 6 - Prob. 5RQCh. 6 - Prob. 6RQCh. 6 - Prob. 7RQCh. 6 - Prob. 8RQCh. 6 - Prob. 9RQCh. 6 - Prob. 10RQ
Ch. 6 - What are the objectives of a fixed asset system?Ch. 6 - How do fixed asset systems differ from purchases...Ch. 6 - What are three tasks of the fixed asset system?Ch. 6 - What information is found on the depreciation...Ch. 6 - Why is it crucial to the integrity of the...Ch. 6 - Prob. 16RQCh. 6 - Prob. 17RQCh. 6 - What document shows when fixed assets are fully...Ch. 6 - Who should authorize disposal of fixed assets?Ch. 6 - Assets used for production are secured in a...Ch. 6 - What is the importance of the job ticket?...Ch. 6 - Prob. 2DQCh. 6 - Prob. 3DQCh. 6 - Prob. 4DQCh. 6 - Discuss some specific examples in which...Ch. 6 - Discuss some service industries that may require...Ch. 6 - Prob. 7DQCh. 6 - If an asset that is not fully depreciated is sold...Ch. 6 - Discuss the fundamental risk and control issues...Ch. 6 - Prob. 10DQCh. 6 - Prob. 11DQCh. 6 - Describe an internal control that would prevent...Ch. 6 - Prob. 13DQCh. 6 - What negative consequences result when fixed asset...Ch. 6 - Prob. 1MCQCh. 6 - Prob. 2MCQCh. 6 - Prob. 3MCQCh. 6 - Prob. 4MCQCh. 6 - Which one of the following documents captures the...Ch. 6 - Which of the following are not fixed asset system...Ch. 6 - All of the following controls are likely to apply...Ch. 6 - All of the following data items are likely to be...Ch. 6 - The following are all transactions processed in...Ch. 6 - Prob. 10MCQCh. 6 - PAYROLL FRAUD John Smith worked in the stockyard...Ch. 6 - Prob. 2PCh. 6 - Prob. 3PCh. 6 - Prob. 4PCh. 6 - Prob. 5PCh. 6 - Prob. 6PCh. 6 - Prob. 7PCh. 6 - Prob. 8PCh. 6 - FIXED ASSET SYSTEM-FRAUD POTENTIAL Holder Co....Ch. 6 - Prob. 10PCh. 6 - Prob. 11PCh. 6 - Prob. 12PCh. 6 - Prob. 1ICCCh. 6 - Prob. 2ICCCh. 6 - Prob. 3ICCCh. 6 - Prob. 4ICCCh. 6 - Prob. 5ICCCh. 6 - Prob. 6ICC
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- Describe the impact of blockchain on supply chain managementarrow_forwardDescribe how internal control systems help organizations achieve objectives and respond to risks.arrow_forwardThe system experts perform the design and implementation phases of the system development life cycle. However, the accountant’s role in these phases cannot be ignored. Comment on the statement.arrow_forward
- Using a bpmn modelling tool, model the control flow of a business process for modelling credit risk? the process starts when a new credit request is received. A risk management officer checks the levels of the application. If the risk is above a threshold, an advanced risk assessment needs to be carried out, otherwise a simple assessment will suffice. Once the assessment has been completed, the customer is notified with the assessment result while the disbursement is arranged. Fir simplicity, assume that the result of an assessment is always positivearrow_forwardIdentify examples of economic and transaction exposure, and discuss how MNCS mitigate these risks.arrow_forwardDiscuss the risks depicted by the fixed asset system flowchart. Describe the internal control improvements to the system that are needed to reduce these risks.arrow_forward
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