CHAPTER 7 CONTROL AND ACCOUNTING INFORMATION SYSTEMS SUGGESTED ANSWERS TO DISCUSSION QUESTIONS 7.1 Answer the following questions about the audit of Springer’s Lumber & Supply a. What deficiencies existed in the internal environment at Springer’s? The "internal environment" refers to the tone or culture of a company and helps determine how risk consciousness employees are. It is the foundation for all other ERM components‚ providing discipline and structure. It is essentially the same
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Chapter 1 Managerial Accounting: Tools for Decision Making Discussion QUESTIONS Q1-1. Financial accounting is oriented toward external users and is concerned with general-purpose financial statements. These financial accounting statements are highly aggregated‚ report on relatively long time periods‚ are oriented toward the past‚ and must conform to external standards. These standards emphasize the use of objective data. Management accounting is oriented toward internal users and is
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2) 1) D 2) A 3) D 4) B 5) A 3) b) The types of risk indicated by this situation are systems risk‚ and legal and regulatory risks. c) I would recommend background checks on employees‚ segregation of duties‚ and physical security. 6) A. Conducting surprise cash counts- safeguarding assets B. Creating a policy manual-encouraging compliance C. Creating separate departments for purchasing inventory a d receiving inventory-promoting operational efficiency D. Deleting and employee’s
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Joey Kilts 10/16/2014 Assessment 3 1. Describe the best method AND delivery system of training for each of the following positions: A. entry level machine operator The best method of training for an entry level worker would be Instructor led. Pairing the instructor led with the apprentice training could benefit the employee by having the same person helping them throughout the learning process of their new job. The best delivery system of training for an entry level machine operator would be
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Chapter 10 Quick Quiz 1. What do many experts agree is the greatest threat to the success of any project? b. a failure to communicate 2. Which communication skill is most important for information technology professionals for career advancement? c. speaking 3. Which of the following is not a process in project communications management? a. information planning 4. What popular book illustrates the concept that people are not interchangeable parts and uses the analogy that
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PAYROLL AND PERSONNEL CYCLE CHART Journals needed for this cycle is the payroll journal and the general journal. In this cycle‚ transactions such as payroll taxes are checked to make sure they are deducted and remitted to the appropriate agency‚ and that payroll is accrued. The payroll and personnel cycle begins with the hiring of personnel and ends with payment to the employees for the services performed and to the government and other institutions for the withheld and accrued payroll taxes and
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CASE 7-2. Joan Holtz(C) Joan Holtz said to the accounting instructor‚” The general principal for arriving at the amount of a fixed assets that is to be capitalized is reasonably clear‚ but there certainly are a great many problems in applying this principle to specific situation. QUESTION 1: 1. Suppose that the Bruce Manufacturing Company used its own maintenance crew to build an additional wing on its existing factory building. What would be the proper accounting treatment for the following
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Chapter 1 Cost Accounting: Information for Decision Making Solutions to Review Questions 1-1. Financial accounting is designed to provide information about the firm to external users. External users include investors‚ creditors‚ government authorities‚ regulators‚ customers‚ competitors‚ suppliers‚ labor unions‚ and so on. Cost accounting systems are designed to provide information to internal users (managers). This difference is important‚ because it affects the design of the systems. Financial
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CHAPTER 3 RESEARCH METHODS This chapter will discuss about method that has been used to solve the problem for developing a kitchen appliances Switch Controlled. The project will follow the method stage by stage. The method consists of conceptual framework of the study‚ system design‚ system requirements and testing procedure to make the development of the project is systematically. Fig. 3.1 Conceptual Framework of the Study 3.1 Kitchen Appliances The Kitchen appliances are usually
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Case Study 7.18 A discussion on the inherent risks that arise from the audit of Dreamland ltd in regards to several claims made by Ms Monica Fasola. As the change in the payroll system is a technological change in IT (Simnett‚ R.‚ pg 311)‚ there is an increase in inherent risk within several areas. The change in IT systems may lead to errors that may occur through the conversion of systems‚ the information from the old system may not be compatible with the new system regardless of how similar the
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