Which one of the following is true? Management accounts are prepared for internal users only. Management Accounts are prepared according to international accounting standards and specified formats. Management accounts are only prepared once a year. Preparation of Management Accounts is mandatory
Q: explain what accounting principles or concepts would be violated if the accounts were not closed at…
A: The rules and regulations that businesses and other organizations must abide by when reporting…
Q: 1. It is during this time where Corporations were established and the factory system was used to…
A: "Since you have asked multiple question we will solve the first question for you. If you want any…
Q: Prepare an explanatory memorandum about financial performance and record keeping requirements. The…
A: Memorandum Memorandum is the written communication which was implicated in the organization for…
Q: What impact may the change of accounting standards have on the accounting profession and annual…
A: Accounting standards are those standards that are followed by all the companies to prepare…
Q: What is the purpose of Regulation S–K? Choose the correct.a. Defines generally accepted accounting…
A: Correct option is D i.e. indicates which companies must file with the SEC on an annual basis.
Q: room for history in accounting. Convince Joe to major in ac ting in the United States. In your…
A: Accounting standards refer to the standardized set of guidelines used to maintain the bookkeeping of…
Q: nting Standards (Philippines) Discuss the accounting treatment in the financial statements of an…
A: A conceptual framework is an analytical tool that is used to get a comprehensive understanding of a…
Q: You have been recently appointed as the technical manager of Smart Consultancy Services [SCS]. SCS…
A: According to IAS 1, the non-current assets are classified according to certain rules and regulations
Q: The life of a business is divided into specific time periods,usually a year, to measure results of…
A: (a)If a business is run without any accounting period, the decision makers of the business will have…
Q: What is the purpose of Regulation S–K?a. Defines generally accepted accounting principles in the…
A: Answer: Option b.
Q: The following are users of fi nancial statements. ________Customers ________Securities and Exchange…
A:
Q: A country’s balance of payments is analogous to a balance sheet in corporate financial accounting.…
A: The term balance of payment refers to the statement that records all the transactions between a…
Q: Which of the follwing in correct? a. Balance sheet accounts are considered temporary accounts and…
A: Permanent Accounts are the accounts that are not closed at the end of each accounting year rather…
Q: Jacob, a company secretary, wishes to take a holiday. Jacob realises he needs to leave someone in…
A: Delegation of authority by Director The director is to blame for exertion delegations at intervals…
Q: The full "accounting cycle" culminates in closing the books and producing financial statements.…
A: Real account is a type of general ledger account. This account is not closed at the end of…
Q: artment of a large multinational company. The company is struggling with its accounting reporting…
A: BUS is the acronym for business units. There are different types of business units which require…
Q: When accounting was developed in the 14th and 15thcenturies, some businesses had very short lives.…
A:
Q: The monetary unit assumption of accounting means that A.only items that can be expressed in money…
A: Introduction: Accounting: Accounting is an art of recording , classifying, summarizing and…
Q: Entity A is a listed company in Hong Kong. It did not keep completed accounting records for the…
A:
Q: Conceptual Framework and Accounting Standards (Philippines) Discuss how a correction of an error in…
A: Calculated as an arrangement of thoughts and destinations a predictable arrangement of rules and…
Q: Lucy must close the accounting books in the old system to have a complete set of financial…
A: In certain situations the business may decide to implement new systems for the recording of the…
Q: Omar Morena has recently completed his first year of studying accounting. His instructor for next…
A: As posted multiple sub parts questions we are answering only one question kindly repost the…
Q: Choose the correct.Which of the following does not accurately describe a requirement that a company…
A: International Financial Reporting Standards (IFRS) They are commonly known as IFRS. It is a set of…
Q: Please explain it briefly and answer it with more then 75 words Why would an international…
A: Introduction Chart of accounts is a list of all ledger accounts which a company may required to…
Q: Put the following accounting cycle transactions-recording processes in order by selecting the…
A: Accounting is one of the important field in business. Various type of accounting that are used in…
Q: The accounting Period concept for a business means: A.The accouting year must match the financial…
A: Accounting Period concept: This is also called the concept of definite accounting period. As per…
Q: You have recently been engaged as an accounts officer in a well-recognized organisation and the…
A: Following are the five personal qualities of an accountant: Service-oriented Mindset Innovativeness…
Q: You are the senior accountant in a company and in charge of the accounts department. One of your…
A: International accounting standard board is an independent board which is made to set the accounting…
Q: Assume that you have finished your MBA program and have applied for a position in the Financial…
A: It's going on! You're at long last welcome to meet for that bookkeeping job you've been looking for.…
Q: Miss Maria has recently joined the accounting department of SISHGC Limited as an assistant…
A: The internal control system of an organization makes sure that the error and mistakes are minimized…
Q: Explain how Glenelg Accounting Services should recognise this event, justifying your answer by…
A: The Conceptual Framework defines an asset as a resource controlled by the entity as a result of past…
Q: The following table contains several business transactions for the current month. Required:…
A: Basic elements of financial statements are 1. Assets 2. Liabilities 3. Owner's Equity 4. Revenue 5.…
Q: Which of these events will not be recognized? Group of answer choices A service is performed, but…
A: Solution Which of these events will not be recognized? The correct answer is : A copy machine is…
Q: Which of the following would constitute an Agency Problem in the context of Business? Check all of…
A: An agency problem is a conflict of interest between an agent and a principal. An agent can be an…
Q: Identify whether the following group of people belongs to internal or external users of annual…
A: NOTE : As per BARTLEBY guidelines, when multiple sub parts of the question are given, then first…
Q: Assume you are employed as the chief financial officer of a corporation and are responsible for…
A: Financial statements: Financial statements are condensed summary of transactions communicated in the…
Q: How does the role of a forensic accounting differ from a traditional accounting?
A: There are two terms which we need to understand first to answer the question. Traditional accounting…
Q: What happened to assets, earnings, dividends, and cash flows during the financial year? Accounting…
A: Description Statement or Report 1 Statement of Stockholders equity 2 Statement of…
Q: Which of the following does not accurately describe a requirement that a company must fulfill when…
A: A company must fulfill some requirements when adopting IFRS for the first time. One of the…
Q: What is the term that refers to balance sheet accounts because they are relatively permanent and…
A: The balance sheet is the part of the financial statement that is prepared by considering all the…
Which one of the following is true?
Management accounts are prepared for internal users only.- Management Accounts are prepared according to international accounting standards and specified formats.
- Management accounts are only prepared once a year.
- Preparation of Management Accounts is mandatory
Step by step
Solved in 2 steps
- The following are typical questions that might appear on an internal control questionnaire for accounts payable. 1. Are monthly statements from vendors reconciled with the accounts payable listing? 2. Are vendors’ invoices matched with receiving reports before they are approved for payment? Describe the purpose of each of the above internal control activities.Which of the following is incompatible task?a. The AR clerk prepares customer statements every month.b. The inventory control clerk updated the inventory subsidiary ledger.c. The AR clerk authorizes the write-off of bad debts.d. An accounting clerk updates both AR and APsubsidiary ledgers.e. All of the above are incompatible tasks.Duties of controller as defined by the controllers institute of U.S.A? Ans: 1.The installation and supervision of all accounting records. 2.The preparation and interpretation of financial reports and statements. 3.The continuous audit of accounts and records. 4.The compilation of production and distribution costs. 5.The taking and costing of all physical inventories 6.The maintenance of adequate records of all contacts and leases. 7.The approval for payment of all cheques, promissory notes ets
- Which of the following is not a generally recognized internal control activity? Oa. limiting access to computerized accounting records Ob. reducing the cost of hiring seasonal employees Oc. preparation of bank reconciliations on a monthly basis Od. establishment of clear lines of authority to carry out specific tasksAll records in a file must be uniquely identifiable in at least one attribute, which is its primary key. Drawing on your general knowledge of accounting, identify the primary key for the following types of accounting records. To illustrate, the first record is done for you.Record Type Primary KeyAccounts Receivable Customer Number Accounts Payable Inventory Customer Sales Orders Purchase Orders to vendors Cash Receipts (checks) from customers Cash Disbursements (checks) to vendors Employee Payroll Earnings recordsWhich of the following does NOT explain the distinction between financial statements andmanagement accounts?A Financial statements are primarily for external users and management accounts areprimarily for internal usersB Financial statements are normally produced annually and management accounts arenormally produced monthlyC Financial statements are more detailed than management accountsD Financial statements are audited by an external auditor and management accounts do notnormally have an external audit
- The internal control procedures in Valentine Company result in the following provisions Identify the principles of internal control that are being followed in each case. Employees who have physical custody of assets do not have access to the a. accounting records. Physical Controls Segregation of Duties Independent Internal Verification Establishment of Responsibility Human Resource Controls Each month, the assets on hand are compared to the accounting records by an b. internal auditor. Documentation Procedures A prenumbered shipping document is prepared for each shipment of goods to C. customers.Which of the following is NOT an issue with the Bradmark internal controls as it pertains to the revenue cycle? James Walker authorizes and executes transactions. The credit manager verbally authorizes credit increases. The warehouse clerk has access to assets and record keeping. Mary receives checks and remittances from the customer.How should the notice of resignation of the auditors to be sent? by company to regulatory authority by Auditors to Regulatory Authority by the HR to the Ministry of finance by everyone entitled to receive a copy of accounts
- The internal control procedures in Dayton Company result in the following provisions.Identify the principles of internal control that are being followed in each case. (a) Employees who have physical custody of assets do not have access to the accounting records. Select the principle of internal control (b) Each month, the assets on hand are compared to the accounting records by an internal auditor. Select the principle of internal control (c) A prenumbered shipping document is prepared for each shipment of goods to customers.Segregation of duties involves: a. clearly establishing lines of responsibility. b. separation of record-keeping from handling of assets. c. providing each staff member with a unique password. d. requiring employees to take holidays each year.Which situation indicates a weak internal control structure?a. the AR clerk authorizes the write off of bad debtsb. the record-keeping clerk maintains both AR and AP subsidiary ledgersc. the inventory control clerk authorizes inventory purchasesd. the AR clerk prepares customer statements every month