Answered: Which of the following is not a…

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

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Which of the following is not a function of accounting?

A) Recording transactions
B) Auditing books
C) Classifying data
D) Summarizing information

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Which of the following is not a function of an Accounting information system? Select one: a. The supply of information useful for making decisions. b. The efficient and effective collection and storage of data concerning an organizations financial activities. c.The determining and evaluating of alternative courses of action d. The implementation of controls to accurately record and process data
Which of the following is often called a compensating control?a. transaction authorizationb. supervisionc. accounting recordsd. independent verification
A system that traces the detailed transactions relating to any item in an accounting record could be define as an audit trail. Therefore, Tracing is used primarily to test which of the following assertions about classes of transactions? Select one: a. Valuation and Allocation. b. Accuracy. c. Existence. d. Completeness
Which of the following is not a component of an accounting system? the input source documents the output reports the framework for operation of the system All of these answer choices are components of an accounting system.
How is Accounts Payable audited?
An audit trail is a step-by-step record by which accounting data can be traced to its source. Therefore, Vouching is used primarily to test which of the following assertions about classes of transaction? Select one: a.Accuracy. b.Completeness. c. Cut-off d. Occurrence
What is meant by “internal control” in accounting?
The first step in solving an ethical dilemma is to identify the alternatives. weigh the impact of each alternative on various stakeholders. O recognize an ethical situation and the ethical issues involved. O identify and analyze the principal elements in the situation.

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Which of the following is not a function of accounting? A) Recording transactionsB) Auditing booksC) Classifying dataD) Summarizing information

Which of the following is not a function of accounting?