- Authority refer to an individual’s obligation to achieve desire results
- If an employee is given the responsibility for a task, that employee should be given make decision within the limits of the task.
- The detail provided to employee is function of the employee’s position with the firm
- None of above
- d
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An advantage of batch general ledger system (GLS) is that:
- The general ledger master file in created with cash each.
- Separation between authorization and transactions processing is strictly enforced.
- Both A & B
- None of the above
- b
Which best describes a batch process of general ledger (GLS) system?
- There is a time lag between transactions processing and posting to the general ledger
- Paper documents are eliminated
- The general ledger master file
- No direct access or querying of the general ledger is possible.
- a
Which situation indicate on internal control risk in the general ledger / financial reporting system GL / FRS?
- The cash receipts journal voucher is approved by the treasure.
- The employee who maintain the cash journal computers depreciation expenses
- The employee who maintain the cash receipts journal records transactions on the accounts receivable subsidiary ledger.
- None of these
- c
Financial Statements are prepared from the:
- General Ledger
- Trial Ledgers
- Adjusted Trial Balance
- None of these
- b
Which statement is not correct?
- The post closing trial balance reports the ending balance of each account in general ledger.
- Manual statements are prepared based on the unadjusted trial balance
- One purpose of preparing the unadjusted trial balance is to ensure that debits equal credits.
- None of these
- b
Data flows diagrams:
- Describe the detail of logic of the process.
- Depict logical tasks that are being performed, but not who is performing them
- Both A & B
- None of these
- b
When determining the batch size, which consideration is the least important?
- Compiling with legal mandates
- Balancing the trade of size and error detection.
- Achieve economics by grouping together large number of transactions.
- Providing control over the transactions
- a
Which of the following is an archieve file?
- An accounts payable subsidiary ledger
- A file of accounts receivable that have been written off
- A cash receipts file
- A Sale Journal
- b
Subsidiary Ledger are used in manual accounting environments. What rule is comparable to a subsidiary ledger in a computerized environment?
- Achieve File
- Reference File
- Master File
- Transaction File
- c