A discussion question (Accounting information system) Which control procedure would be most effective in addressing the following problems?
Unformatted Attachment Preview
(P516)16.2 Which control procedure would be most effective in addressing the
a. When entering a journal entry to record issuance of new debt, the treasurer
inadvertently transposes two digits in the debit amount.
b. The spreadsheet used to calculate accruals had an error in a formula. As a result,
the controllers adjusting entry was for the wrong amount.
c. The controller forgot to make an adjusting entry to record depreciation.
d. A sales manager tipped off friends that the companys financial results, to be
released tomorrow, were unexpectedly good.
e. The general ledger master file is stored on disk. For some reason, the disk is no
longer readable. It takes the accounting department a week to reenter the past months
transactions from source documents in order to create a new general ledger master file.
f. The controller sent a spreadsheet containing a preliminary draft of the income
statement to the CFO by e-mail. An investor intercepted the e-mail and used the
information to sell his stock in the company before news of the disappointing results
g. A companys XBRL business report was incorrect because the controller selected
the wrong element from the taxonomy.
h. Instead of a zero, an employee entered the letter o when typing in data values in an
XBRL instance document.
Purchase answer to see full
Delivering a high-quality product at a reasonable price is not enough anymore.
That’s why we have developed 5 beneficial guarantees that will make your experience with our service enjoyable, easy, and safe.
You have to be 100% sure of the quality of your product to give a money-back guarantee. This describes us perfectly. Make sure that this guarantee is totally transparent.Read more
Each paper is composed from scratch, according to your instructions. It is then checked by our plagiarism-detection software. There is no gap where plagiarism could squeeze in.Read more
Thanks to our free revisions, there is no way for you to be unsatisfied. We will work on your paper until you are completely happy with the result.Read more
Your email is safe, as we store it according to international data protection rules. Your bank details are secure, as we use only reliable payment systems.Read more
By sending us your money, you buy the service we provide. Check out our terms and conditions if you prefer business talks to be laid out in official language.Read more