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Assurance topic - ANSWERSThe topic covered by this assurance engagement is the SAP ERP Financial Accounting FI Module Business Impact and Risk - ANSWERSSAP is widely used in many enterprises. Improper configuration of SAP could result in an inability for the enterprise to execute its critical processes Risk resulting from ineffective or incorrect configurations or use of SAP could result in some of the following: - ANSWERS· Disclosure of privileged information · Single points of failu...

Accounting - ANSWERSprocess of retrieving, recording, storing and summarizing financial transactions for a business Bookkeeping - ANSWERSprocess of recording daily business transactions; only one part of the accounting process Manual Accounting System - ANSWERSmaintaining accounting records by hand Computer Accounting System - ANSWERSmaintaining accounting records with the help of computer software Stakeholder - ANSWERSperson who has an interest in a company Profit - ANSWERSamou...

A schedule that contains all accounts needed to prepare financial statements is known as: - ANSWERSThe General Ledger Reorganizing journal entries and grouping them by account is known as: - ANSWERSPosting to the ledger A listing of the names of the accounts that a company has identified and made available for recording transactions in its general ledger is known as a: - ANSWERSChart of Accounts To find the balance of the account types that increase with a debit (asset and expense accou...

which of the following statements describe the function of financial accounting? (2 answers) 1. it records all financial accounting relevant transactions. 2. it provides a detailed contribution margin calculation. 3. it provides balance sheets and profit & loss statements based on various accounting standards. 4. it analyzes cost variances and inefficiencies in the company. - ANSWERS1. it records all financial accounting relevant transactions. 3. it provides balance sheets and profit & loss...

Managerial accounting is forward-looking, and focuses on generating the information needed to aid decision making by managers. Financial accounting is backward-looking, and reports what has already happened. true or false - ANSWERStrue Long-term liabilities are resources we owe some outside organization or entity that we will pay within one year; short-term will be paid in more than one year. Along-term liability could be accounts payable, note payable, wages payable, taxes payable, for ex...

Financial Accounting - ANSWERSThe area of accounting that refers to providing information to support external investment and credit decisions Management Accounting - ANSWERSThe area of accounting that refers to providing information to support internal management decisions Financial Reporting - ANSWERSA broad term that describes all information provided to external users, including but not limited to financial statements Financial Statements - ANSWERSStatement of financial position (bal...

Perpetual inventory system - ANSWERSEach purchase and sale of merchandise is recorded in the inventory account and related subsidiary ledger. The amount (cost) of merchandise inventory on hand is continuously (perpetually) updated in the inventory records. Cost of Goods Sold account is kept up to date as well. Periodic inventory system - ANSWERSThe inventory account is not updated during the period. There is no Cost of Goods Sold Account There is no Cost of Goods Sold Account A ...

accrual accounting - ANSWERSAccounting that records the impact of a business event as it occurs, regardless of whether the transaction affected cash. accrued expenses - ANSWERSAn expense that the business has incurred but not yet paid. accrued revenue - ANSWERSA revenue that has been earned but not yet collected in cash. accumulated depreciation - ANSWERSThe cumulative sum of all depreciation expense recorded for an asset. adjusted trial balance - ANSWERSA list of all the accounts wi...

Sources of Australian Law - ANSWERS-Aboriginal and Torres Strait islander people's customary law -Statute Law -Constitutional Law -Common Law -International Law Common Law - ANSWERS-laws that come from the decisions of judges in courts as opposed to the laws that come parliament -system of law that a country uses -law developed by courts of common law as distinct from the courts of equity Precedent - ANSWERSan earlier event or action that is regarded as an example or guide to...

Which of the following is the basis of the Australian Legal system A) English common law (B) English treaty law (C) Internationallaw (D) European law - ANSWERSEnglish common law Which of the following are characteristics of Aboriginal and Torres Strait Islander Peoples' customary laws (A) Spiritual basis and prisons (B) Mediation and property ownership (C) Significance of land and oral traditions (D) Ritual traditions and insignificance of land - ANSWERS(C) Significance of land an...