Question

What is the main purpose of automatic calculation and posting controls? Please add checkmark next to...

What is the main purpose of automatic calculation and posting controls? Please add checkmark next to the correct answer(s).

1 Automatic calculation and posting controls increase the amount of documentation in the system.

2 Automatic calculation and posting controls decrease the amount of documentation in the system.

3 Automatic calculation and posting controls enhance the segregation of duties in the system.

4 Automatic calculation and posting controls reduce the likelihood of errors in the system.

5 None of the above

Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

Automatic calculation and post control means that happens after the person add a new information to the system so the system will make the adjustments , reducing likelihood errors.

So main task of automatic calculation and post control is to make adjustments with newly added information which also reduces documentation work but the main task is to add the informations with least errors. Rest of the options are not correct since they do not fulfill the main task of automatic calculation and post control.

So correct option is (4) automatic calculation and post control reduce the likelihood of errors in the system.

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
What is the purpose of entering historical invoices and payments for suppliers – Select one: a....
What is the purpose of entering historical invoices and payments for suppliers – Select one: a. to allow tracking of discounts taken b. to total all purchases for the supplier this year c. to allow the supplier balance field to be updated d. all of the above What step is not involved in setting up the receivables ledger – Select one: a. setting the receivables bank and accounts receivable linked accounts b. receivables ledger amounts must match the general ledger...
UTS: Accounting for Business Decisions A 20 MC questions: The primary purpose of the closing entries...
UTS: Accounting for Business Decisions A 20 MC questions: The primary purpose of the closing entries is to: assure that adjusting entries balance b. calculate the net balance of non-current assets ensure that all assets and liabilities are recognised in the appropriate period to measure revenue, expense, and dividend accounts in the next period prove the equality of the debit and credit entries in the general journal If a company uses the direct write off method of accounting for bad...
Can someone please check to see if I answered these correctly? 1) Which is a source...
Can someone please check to see if I answered these correctly? 1) Which is a source of cash? a.            increase in inventory b.            decrease in bonds payable c.             decrease in accounts payable d.            decrease in accounts receivable e.            increase in prepaid assets 2) In the Statement of Cash Flows, U.S. GAAP views cash received in the form of interest and dividends as coming from _____. a.            investing activities b.            operating activities c.             financing activities d.            exchange activities e.            economic activities...
Hi. I want to get feedback on this question. What should i add or remove or...
Hi. I want to get feedback on this question. What should i add or remove or any correction. Boulded written is question and regulat writing is answer. Please guide. Thank you. BACKGROUND Apply audit risk and materiality concepts to address the following circumstances regarding Able & Baker LLP’s audits of the financial statements of Foster Engineering, Inc. 1. Able & Baker LLP auditors are beginning their audit of Foster’s 2017 financial statements. Because of changes in the market and increased...
SHOW CALCULATION AND EXPLANATION, PLEASE! 1- For a given amount, the lower the discount rate, the...
SHOW CALCULATION AND EXPLANATION, PLEASE! 1- For a given amount, the lower the discount rate, the less the present value. A) True B) False 2- What is the NPV of a project that costs $100,000 and returns $45,000 annually for three years if the cost of capital is 14%? A) $3,397.57 B) $4,473.44 C) $16,100.00 D) $35,000.00 3- The decision rule for net present value is to: A) Accept all projects with cash inflows exceeding initial cost. B) Reject all...
What is a Capital Asset?, Holding Period, Calculation of Gain or Loss, Net Capital Losses (LO...
What is a Capital Asset?, Holding Period, Calculation of Gain or Loss, Net Capital Losses (LO 8.1, 8.2, 8.3, 8.5) Charu Khanna received a Form 1099-B showing the following stock transactions and basis during 2016: Stock Date Purchased Date Sold Sales Price Cost Basis 4,000 shares Green Co. 06/04/05 08/05/16 $12,000 $3,000 500 shares Gold Co. 02/12/16 09/05/16 54,000 62,000 5,000 shares Blue Co. 02/04/06 10/08/16 18,000 22,000 100 shares Orange Co. 11/15/15 07/12/16 19,000 18,000 None of the stock...
Review the Robatelli's Pizzeria Case Study. Develop another internal controls system, but this time, in the...
Review the Robatelli's Pizzeria Case Study. Develop another internal controls system, but this time, in the purchases and fixed assets business areas. Prepare a 12- to 16-slide presentation describing the purchases and fixed assets business areas. Be sure to incorporate speaker notes as well as appropriate visuals, graphics, fonts, etc. Include any associated risk in these areas. Describe specific internal controls that include authorization of transactions, segregation of duties, adequate records and documentation, security of assets, and independent checks and...
1.Ford initially tried to use vertical integration to control all aspects of the production and sale...
1.Ford initially tried to use vertical integration to control all aspects of the production and sale of its automobiles. Later, Ford abandoned vertical integration and adopted a strategy of partnerships with key suppliers. The partnership arrangements were expected to cut costs for Ford but still permit the suppliers to enjoy profits at the level of the industry standard. How would it be possible for a supplier’s profits to be preserved while Ford’s costs decreased? Select one: a. Ford would agree...
1) What are some indicators that there are assignable causes for variation in a process? I.Process...
1) What are some indicators that there are assignable causes for variation in a process? I.Process capability. II. Data patters outside of the control limits. III. Data patters within the control limits. IV. Points randomly falling above and below the control chart center line. a. II and III b. II, III, IV c. I, II, IV d. I, II, III, IV 2) The best quantitative tool to determine the cause for variation in a process is: a. ANOVA b. Correllation...
52. BMR stands for basic memory retention basal metabolic rate bregmatic myofascial release none of these...
52. BMR stands for basic memory retention basal metabolic rate bregmatic myofascial release none of these 53. The primary (not initial) fuel during endurance exercise is liver glycogen muscle glycogen fatty acids none of these 54. The human body consists of chemicals cells tissues none of these all of these 55. The main purpose of the digestive system is the breakdown of foods and waste elimination to supply oxygen and eliminate carbon dioxide reproduction and maintenance of sexual characteristics none...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT