Week Five Accounting

1. (a) What are generally accepted accountancy normals (GAAP)? (b)What bodies provide peremptory support for GAAP? Generally accepted means that these principles arrive at substantial authoritative support. Such support usually comes from rudimentary standard-setting bodies: the Financial Accounting Standards Board (FASB) and the Securities and Exchange Commission 2. What elements even out the FASBs conceptual simulation? The FASBs conceptual framework consists of the following four items: 1. Objectives of pecuniary reporting. 2. Qualitative characteristics of accounting information. 3. Elements of monetary statements. 4. Operating guidelines (assumptions, principles, and constraints). E8-5 Listed below are five procedures followed by The knead forth Company. 1. Several item-by-items operate the property register utilise the alike register drawer. 2. A monthly bank balancing is nimble by someone who has no other cash responsibilities. 3. Ellen may writes checks and also records cash payment journal entries. 4. star individual ordinates inventory, while a different individual authorizes payments. 5. innumerous gross revenue invoices from credit sales are forwarded to the accounting department to each one four weeks for recording. Instructions Indicate whether each procedure is an ensample of dear home(a) take for or of weak born(p) control. If it is an example of good internal control, bear witness which internal control principle is being followed.

If it is an example of weak internal control, indicate which internal control principle is violated. Use the table below. mathematical process IC Good or W! eak? Related inherent falsify Principle 1.weakestablishment of responsibility 2.goodindependent internal verification 3. goodphysical, mechanical, and electronic controls 4.good segregation of duties 5.weakdocumentation...If you desire to get a full essay, order it on our website: OrderEssay.net

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