Warren reeve accounting edition 21

Describe the basic features of e-commerce. Objectives of Internal Control1. To provide reasonable assurance that:. Elements of Internal Control1. Control environment2. Risk assessment3. Control procedures4. Information and communication. Once risks are identified, they can be analyzed to estimate their significance, to assess their likelihood of occurring, and to determine actions that will minimize them.

Separating Responsibilities for Related Operations1. Orders may be placed on the basis of friendship with a supplier, rather than on price, quality, and other objective factors. The quantity and quality of supplies received may not be verified, thus causing payment for supplies not received or poor-quality supplies. Supplies may be stolen by the employee. The validity and accuracy of invoices may be verified carelessly. Otherwise, the following abuses are possible:.

Clues to Potential Problems1. Abrupt changes in lifestyle. Close social relationships with suppliers. Refusing to take a vacation.

Frequent borrowing from other employees. Excessive use of alcohol or drugs. Warning signs with regard to people:. Missing documents or gaps in transaction numbers.

Correction Procedure Draw a line through the error and insert correct title or amount. Correction of Errors Error 1. Journal entry is correct incorrect 2. Correction Procedure Draw a line through the error and insert correct title or posted error and post amount.

Correction of Errors Error Correction Procedure 3. Journal entry is incorrect Journalize and post a and posted correcting entry. What What would would be be the the necessary necessary correcting correcting entry? Financial Financial Analysis Analysis and and Interpretation Interpretation Comparing Comparing an an item item in in aa current current statement statement with with the the same same item item in in prior prior statements statements isis called called horizontal horizontal analysis.

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Did you find this document useful? Is this content inappropriate? Report this Document. Description: Warren, 21st Edition. Flag for inappropriate content. Download now. Related titles. Carousel Previous Carousel Next. Accounting System and Internal Control, Warren, 21st edition. Jump to Page. Search inside document. Enter the Adjusted Trial Balance Step 5. Students follow a narrative of transactions to make general journal entries.

Includes instructions for an optional solution with no debits and credits. This set can be completed manually or with the General Ledger software. It includes a general journal, special journals, and source documents and can be completed manually or with the General Ledger software.

It includes payroll transactions and purchases and sales with discounts, along with source documents. It can be completed manually or with the General Ledger software. It includes narrative for six months of transactions to be recorded in a general journal. The set can be completed manually or with the General Ledger software. This set uses a job order cost system and includes subsidiary ledgers and job cost records. This set can be solved manually or with the General Ledger software.