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Internal control is concerned only with enhancing the accuracy of the accounting records Do you agree?
Wiki User
∙ 11y ago
yes I do agree
Wiki User
∙ 11y ago
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The plan of organization and all the related methods and measures adopted within a business to safeguard its assets and enhance the accuracy and reliability of its accounting records?
Internal Control
What is the importance of computers in accounting?
Efficiency, accuracy, and consistency.
Definition of accounting accuracy?
Accounting accuracy is partially a myth. Accuracy can just mean precise down to the penny with no particular reference to anything. If the accounting number says you have $1M bucks but you have none then it is inaccurate. For something like the VALUE of inventory it is very difficult to say what the correct value is. Even it you say it is the market value -- which market? on what day? Accounting accuracy is a term used to make seemingly precise numbers seem more important than they really are. Accuracy can mean a good predictor for some future event. However, most accountants do NOT take responsibility for predicting the future ... so it is primarily a by word to make the accounting numbers seem important.
Duties and responsibilities of accounting department?
The accounting department is responsible for analyzing and tracking numbers. Their accuracy is a significant factor to whether the business will succeed or not.
What are the advantages of computerised accounting?
Arithmetical accuracy. Generation of reports Easy search and comparison.
The plan of organization and all the related methods and measures adopted within a business to safeguard its assets and enhance the accuracy and reliability of its accounting records?
Internal Control
Why do you think Greeks were concerned with accuracy in depicting the human body?
Greeks were not concerned with accuracy; they were concerned with the depiction of the perfect human body, not the real one.
In what various ways can and should financial reporting be different from reporting from reporting to management?
Financial (external) reporting produces information used by external users, investors, regulatory authorities, etc. who are concerned with the overall financial situation of the company. External reporting should put a premium on accuracy and understandability. Cost Management (internal) reporting or accounting focuses on analyzing costs and their drivers--for internal purposes such as measuring efficiency or decision making processes. Although accuracy and understandability are still important, internal reporting focuses more on timeliness and relevance.
What is the importance of computers in accounting?
Efficiency, accuracy, and consistency.
How has technology had an effect on accounting?
Accuracy EfficiencyAccountabilitySolid Transaction audits
What is meant by public accounting?
Public Accounting: Best known for providing audits, CPAs who work in public accounting review company financial records for accuracy and accountability.
Definition of accounting accuracy?
Accounting accuracy is partially a myth. Accuracy can just mean precise down to the penny with no particular reference to anything. If the accounting number says you have $1M bucks but you have none then it is inaccurate. For something like the VALUE of inventory it is very difficult to say what the correct value is. Even it you say it is the market value -- which market? on what day? Accounting accuracy is a term used to make seemingly precise numbers seem more important than they really are. Accuracy can mean a good predictor for some future event. However, most accountants do NOT take responsibility for predicting the future ... so it is primarily a by word to make the accounting numbers seem important.
Is the historian more concerned with the interpretation than the accuracy of the data?
true
The historian is more concerned with the interpretation than the accuracy of the data?
Historians prioritize analyzing and interpreting historical data to understand its significance and meaning, rather than focusing solely on its accuracy. Interpretation allows historians to uncover complexities, patterns, and context within the data, offering insights into the past that go beyond simple facts. This approach fosters a deeper understanding of historical events and their lasting impact.
Duties and responsibilities of accounting department?
The accounting department is responsible for analyzing and tracking numbers. Their accuracy is a significant factor to whether the business will succeed or not.
What are the advantages of computerised accounting?
Arithmetical accuracy. Generation of reports Easy search and comparison.
What are advantages of computerised accounting?
Arithmetical accuracy. Generation of reports Easy search and comparison.
