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The objective of internal accounting and administrative control are to provide?
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Internal control is concerned only with enhancing the accuracy of the accounting records Do you agree?
yes I do agree
What are internal controls used for?
Internal control is an accounting or auditing term. It plays a very large role in preventing and detecting fraud for companies, as well as directing and monitoring company resources.
What is cost accounting and its nature and scope?
Cost accounting is the internal reporting system. It includes cost recording and reporting and cost measurement or estimation. In addition, it includes cost planning, cost control, and cost analysis.
What is the distinction between cost accounting and management accounting?
Cost accounting is concerned with cost accumulation for inventory valuation to meet the requirements of external reporting and internal profit measurement.Management accounting relates to the provision of appropriate information for decision-making, planning, control and performance evaluation. (Extracted from Cost and Managment Accounting by Colin Drury, Sixth Edition)
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 are theProspects of accounting internal control departments to banks?
Prenumbered printed checks are an example of which internal control principle
What is the objective of Internal Control System and explain briefly internal control framework?
In 1992 COSO issued Internal Control--An Integrated Framework for companies, their managements, and their auditors.
What was the first objective identified by COSO's Internal Control?
Reliability of financial reporting.
What was the third objective identified by COSO's Internal Control?
Effectiveness and efficiency of operations.
What was the second objective identified by COSO's Internal Control?
Compliance with applicable laws and regulations.
Internal control is concerned only with enhancing the accuracy of the accounting records Do you agree?
yes I do agree
Good internal control dictates that a person who controls an asset also maintains that asset's accounting records?
False
What are some topics for an accounting project?
Some topics for an accounting project include the evaluation of internal control system, and the impact of different methods of depreciation. The effects of financial accounting reporting on business management can also be an accounting project topic.
What are internal controls used for?
Internal control is an accounting or auditing term. It plays a very large role in preventing and detecting fraud for companies, as well as directing and monitoring company resources.
How does the Institute of Internal Auditors define internal controls?
The definition of internal control included in SAC is: a set of processes, functions, activities, sub-systems, and people who are grouped together or consciously segregated to ensure the effective achievement of objective
What is an administrative control?
The administrative control is an systematic method to control the affairs of the administration and to promote an good environment for accountability
Who maintains quality control of an accounting information system?
Quality control of AISs involves many activities, including the services of both external auditors (public accountants) and internal auditors.
