A good _________ enables an accounting manager as well as auditors to follow the path of the data recorded in transactions form the initial source. 14. A control activity of an internal control system that focuses on structuring work assignments among employees so that one employee's work activities serve as a check on those of another employee is called ______________. 15. What kind of analysis should be performed when considering if an internal control procedure should be implemented?
The purpose of retrieving information could be for a number of reasons, examples could be for marketing purposes or to provide information to the Inland Revenue. 1.2-Describe different information systems and their main features The term “information systems” refers to a stystem that handles the flow and maintenance of information, which in turn supports the business operation. The components which bring together an information system are people, equipment, procedures and data. These can be classified into 6 main areas: 1. Transaction Processing Systems (TPS) These are operational level systems usually dealt with by shop floor workers and front line staff.
The accounting department supervisor independently reconciles the accounts receivable subsidiary ledger to the accounts receivable control account monthly. C. The accounting department supervisor controls the mailing of monthly statements to customers and investigates any differences reported by customers. D. The billing department supervisor matches prenumbered shipping documents with entries in the sales journal. AICPA AACSB: Analytic AICPA BB: Critical Thinking AICPA FN: Risk Analysis Bloom's: Application Difficulty: Hard 32. Which of the following internal control activities most likely would assure that all billed sales are correctly posted to the accounts receivable ledger?
Compare a duplicate sales invoice with the sales journal for customer name and amount. Documentation 3. Add the sales journal entries to determine whether they were correctly totaled. Recalculation 4. Count inventory items and record the amount in the audit files.
Kerry Ogden Unit 1 1.1 Explain the use of benchmarks in managing performance Benchmarking is the process of comparing one's business processes and performance metrics to industry bests or best practices from other companies. Benchmarking is used to measure performance using a specific indicator resulting in a metric of performance that is then compared to others. 1.2 Explain a range of quality management techniques to manage team performance There are a large number of techniques that can be used to manage quality. A few examples include Customer surveys Performance measures and standards. Benchmarking Process analysis and re-engineering Continuous improvement Employee involvement People development
These indicators go beyond financial statement figures, such as sales and net income, to include measures tailored to the client and its objectives. Such key performance indicators may include market share, sales per employee, unit sales growth, unique visitors to a Web site, same-store sales, sales by country, and sales per square foot for a retailer. ASSESS CLIENT BUSINESS RISK The risk that the client will fail to achieve its objectives related to (1) reliability of financial reporting, (2) effectiveness and efficiency of operations, and (3) compliance with laws and regulations PERFORM PRELIMINARY ANALYTICAL PROCEDURES a. Auditors perform preliminary analytical procedures to better understand the client’s business and to assess client business risk. One such procedure compares client ratios to industry or competitor benchmarks to provide an indication of the company’s performance.
This can be used in the case study to store records of product sold over a given period. Artificial intelligence and expert systems: these have rules which can be changed at any time. They would be changed so that they model the business actions. An example would be fare management, this would use rules defined by the
The marketing, finance and production departments will be able to use the CRM to track profits and losses by item or groups. Marketing Riordan has historical and current annual budget allocation for marketing communications and research. The new Customer Relationship management system help with the marketing departments needs as well. The CRM will help with all marketing communication activities which
The software processes the data necessary to help make the best decisions for product improvement. Minitab macros are used to execute the real-time statistical process control (Minitab, 2010). Pareto charts are used to display the previous day’s codes to line operators, individual charts to monitor daily production, X-bars to monitor weekly production, and P charts to monitor yields (Minitab, 2010). Some risks in ResMed could be the risk of defects, product reliability, and customer dissatisfaction. These three risks tend to flow together.
In this type of decision making process, the various types of constraints that affect the decision are financial, legal, market, human, and organizational. Each of these constraints potentially can affect another, which in turn affects the organization. Another technique used to assist in the simulation was Pareto Analysis. In this technique the team was able to prioritize the possible changes by identifying the problems that would be resolved once the changes were implemented. Proposing a new variable pay scale, will affect how the employees are performing, sales, profitability, attrition, as well as the overall well-being of the store.