All categories

3 years ago

Individuals with access authority to general ledger accounts should not prepare journal vouchers.

Business

1 answer:

Westkost [7]3 years ago

3 0

Answer:

True

Explanation:

Once individual account ledgers are prepared, the respective ledger account balances are posted and summarized in the form of a common ledger known as General Ledger, from where those account balances are transferred to trial balance, income statement, balance sheet and other financial reports.

As per the rule of segregation of duties as a mechanism of internal control to prevent error and a potential fraud, duties need to be segregated and any single person should not be granted access to a transaction process from beginning till end.

You might be interested in

The ________ assumes responsibility for monitoring how the contractor is doing in terms of cost, schedule, and technical perform

JulijaS [17]

Business/Financial manager assumes responsibility for monitoring how the contractor is doing in terms of cost, schedule, and technical performance
Before a company start its operation for the year, the executives of that company will determine the budget that seem appropriate for all fo the operations.
The duty of business/financial manager is to make sure that the cost of operations do not exceed that pre-determined budget

5 0

3 years ago

Two qualities that a good ___________ should have are to be persistent and not accept rejection.

worty [1.4K]

I say C makes the most since in the sentence

4 0

2 years ago

Megan, Uma, and Ricardo all work for the same car insurance company. Megan is a Sales Agent, Uma is an Underwriter, and Ricardo

melomori [17]

The correct option is D.
Insurance sale agents are responsible for selling insurance policies to customers. They also gather and document information about the customers. Insurance underwriters are responsible for evaluating the risks and exposures of potential customers. An insurance accident investigator is responsible for investigating, analyzing and documenting suspicious claims or accident occurrence.

8 0

4 years ago

Read 2 more answers

You have been hired to implement an enterprise system that will automate much of the billing and accounting work for a statewide

kondor19780726 [428]

Answer:

the correct answer is

D. Organizational impact analysis

good luck

8 0

3 years ago

Peter Realtors, a real estate consulting firm, specializes in advising companies on potential new plant sites. The company uses

marissa [1.9K]

Answer:

1. Hourly Direct Labor Cost rate = Direct Labor cost / Direct Labor hours

Hourly Direct Labor Cost rate = 2,500,000 / 25,000

Hourly Direct Labor Cost rate = $100 per hour

Computation of Indirect cost

Office Rent $320,000

Support staff salaries $1,260,000

Utilities $420,000

Total Indirect Costs $2,000,000

Predetermined indirect cost allocation rate = = Total Estimated indirect cost / Total estimated direct labor cost = 2,000,000 / 2,500,000 = 80% of Direct Cost

2. Direct Labor $25,000 (250 * 100)

Indirect Cost $20,000 (25,000 * 80%)

Total Predicted cost $45,000

3. Predicted cost $45,000

Desired Profit $22,500 (50% of $45,000)

Required Service revenue $67,500

4 0

4 years ago