Classify the following activities as part of the identifying (I), recording (R), or communicating (C) aspectsof accounting. Keeping a log of service costs.

Q: Explain what is meant by: The benefits of accounting information must exceed the costs.

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Q: Describe the basic accounting information system.

A: Definition:   Accounting information system: An accounting information system is a system that is…

Q: For each of the following users of financial ače accounting information, specify whether the user…

A: Important thing to Note the parties which are outside to the organization will not have access to…

Q: The accounting process is correctly sequenced as identification, communication, recording.…

A: In the accounting process, firstly the transaction is identified, then it will be recorded and…

Q: Describe the Accounting Processing Cycle.

A: Accounting: Accounting is a system, or a process of collecting and organizing economic transactions,…

Q: how managers (internal user) and customers (external user) use accounting information?  Give one…

A: Introduction:- Users of accounting information are classified into two types as follows under:-…

Q: Identify the following questions as most likely to be asked by an internal (I) or an external (E)…

A: Auditing:   In auditing, auditors verify the correctness and fair presentation of financial…

Q: two methods of acquiring accounting information sysytem, and list there disdvantages and advantages

A: Accounting information systems is a system of collection, processing and storage of accounting and…

Q: to be useful, accounting information should be presented using

A: The company will record each and every day to day transactions happened during the operations of the…

Q: information would include ........ .

A: External users are people outsidebusiness entity who use accounting information.external users are…

Q: _____________ is devoted to providing information to the external users

A: External users are investors, creditors and other third parties who review the financials of the…

Q: Explain the impact of using indirect material on accounting equation.

A: Indirect materials are materials used in the production process, but which cannot be linked to a…

Q: Differentiate between Cost audit and Financial audit.

A: An auditing is a process where the auditor examines or inspects various books of accounts, followed…

Q: Please select the aspect of accounting associated with the following activities   1. analyzing and…

A: The aspect of accounting through which all accounting process is operate the aspects are identifying…

Q: Explain the impact of using direct material on accounting equation.

A: Accounting equation: Accounting equation is an accounting tool expressed in the form of equation, by…

Q: What are the three steps in designing accounting-based performance measures?

A: Accounting based performance measures: Accounting based performance measures can be defined as…

Q: Cost is a pervasive constraint on the information that can be provided by financial reporting.…

A: The main purpose of financial reporting is to provide the information in faithful and useful manner…

Q: differentiate internal user from external user of accounting information

A: Accounting is the detailed process of recording, classifying, summarising and reporting accounting…

Q: In each case, identify and then explain the main accounting concepts being highlighted and indicate…

A: Accounting concepts are based on accounting assumptions and condition which paves the base for…

Q: Users of accounting information can be identified as internal and external users. List two of users…

A: The 4 financial statement A balance sheet is a financial statement that represents the financial…

Q: how you will use accounting information both as an internal and an external user?

A: The accounting is a process to classify and record the business transactions and prepare the…

Q: Identify the following users of accounting information as either an (a) external or (b) internal…

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Q: This approach is useful for compliance reviews where operators should do what the contract, law,…

A: Answer: The correct answer is option (b) Value stream map Value stream Map gives the clear overview…

Q: Indicate the proper accounting for the following items.(a) Organization costs. (c) Operating…

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Q: mples where accounting is used as aid in performing the management funct

A: Basic Accounting Concept  Management Information System

Q: What is the role of the journal in the accounting system? Explain and give examples of the cost…

A: Journal Entries: A journal entry is a first and most important step in the accounting process.…

Q: give example ofcativity based accounting and also write a memo

A: Activity-Based Accounting is a way of analyzing and then settling overhead costs by allocating the…

Q: Classify the following activities as part of the identifying (I), recording (R), or communicating…

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Q: Enumerate some accounting information system input devices and indicate its purpose, including how…

A: Accounting Information system basically involves use of modern computer technology in accounting to…

Q: Performing services on account:

A: Performing services on accounts means amount is to be received in future for the services rendered…

Q: Looking for help with accounting basics, the T structure

A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…

Q: Identify four kinds of external users and describe how they use accounting information.

A: External users of accounting information are those users which are from outside the organization and…

Q: Classify the following activities as part of the identifying (I), recording (R), or communicating…

A: Identifying function: helps the organization to select from its business activities, the…

Q: Components of an accounting information system Measures working people hardware all of the above

A: The accounting information systems records and process both the financial and non financial…

Q: Identifying users of accounting information For each of the users of accounting information,…

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Q: The users of accounting information can be classified into internal and external users. Clearly…

A: Accounting information is the information related to the concepts of accounting which are to be used…

Q: Typical accounting tasks include all of the following tasks except ________.A. auditingB. recording…

A: Every company must keep accurate books of accounts in order to assess and analyse results at the…

Q: Some guidelines should be followed while creating an accounting information system. Each of the…

A: The following concepts should be followed in the creation of Accounting information systems: The…

Q: The following are subsystems of the Accounting Information System, EXCEPTa. Transaction Processing…

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Q: For each of the following, indicate if the statement reflects an input component, output component,…

A: Accounting Information System:   It is a structural framework used by business to collect, store,…

Q: How do accounting books handle over and under absorption of overheads?

A: Under absorption takes place when the amount is absorbed lower than the actual whereas,…

Q: When preparing cost estimates for account analysis purposes, should the costs be extracted from the…

A: Cost estimation is essential for every company to help managers in relevant decision-making. Cost…

Q: What are the key activities and the logical tasks, sources and uses of information, and movement of…

A: The spending or the expenditure cycle also known as the buy and pay cycle, invoices all processes…

Q: Explain the ethical considerations to be taken care of while maintaining cost records.

A: Ethics of professional accountant:   This is a set of principles that an accountant follow to…