Generally accepted means that these principles gain substantial authoritative support. Such support usually comes from cardinal standard-setting bodies: the Financial Accounting Standards Board (FASB) and the Securities and Exchange Commission
2. What elements conciliate the FASBs conceptual simulation?
The FASBs conceptual framework consists of the following four items: 1. Objectives of pecuniary reporting. 2. Qualitative characteristics of accounting information. 3. Elements of financial statements. 4. Operating guidelines (assumptions, principles, and constraints).
E8-5 Listed below are five procedures followed by The bring forth Company.
1. Several item-by-items operate the cash register using the alike register drawer.
2. A monthly bank reconciliation is nimble by someone who has no other cash responsibilities.
3. Ellen may writes checks and also records cash payment journal entries.
4. One individual orders inventory, while a different individual authorizes payments.
5. Unnumbered gross revenue invoices from credit sales are forwarded to the accounting department each four weeks for recording.
Instructions
Indicate whether each procedure is an ensample of dear home(a) control or of weak congenital control.
If it is an example of good internal control, indicate which internal control principle is being followed.
If it is an example of weak internal control, indicate which internal control principle is violated. Use the table below.
Procedure IC Good or Weak? Related Internal falsify Principle
1.weakestablishment of responsibility
2.goodindependent internal verification
3. goodphysical, mechanical,
and electronic controls
4.good segregation of duties
5.weakdocumentation...If you desire to get a full essay, order it on our website: Orderessay
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