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Accounting Systems ACCT 326 Help




Question #6 (20 points);There are several ways to collect and manage your customers? debt (Billing & A/R). First, describe each of the methods that can be used (note: the techniques to collect & manager the debt are NOT the same). Secondly, describe the advantages of each method. Next, describe the disadvantages to each method.;Question #7 (20 points);You have been hired by the AICPA to develop guidelines that should be when creating general-ledger accounts in accounting systems. First, describe at least four guidelines that should be in place for designing coding systems to support the creation & maintenance of these accounts. Secondly, describe the problems that can occur when firms do not follow these guidelines.;Question #8 (20 points);Classify each of the following controls as preventive, detective, or corrective.;1. Periodic bank reconciliation;2. Separation of cash and accounting records;3. Maintaining backup copies of master and transaction files;4. Pre-numbering of sales invoices;5. Chart of accounts;6. Retina scan before entering a sensitive R & D facility;7. Resubmission of error transactions for subsequent processing;8. Internal auditor rechecking the debits and credits on the payment voucher;9. Depositing all cash receipts intact


Paper#81732 | Written in 18-Jul-2015

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