LJJ INAC 3

Reorder the following

• clock cards submitted

• payslips produced

• payments to 'ees and HMRC

• payroll costs and payments recorded

• gross pay, deductions and net pay calculated

Match the following

• internal controls limited

• substantive testing

• SPAMSOAP

• prescriptive analytics

• recommends actions to affect predictions

• diagnostic analytics

• includes drill down and data mining

• small company or informal organisation

• tests of transactions, bals & valuations

• typical internal controls

Which of the following is not useful when evaluating a management report

• figures used - historic?

• why has the report been prepared?

• Profit

• Flexing

Areas where controls should be assigned for data integrity

Groups:

(a) input activities

,

(b) file processing activities

,

(c) output activities

• master file updating

• data sorting, manipulation

• information distribution

• reconciliation with predetermined activities

• data collection

• data validation

• data authorisation

• data transmission

Which of the following is not a specified internal control?

• supervision

• organisation

• procedures

• management

Weaknesses in the accounting system can have an effect on:

Time taken to produce information, Theft or Fraud, Assets, Liabiities, Morale and

Match the following objectives to the activity

• ALL payroll £ recorded correctly

• Recording

• £ to correct recipient at right time

• Payroll calculation

• Tax rates updated but access restricted

• Payments to 'Ee and HMRC

• Accurate calcs and genuine 'ees paid

• Timesheets submitted

• 'Ees only paid for work done

• Standing data correct

The objectives of an internal control system for inventory are to ensure

Groups:

(a) General

,

(b) Receipt & Despatch

,

(c) Recording

• Inventory levels meet the needs of customer demand

• Inventory is regularly audited for accuracy

• Inventory received and despatched is correctly recorded

• Inventory levels are not excessive

• Inventory is stored in appropriate conditions

• Inventory is properly labeled and organized

• Inventory is safeguarded from theft, loss or damage

• An appropriate valuation of inventory is used

• Inventory is accurately recorded in the system

• All inventory is recorded

• Only inventory owned by the company is recorded

• Inventory levels meet the needs of production

• Inventory records are updated on a timely basis

An Executive Information System provides ​ (a)   information from ​ (b)   sources, to assist in formulating the ​ (c)   objectives of the organisation

• summarised
• detailed
• both internal and external
• internal
• external
• strategic
• operational
• tactical

The value of computerisation in handling and processing data cannot be underestimated. However, 2 advantages people may have over computers are