Review the Following Individual Accounting System Components That Contain the Skills

question 193

Multiple Choice

Review the following individual accounting system components that contain the skills and capabilities of individuals in Chart A and review the accounting system components that contain the skills and capabilities of individuals in Chart B.


Which of the following describes the individual required to perform the accounting system skills and capabilities in Chart A and which individual is the responsible individual required to perform the skills and capabilities in Chart B?

• A)Chart A: Independent Auditor;Chart B: Internal Audit Function
• B)Chart A: Managerial Accountant;Chart B: Financial Accountant
• C)Chart A: Audit Committee;Chart B: Cross Functional Teams
• D)Chart A: Cross Functional Teams;Chart B: Treasurer
• E)Chart A: Controller;Chart B: Treasurer

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Definitions:

Bonus

An additional compensation given to employees as a reward for achieving targets or exceptional performance.

Incoming Partner

An individual who is joining an existing partnership, bringing capital, skills, or other resources into the business in exchange for a share of the profits and losses.

Partnership Books

Financial records and accounts specifically maintained to track the transactions and financial state of a partnership.

Capital Account

A financial statement that shows the changes in a company's equity during a specific period.