Accounting Information Systems Have Five Basic Elements

question 35

Multiple Choice

Accounting information systems have five basic elements.Which of the following is an internal control associated with the human resources process?

• A)Adequate supervision
• B)Procedures manuals
• C)Both adequate supervision and procedures manuals
• D)Neither adequate supervision nor procedures manuals

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Definitions:

Accumulated Depreciation

The total sum of depreciation expense that has been recorded on a company's assets up to a specific date, reflecting the loss of asset value over time.

Salvage Value

An asset's expected retainable value at the end of its beneficial life.

Invoice Cost

The total cost shown on an invoice, comprising the purchase price of goods/services, along with taxes, shipping, and any other fees.

Straight-Line Method

A method of calculating depreciation of an asset, which evenly spreads the cost over its useful life.