With respect to the data processing cycle, explain the phrase “garbage in, garbage out. ” How can you prevent this from happening? 2
To what extent should accountants be involved in producing ports that include more than Just financial measures of performance (ii. Think about CARS (Corporate Social Responsibility) and Sustainability Reporting)? Why? 4 An audit trail enables a person to trace a source document to its ultimate effect on the financial statements or work back from amounts in the financial statements to source documents. Briefly describe an audit trail for the a) Purchases of Inventory b) Sales of Inventory c) Employee Payroll 5 Match the following terms with their deflnltlons TERM DEFINITION a. data processing 1 .
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Contains summary-level data for every asset, liability, equity, revenue, and expense b. Source documents account 2. Items are numbered consecutively to account for all Items; missing items cause a gap In the numerical sequence c, turnaround documents 3. Path of a transaction through a data processing system from point of origin to final output, or backwards from final output to point of origin _ d. Source data automation 4. List of general ledger account numbers; allows transaction data to be coded, classified, and entered into proper accounts; Opera
Stores cumulative information about an organization; like a ledger in a manual ASS. M. Chart of accounts 13. Contains detailed data for any general ledger account with many individual subcontracts _ n. General Journal 14. Contains records of individual business transactions that occur during a specific time period _ o. Specialized Journal 15. Updating each transaction as it occurs p. Audit trail 16. Devices that capture transaction data in machine-readable form at the time and place of their origin _ q. Entity 17. Used to record large numbers of repetitive transactions . Attribute 18. Set of interrelated, centrally coordinated files s. Field 19. Two or more subgroups of digits are used to code items t. Record 20. Updating done periodically, such as daily u. Data value 21 . Systematic assignment of numbers or letters to items to classify and organize them v. Master file 22. Letters and numbers, derived from the item description, are interspersed to identify items; usually easy to memorize _ w. Transaction file 23. Initial record of a transaction that takes place; usually recorded on preprinted forms or formatted screens x. Database 24. Fields containing data about entity attributes;