Explore BrainMass

Explore BrainMass

    Developing Automated Systems for Preparing Financial Statements

    This content was COPIED from BrainMass.com - View the original, and get the already-completed solution here!

    Using the same step of the accounting cycle selected for your Accounting Cycle Description Paper in Learning Team Meeting One, prepare a 700-1,050-word paper examining the hardware and software necessary to integrate this process into an automated system. Then, discuss what information might need to be shared between the different cycles. What controls will need to be in place when developing an automated system for preparing financial statements?

    © BrainMass Inc. brainmass.com June 3, 2020, 8:27 pm ad1c9bdddf

    Solution Preview

    Many financial managers express a great deal of interest and concern over accounts payable and receivable internal controls for the generation of accurate financial statements. The primary reason for this interest has to do with the nature of accounts payable. Since accounts payable processing controls the disbursement of funds outside of the organization, this is a likely place for fraud and duplicity. To help prevent this, it is ...

    Solution Summary

    Brief response (three paragraphs) to give you a general idea.