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Question 1 Select a business (for example a retail store, restaurant or hair salon) and...

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Accounting

Question 1

Select a business (for example a retail store, restaurant or hair salon) and design a draft of an Accounting Information System (AIS). Explain how data would be captured, recorded, classied, summarized, and reported.

Question 2

Classify each of the following as a revenue process, expenditure process, conversion process, or administrative process:

a.preparing financial statements

b.purchasing electronic components to manufacture DVD players

c.receiving cash payments from customers

d.selling common stock to raise capital

d.moving parts from WIP (Work- in- Process) to Finished Goods

Question 3

What are the five interrelated components of internal control?

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