Accounting Ii

In: Business and Management

Submitted By alexlok93
Words 800
Pages 4
Question 1
Carelessness
- Carelessness is the common reasons by which accounting errors may be occur. The person who keeping the books of account must be responsible to his/her job when he/she is careless or not serious may cause such errors happen.

Lack of Knowledge
- Accounting is based on certain principles and rules. Due to the lack of knowledge of the accounting principles and rules, accounting errors may be occurs.

Dishonest of records
- If the person who is responsible for keeping books of account is dishonest, he/she may intentionally commit errors in the books of account for the purpose of taking undue advantage.

Computer and Software Errors
- A professional firm keeps its account records in computer. However, defective computer program and easy access to unauthorized person to the accounting program may also result in the accounting errors. Most of the firm did not update their accounting software may cause many errors in their accounting program.

Question 2
Lack of Knowledge
- For accountant who is lack of knowledge must take part-time course to update their knowledge which helps in accounting. Besides that, the firm also must providing more training and practice for accountants to update their knowledge and experience to improve their efficiency in his/her job.

Carelessness
- For person who is newly involved in accounting firm, advice he/she must double check their account works to avoid careless in account records. Senior accountants should give more opinion on which common mistake or careless that accountant will make.

Computer Errors
- Manager who is in charge must check and update their accounting program on time. To confirm account records are done and saved with back up, firms must do service their computer every month to avoid software outdated or hardware crashed.

Question 3-Implications
Profits
-The profit of the…...

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