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Which is generally considered to be the primary purpose of an internal auditor's evaluation of the adequacy of internal controls.
1.to determine whether the established internal controls are functioning as intended by management.
2. to determine the extent of reliance the internal auditor can place on the established internal controls in the process of evaluating the financial statements prepared by the organization.
3. to determine whether all risks and exposures of the enterprise have been reduced or eliminated by the internal controls.
4. to determine whether the established internal controls provide reasonable assurance that the objectives and goals of the organization will be met in an efficient and economical manner.
George Fine, owner of Fine Manufacturing, is considering the introduction of a new product line. George has considered factors such as costs of raw materials, new equipment, and requirements of a new production process.
Knell Corporation sells a product for $230 per unit. The product's current sales are 33,000 units and its break-even sales are 26,400 units. The margin of safety as a percentage of sales is closest to:
While testing the inventory counts, the auditors noticed that several high dollar items had counts on the inventory listing which were materially higher than the actual counts. The difference between the actual and recorded inventory value was $66..
Worthington Company issued $1,000,000 face value , six-year, 10% bond on July 1, 2010, when the market rate of interest was 12%. Interest payments are due every July 1, and January 1. Worthington uses a calendar year-end. 1. Prepare the journal en..
Audra elects section 179 for asset C. Audra's taxable income from her business would not create a limitation for purposes of the section 179 deduction. Audra elects not to take additional first-year depreciation. Determine her total cost recovery ..
Accounting for Business Decisions -HI5001 - what is the interest expense for 2012 and how much equipment was purchased during the year
Briefly describe the advantages and disadvantages of stating a code of conduct using general statements of ideal conduct as opposed to specific rules that define unacceptable behavior.
A corporation had 50,000 shares of $20 per value common stock outstanding on July 1. Later that day the board of directors declared a 10% stock dividend when the market value of each share was $27. The entry to record this dividend is:
A new employee suggests that RedEx sponsor a company softball team as a form of advertising. The cost to sponsor the team is $1,792. How many more units must be sold to cover this cost?
The following transactions involve intangible assets of Penner Co occurring on or near Dec 31, 2004. Write journal entries needed at the date to record the transaction and at December 31, 2005 to record any resultant amortization. Write NA if no e..
The statement of cash flows and related disclosures would be of the least assistance in helping a potential investor assess:
How would a balanced scorecard for Chadwick, Inc. differ from ones developed in its divisions, such as the Norwalk Pharmaceutical Division? Do you anticipate that there might be major conflicts between divisional scorecards and those of the corpor..
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