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For each of these five separate cases, identify the principle( s) of internal control that is violated. Recommend what the business should do to ensure adherence to principles of internal control.
1. Latisha Tally is the company's computer specialist and oversees its computerized payroll system. Her boss recently asked her to put password protection on all office computers. Latisha has put a password in place that allows only the boss access to the file where pay rates are changed and personnel are added or deleted from the payroll.
2. Marker Theater has a computerized order taking system for its tickets. The system is active all week and backed up every Friday night.
3. Sutton Company has two employees handling acquisitions of inventory. One employee places purchase orders and pays vendors. The second employee receives the merchandise.
4. The owner of Super Pharmacy uses a check protector to perforate checks, making it difficult for any one to alter the amount of the check. The check protector is on the owner's desk in an office that contains company checks and is normally unlocked.
5. Lavina Company is a small business that has separated the duties of cash receipts and cash disbursements.The employee responsible for cash disbursements reconciles the bank account monthly.
Prepare a schedule of gross profit (loss) to be reported and prepare the entries for projects A and B only
1.under variable costing which of the following costs would be included in finished goods inventory?a.advertising
What is the amount of the annual pension payment that should be used in computing Francisco's accumulated benefit obligation (ABO) as of January 1, 2008?
Calculate the activity cost rates for each of the activity cost pools and calculate the amount of "Support Expenses" to be allocated to each of the four product lines for each activity.
What are some typical key assumptions that must be made in the "revenue sources" budgeting process of nonprofits, and what could cause these assumptions to be invalid?
A company had a market price of $38.10 per share, earnings per share of $1.55, and dividends per share of $0.70. Calculate its price-earnings ratio
Prepare a multiple-step income statement and compute the gross profit rate.
a. if you could pick a single source of cash for your business what would it be? why?b. how can a business
Journalize the entries to record the operations, identifying each entry by letter. Compute the July 31 balances of the inventory accounts. Compute the July 31 balances of the factory overhead accounts.
The chapter identified five financial management titles with responsibilities
Discuss the revenue recognition issues that exist in each independent situation. Discuss any issues that exist in matching the expenses against the revenues.
Allied Package Express Service properly capitalized at $93,598 a large truck it had leased on January 1, 2011. The truck has a 14-year useful life. Title to the truck passes to Allied at the end of the 12-year lease term.
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