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Identify an internal control procedure that would reduce each of the risks that follow in a manual system. Also describe how (or if) an IT system could reduce these risks: Student responses may vary, as more that one control may apply to risk reduction in these circumstances. However, following are some likely answers:a. Revenues may be recorded before the related shipment occurs.b. Employees responsible for shipping and accounts receivable may collude to steal goods and cover up the theft by recording fictitious sales.c. Credit memos may be issued at full price, when the goods were originally sold at a discount.d. Sales invoices may contain mathematical errors.e. Amounts collected on accounts receivable may be applied to the wrong customer.f. Duplicate credit memos may be issued for a single sales return.g. Sales invoices may not be prepared for all shipments.h. Shipments may contain the wrong goods.i. All sales transactions may not be included in the general ledger.
chihooli inc. manufactures radiation-shielding glass panels. suppose chihooli is considering spending the following
The probability of success for this plan is estimated to be 75 percent. Striker's marginal tax rate is 39 percent. Who should the manager hire?
Oxford Corporation began operations in 2012 and reported pretax financial income of $220,800 for the year. Oxford's tax depreciation exceeded its book depreciation by $36,800. Oxford's tax rate for 2012 and years thereafter is 30%.
four the past four years three companies have dominated the soft drink industry holding a combined 85 percent of market
Compute the ending balance in the Work in Process inventory account. Assume that this balance consists entirely of goods started during the year. If $32,200 of this balance is direct materials cost, how much of it is direct labor cost? Manufacturi..
From the e-Activity, create one (1) argument to support the use of a two-step approach over the single-step approach when reporting comprehensive income. Support your response with specific examples that illustrate why the two-step approach is mor..
the units in process at the end of the month are 100 percent coomplete with respect to materials and 50 percent
information available concerning its postretirement benefit plan for 2012.
a corp. makes 8000 units of part g25 each year. this part is used in one of the companys products. the companys
at december 31 2010 the trial balance of olpe company contained the following amounts before adjustment.debits
mareos company purchased for 3800000 a mine estimated to contain 2 million tons of ore. when the ore is completely
macon farms raises peaches that at harvest are separated into three grades premium good and fair. joint cost is
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