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Internal control is a function of management, and effective control is based upon the concept of charge and discharge of responsibility and duty. The implementation, monitoring, and evaluation of internal control systems are described in-depth in the Sarbanes-Oxley Act of 2002. Which of the following principles is one of the overriding principles of internal control?A. Responsibility for accounting and financial duties should be assigned to one responsible officer.B. Responsibility for the accounting duties must be borne by the audit committee of the company.C. Responsibility for the performance of each duty must be fixed.D. Responsibility for accounting activities and duties must be assigned only to employees whoare bonded.
Dean uses GAAP On its December 31, year 10 financial statements Dean will defer Gain on the sale of its current plant in the amount of?
Which of the following is not a benefit of budgeting? A) It ensures that accounting records comply with generally accepted accounting principles. B) It provides benchmarks for evaluating subsequent performance.
Prepare the income statement of owner's equity for the calendar year 2009 and the classified balnace sheet at December 31, 2009. Prepare the necessary closing entries at December 31, 2009.
Suppose that Noven had $49,000 in an inventory of transdermal estrogen delivery patches. These patches are from an initial production run, and will be sold during the coming year.
The partners share equally in partnership capital, income, gain, loss, deduction, and credit and capital is not a material income-producing factor.
The proper amount to be reported on Imperial Foods' balance sheet for cash at December 31, year 1 is:
Fontenot Corporation was organized in 2009 and began operations at the beginning of 2010. The company is involved in interior design consulting services. The following costs were incurred prior to the start of operations.
What are 4 examples of international Risks and Benefits.
Woody Corp. had taxable income of $8,000 in the current year. The amount of MACRS depreciation was $3,000 while the amount of depreciation reported in the income statement was $1,000. Assuming no other differences between tax and accounting income..
What is the breakeven point if Mount Carmel's tax rate is reduced to 25%, assuming the sales mix is 2 units of Product A for each unit of Product B?
which of the following accounts is a monetary item?
Cannon Company is considering a capital project that will return $100,000 each year for five years. At the company's hurdle rate of 10%, the present value of the annuity is $379,100. If the return on investment in the first year is $37,910, what i..
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