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1. In an attempt to improve operating efficiency, one employee was made responsible for all purchasing, receiving, and storing of supplies. Is this organizational change wise from an internal control standpoint? Explain.
2. The ticket seller at a movie theater doubles as a ticket taker for a few minutes each day while the ticket taker is on a break. Which control procedure of a business's system of internal control is violated in this situation?
3. Why should the responsibility for maintaining the accounting records be separated from the responsibility for operations? Explain.
What classification procedure and subsequent classification could Jaycom follow in order to meet its objective? How will Jaycom justify its choice to their auditors?
Upon examining the balance sheet of a large city, you notice that the total assets of the general fund far exceed those of the combined total of the city's ten separate special revenue funds.
looking at exhibit 2-16a an increase in dividends is a debt while a decrease in an asset is a credit. remember that
Create a formula to calculate your rate of return for each year. What is your overall return over the life of your investment? What is the average annual return over the life of the investment? Use the geomean function.
The focus of this case is the income statement presentation of the gain on the sale of the timber tracts.
On January 1, Hudson Corporation issues $500,000, 8%, 5-year bonds at 106. Assuming the straight-line amortization method is used and interest is paid annually, how much bond interest expense is recorded on the next interest date?
The following list presents statements regarding the expenditure processes. Each statement is separate and should be considered to be from a separate company. For each statement, determine whether it is an internal control strength or weakness, th..
aggie company issued 5 - year bonds with a par value of 35000000 and a 7 annual stated rate of interest on january 2
admissionwithdrawal of partnersnbspmerrill lynch and pierce are partners with current capital balances of 10000 15000
Moneybaggs hires you as her financial consultant How will you advise her?
a factory machine was purchased for 60000 on january 1 2010. it was estimated that it would have a 12000 salvage value
carlin corporation issued 2400000 of 5-year 8 bonds at 95 the bonds pay interest semiannually on july 1 and january 1.
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