Mel oconnor owns rental properties in michigan each

Reference no: EM13578905

Mel O'Connor owns rental properties in Michigan. Each property has a manager who collects rent, arranges for repairs, and runs advertisements in local newspapers. The property managers transfer cash to O'Connor monthly and prepare their own bank reconciliations. The manager in Lansing has been stealing from the company. To cover the theft , he understates the amount of the outstanding checks on the monthly bank reconciliation. As a result , each monthly bank reconciliation appears to balance. However the balance sheet reports more cash than O'Connor actually has in the bank. In negotiating the sale of the Lansing property, O'Connor is showing the balance sheet to prospective investors.

Identify two parties other than O'Connor who can be harmed by theft. In what ways can they be harmed?
Dicuss the role accounting plays in this situation. What internal controls could be put in place to prevent this type of theft?

Reference no: EM13578905

Questions Cloud

A sample of final exam scores is normally distributed with : a sample of final exam scores is normally distributed with a mean equal to 20 and a variance equal to 25. what is the

Two students are selected at random find the probability : sampling and the binomial distribution.nbspfollowing is a gender frequency distribution for students in professor

Some time ago julie purchased eleven acres of land costing : some time ago julie purchased eleven acres of land costing 14090. today that land is valued at 33909. how long has she

Oki products ltd has observed the following processing : oki products ltd. has observed the following processing costs at various levels of activity over last 15

Mel oconnor owns rental properties in michigan each : mel oconnor owns rental properties in michigan. each property has a manager who collects rent arranges for repairs and

At the end of the year the company owed employees 2480 for : transactions for pops company for 2011 were as followsa. the owners started the business as a corporation by

Solve the following standard normal probabilities to five : solve the following standard normal probabilities to five decimalsa. pz gt 0.68b. pz gt -1.56c. pzd. p-1.22e. p2.78 gt

Borderbooks company has two locations downtown and at a : borderbooks company has two locations downtown and at a suburban mall. during march the company reported net income of

Use the values in the contingency table to solve the : use the values in the contingency table to solve the equations given.defga39712b8464c10537a. pf cap a b. pa b c. pb d.

User Account

All Pages