Reference no: EM131332773
Internal control procedures are required for all transaction cycles within an accounting cycle. This week you are addressing the control procedures that would be the most effective in the general ledger and reporting system.
You are asked to address multiple scenarios and indicate the most effective manner for resolving an issue.
Which control procedure would be most effective in addressing the following problems?
a. When entering a journal entry to record issuance of new debt, the treasurer inadvertently transposes two digits in the debit amount.
b. The spreadsheet used to calculate accruals had an error in a formula. As a result, the controller's adjusting entry was for the wrong amount.
c. The controller forgot to make an adjusting entry to record depreciation.
d. A sales manager tipped off friends that the company's financial results, to be released tomorrow, were unexpectedly good.
e. The general ledger master file is stored on disk. For some reason, the disk is no longer readable. It takes the accounting department a week to reenter the past month's transactions from source documents in order to create a new general ledger master file.
f. The controller sent a spreadsheet containing a preliminary draft of the income statement to the CFO by e-mail. An investor intercepted the e-mail and used the information to sell his stock in the company before news of the disappointing results became public.
g. A company's XBRL business report was incorrect because the controller selected the wrong element from the taxonomy.
h. Instead of a zero, an employee entered the letter o when typing in data values in an XBRL instance document.
Summary of financial statement notes for both burger king
: Short summary (approximately a page) of financial statement notes for both Burger King & Tim Horton's. Summary of the results of the financial ratios for both companies.
|
What is meant by efficient hypothesis
: What is meant by efficient hypothesis? Describe its three forms. What is meant by preemptive right? What are its two purposes? In what way does it protect current stockholders?
|
Is there an equilibrium in an open bid ascending auction
: Show that in a symmetric sealedbid second-price auction with independent private values the strategy vector under which buyer 1 bids v‾ and all the other buyers bid 0 is an (asymmetric) equilibrium.
|
Call option-what is your net profit from position
: A call option on a stock, with time to maturity of 2 months and strike price of $24.41, is currently trading at a premium of $1.65 per share. If you buy options on 20,000 shares (200 contracts), and then at maturity the stock is trading at $22.89, wh..
|
Which control procedure would be most effective
: Which control procedure would be most effective in addressing the following problems? When entering a journal entry to record issuance of new debt, the treasurer inadvertently transposes two digits in the debit amount.
|
Describes the relationship between project
: Both projects Z and P are acceptable as independent projects. However, the selection of either one of these projects eliminates the option of selecting the other project. Which one of the following terms best describes the relationship between Projec..
|
Paper about depression
: Depression: Introduction to depression and Physiological factors of depression. Physiologic symptoms of depression (central, endocrine & peripheral symptoms). Physiologic mechanisms (The Monoamine Hypothesis and Monoamine Receptor changes)
|
Commuting time of its employees
: A large corporation is interested in determining whether an association exists between the commuting time of its employees and the level of stress-related problems observed on the job. A study of 116 assembly-line workers reveals the following:
|
Futures contract on copper traded
: A futures contract on copper traded at the Chicago Mercantile Exchange has a denomination of 25,000 pounds. Today you enter into a long futures position of 10 contracts on copper at $3.43 per pound, maturing in 6 months. If copper is trading at $3.75..
|