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You are an accountant at a local CPA firm that is auditing the accounting records of ABC Company. You've been asked to educate the accounting department about the limitations of the internal control system in preparation for an upcoming audit. During your audit, you have identified that because of a weak internal control system, an adjusting entry for prepaid insurance was not recorded for the first 3 months of the year at $500 per month. Identify the limitations of the internal control system. Provide at least 3 limitations.
Provide at least 2 examples of internal control procedures, and explain how these procedures can be implemented.
Identify symptoms of a lack of internal control.
Explain the impact of the missing journal entry on the financial statements of the company.
During 20x8, Voss declared and paid dividends of $80,000 on its common stock. Net income for 20x8 amounted to $500,000. The earnings per share (rounded to the nearest cent) for 20x8 are
the trial balance of dynamite laundry at july 31 2006 the end of the current fiscal year and the data needed to
For January, February, and March, prepare a schedule of monthly cash receipts, monthly cash payments, and a complete monthly cashbudget with borrowings and repayments.
Scott Company's variable expenses are 72% of sales. The company's break-even point in dollar sales is $2,450,000. If sales are $60,000 below the break-even point, the company would report a:
Describe how investors report investments in equity securities when investor has controlling influence over an investee. (US GAAP)
an auto plant that costs 220 million to build can produce a line of flexfuel cars that will produce cash flows with a
Overhead cost is applied to units based on direct labor hours. For April, total overhead cost was budgeted at $80,000 based on a denominator activity level of 20,000 direct labor hours for the month.
ABC Company recognises revenue at the point of shipment. Management decides to increase sales for the current quarter by filling all customer orders. Explain what impact this decision will have on the following:
lockard company purchased machinery on january 1 2012 for 151840. the machinery is estimated to have a salvage value of
What role does GAAP play in how firms determine transfer prices?
What is the amount of the lessee's liability to the lessor after the December 31, 2012 payment? (Rounded to the nearest dollar.)
If the recorded value of a note differs from the face value: a. Explain how the company should account for the difference. b. Explain how the company should present this difference in the financial statements.
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