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1. The adequacy of internal controls is said to be a function of the organization’s “control environment”. Describe what is meant by the “control environment”.
2. Ajax Company is a large retail Company that sells clothing, shoes and other apparel. It has 40 retail outlets located in 22 states. All of its merchandise is purchased by a centralized Procurement Organization located at the company’s headquarters in Fairfax, Virginia. There are six purchasing agents with each agent assigned to purchase various types of goods. Each agent works independently with suppliers to get the best deals for the company. The six agents report to a purchasing manager. The manager oversees the department and among other things, approves purchase orders for more than $1,000,000. Otherwise, each agent is able to do his/her own deals. Based on the above, answer the following:
a. What is the difference between a preventive control and detective control?
b. How would a preventive control be applicable to the activities in the Procurement Organization? How would detective control be applicable?
Prepare schedules showing the amount and percentage changes from 2013 to 2014 for the comparative income statements and the balance sheets.
The following information relates to the supplies account of ABC Company: ABC Company reported supplies expense of $17,000 in its 2015 income statement and purchased $23,000 of supplies during 2015. Calculate ABC Company's supplies balance at January..
Finding the Net cash flow provided by operating activities
You are CFO of Goforit, Inc., a wholesale distribution company specializing in emerging technologies. Your CEO is a brilliant marketer, but relies on you to explain issues and choices in accounting and finance. Goforit carries significant electronics..
Actual hours worked were 195,000 and actual overhead was $978,000. Compute the predetermined manufacturing overhead rate. Compute the applied manufacturing overhead.
Prepare an income statement for the year 2012 starting with income from continuing operations before taxes. Compute earnings per share as it should be shown on the face of the income statement.
Provide and discuss an example of a situation where a company would use a job cost sheet. As part of your analysis, be sure to explain the nature and importance of a job cost sheet. Discuss the advantages and disadvantages of Job Order Costing. Be su..
Two years ago, your best friend Scott Adams started a home business selling custom made chairs and tables. His original designs quickly became popular, and he began selling in large quantities. To take advantage of the upcoming holiday season, Scott ..
Gerry is the sole shareholder and president of Garmon Corporation. He also owns the office building that serves as the corporation's headquarters. Last year, Garmon paid Gerry $250,000 for the use of the building. Garmon's MTR was 34% and Gerry's was..
Scottish Elements Inc. sells 30,000 units per year of its main product. One of the main components of this product is also manufactured by the company. The company is considering purchasing this component to an external supplier.
Jefferson, Inc. produces two different products (Product 5 and Product Z) using two different activities: Machining, which uses machine hours as an activity driver, and Inspection, which uses number of batches as an activity driver. The cost of Machi..
Broussard Skateboard's sales are expected to increase by 20% from $8.8 million in 2016 to $10.56 million in 2017. Its assets totaled $6 million at the end of 2016. Broussard is already at full capacity, so its assets must grow at the same rate as pro..
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