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1. How does a policy of rotating clerical employees from job to job aid in strengthening the control procedures within the control environment? Explain.
2. Why should the responsibility for a sequence of related operations be divided among different persons? Explain.
3. Why should the employee who handles cash receipts not have the responsibility for maintaining the accounts receivable records? Explain.
a. added to the cash balance according to the company's records.
b. deducted from the cash balance according to the company's records.
Quality Data manufactures two products, CDs and DVDs, both on the same assembly lines and packaged 10 disks per pack. The predicted sales are 400,000 packs of CDs and 500,000 packs of DVDs. What price should Quality Data charge for each disk pack if ..
On January 1, 2012, Lake Co. purchased a machine for $1,320,000 and depreciated it by the straight-line method using an estimated useful life of eight years with no salvage value. On January 1, 2015, Lake determined that the machine had a useful life..
During the year, he made only a nominal amount of disbursements of the type that qualify as itemized deductions of $3,290. What is his standard deduction for 2010?
Questions on accounts receivables and capital expenditure and When the effective interest method is used to amortize bond premium or discount and question related to trading securities
For each of the above dates, determine the intrinsic value and the time value of the option. and If the price of diesel fuel remained below $2.16 per barrel through November, calculate the effect on earnings traceable to the hedge.
Tube-Magic Company makes a line of specialized plastic tubing items. During each of the next two years, it expects to sell 325,000 units. The beginning finished-goods inventory is 80,000 units. However, the target ending finished-goods inventory for ..
Peters, Chong, and Aaron are dissolving their partnership. Their partnership agreement allocates each partner an equal share of all income and losses. The current period's ending capital account balances are Peters, $84,000;
Explain the difference between a cash basis and an accrual basis measure of performance. Does accrual basis net income provide a better measure of performance than net operating cash flow?
Carter Containers sold marketable securities, land, and common stock for $36.0 million, $12.0 million, and $40.0 million, respectively. Carter also purchased treasury stock, equipment, and a patent for $24.0 million, $22.0 million, and $8.2 million, ..
What journal entries are required at December 31, 20X2, to reflect the increase/decrease in carrying value (cost or revalued amount less accumulated depreciation) on the revaluation of the operating license based on the traded values of similar li..
Sugarland Company sells a single product and anticipates opening a new facility in Charlotte on May 1 of the current year. Expected sales during the first three months of activity are: May, $60,000; June, $80,000; and July, $85,000.
Determine the rate and efficiency variances for the variable overhead item power cost and indicate whether those variances are unfavorable or favorable.
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