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Identify an internal control procedure that would reduce each of the risks that follow in a manual system. Also describe how (or if) an IT system could reduce these risks: Student responses may vary, as more that one control may apply to risk reduction in these circumstances. However, following are some likely answers:a. Revenues may be recorded before the related shipment occurs.b. Employees responsible for shipping and accounts receivable may collude to steal goods and cover up the theft by recording fictitious sales.c. Credit memos may be issued at full price, when the goods were originally sold at a discount.d. Sales invoices may contain mathematical errors.e. Amounts collected on accounts receivable may be applied to the wrong customer.f. Duplicate credit memos may be issued for a single sales return.g. Sales invoices may not be prepared for all shipments.h. Shipments may contain the wrong goods.i. All sales transactions may not be included in the general ledger.
There are several potential problems that can occur from the improper use of standard costs. Labor quantity standards and efficiency variances assume that production is labor-paced.
What is the purpose of GAAP in the accounting cycle? Is it possible to deviate from GAAP and still prepare financial statements?
which of the following regarding preferred stock is true? the price in the market remains at par if the required rate
Write a 1,050- to 1,400-word paper that addresses your client's request by summarizing research from the FASB Accounting Standards Codification website and other sources.
morganton company makes one product and it provided the following information to help prepare the master budget for its
A $30,000 recently completed feasibility study indicated that the firm can employ an existing factory owned by the firm, which would have otherwise been sold for $150,000. The firm will borrow $750,000 to finance the acquisition. Total interest ex..
Compute the work-in-Process transferred to the finished goods warehouse on April 30 using the following information:
Wayne`s Steaks, Inc., has a 9 percent, noncallable, $ 100-par-value preferred stock issue outstanding. On January 1 the market price per share is $ 73: Dividends are paid annually on December 31: If you require a 12 percent annual return on this i..
On October 5, Veri-Wyn Company sold to Dunn & Brooks merchandise having a sale price of $23,000 with terms of 1/10, n/30, f.o.b. shipping point.
the approach of going green is a good example of the firms social responsibility in addition to demonstrating the
Assume that the Town of Boonsville maintains an Agency Fund for its employees, insurance with-holdings, another for its employees, income tax withholdings, and a third for its employees, pension contributions.
fryer corporation uses the weighted-average method in its process costing system. this month the beginning inventory in
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