Objectives of a system of internal control

Assignment Help Accounting Basics
Reference no: EM13129759

Your friend, Mark, has opened a movie theater. Mark states that he does not have time to develop and implement a system of internal controls.

a. Provide Mark with the objectives of a system of internal control.

b. Explain to Mark why he should develop a system of internal control

Reference no: EM13129759

Questions Cloud

Different cultures and countries in the wold : Slavery has been practiced world-wide since the earliest days of humanity and is still practiced in parts of the world even today. Even the Bible condones slavery.
Problem related to contract : overhead costs applied to direct costs are 30%. a total of 3,500 meters were maintained. a private firm offers to do your PM for $10 a meter. Given the following information, should you contract out?
Tax gain allocation between two partners : If the partnership sells the property contributed by Desmond for $360,000, how is the tax gain allocated between the two partners?"
Intern in preparing some key reports : Management of Berndt Corporation has asked your help as an intern in preparing some key reports for August. The beginning balance in the raw materials inventory account was $33,000.
Objectives of a system of internal control : Your friend, Mark, has opened a movie theater. Mark states that he does not have time to develop and implement a system of internal controls. a. Provide Mark with the objectives of a system of internal control.
Seller of the receivables : A company regularly sells its receivables to a factor who assesses a 2% service charge on the amount of receivables purchased. Which of the following statements is true for the seller of the receivables?
Organic reactions - cyclopentadiene : Organic Reactions - Cyclopentadiene, Why is cyclopentadiene monomer more stable at higher temperatures although dicyclopentadiene (dimer) is more stable at lower temperatures?
Which of error would cause the imbalance : A trial balance that has total debits of $20,000 and total credits of $24,500. Which of error would cause the imbalance?
Explain which is a better nucleophile : Which halide has he lowest boiling point? Explain your choices. (CH3)2CH2Br vs CH3CH2CH2Br c. Which is a better nucleophile? Explain our choice.

Reviews

Write a Review

Accounting Basics Questions & Answers

  What are other areas where they may be fraud risk

Fraud is more than just the intentional misstatement of financial statements. What are other areas where they may be fraud risk that are perhaps not on the level of financial statement misstatement?

  Corporations income tax liability

In each of the following independent situations, determine the corporation's income tax liability. Assume that all corporations use a calendar year for tax purposes and that the tax year involved is 2010.

  Speculating with currency futures

Speculating with Currency Futures: Suppose that a March futures contract on Mexican Peso was available in January for $.09 per unit. Also suppose that forward contracts were available for same settlement date at a price of $0.092 per peso.

  Financing a business and holding stocks

What are the two primary ways for a company to finance its business? Which would you choose if you were forming a corporation and trying to raise funds and why?

  Interest rate on the less expensive debt instrument

Alternatively, ABC can sell 9.5 percent coupon bonds with a 2-year maturity and $1,000 par value at a price of $950.00. How many percentage points lower is the interest rate on the less expensive debt instrument?

  What is the dollar value of the ending inventory

A company manufactures a single product. During year 2012, a total of 20,000 units of this product were produced and 15,000 units were sold. The sales price was $20.00 per unit.

  Important factor for evaluating pending lawsuit

What accounting factors are significant before evaluating whether a pending lawsuit should be accrued as a liability and reflected in the financial statements?

  Discuss relevance of budgeting

Discuss the relevance of budgeting as it relates to the accounting profession in general. Relate lessons learned from a self-selected reading or from something you learned while working on your accounting profession in general.

  What is the potential impact of the increased fines

what is the potential impact of the increased fines on the content of the accounting reports of firm in the pharmaceutical industry, particularly in relation to accounting information? (case study: drugs code set to get tougher by Emma Connors)

  Calculate the annual lease payments

Calculate the annual lease payments. (Remember, these payments are to be considered at the begining of each year - annuity due.

  Characteristic of management accounting

The reason of the marketing idea is to rivet the attention of marketing managers on serving broad classes of requires supplier employee partner customer.

  Is the related lease finance or operating lease

If he sells the pubs abd then leases them back would you expect Lion Nathan to change how it accounts for the depreciation of he building?

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd