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Listed below are 12 internal control procedures or requirements for the expenditure cycle (purchasing, payroll, accounts payable, and cash disbursements) of a manufacturing enterprise. For each of the following, identify the error or misstatement that would be prevented or detected by its use. a. Duties segregated between the cash payments and cash receipts functions. b. Signatures plates kept under lock and key. c. The accounting department matches invoices to receiving reports or special authorizations before payment. d. All checks mailed by someone other than the person preparing the payment vouchers. e. The accounting department matches invoices to copies of purchase orders. f. Keep the blank stock of checks under lock and key. g. Use imprest accounts for payroll h. Bank reconciliations performed by someone other than the one who writes the checks and handles cash. i. Use a check protector. j. Periodically conduct surprise counts of cash funds. k. Orders placed with approved vendors only. l. All purchases made by the purchasing department.
Discuss the differences between temporary and permanent accounts. What will happen if the temporary accounts like revenue, expense and dividend accounts are not closed in the ledger?
If Carly Manufacturing Company's cost of goods manufactured for 2008 amounted to $1,390,000, its cost of goods sold for the year is
Disney has four primary business segments: Media Networks, Parks and Resorts, Studio Entertainment, and Consumer Products. Which of these four has the best 2007 profitability as measured by return on sales?
Select which of these is NOT an example of a financial expert.
A government accounts for a municipal landfill in an enterprise fund. How will it determine how much to charge as an expense (and add to a liability) each year that the landfill is in use? Suppose, instead, that it accounts for the landfill in a g..
Clubb Company, which has only one product, has provided the following data concerning its most recent month of operations: The total contribution margin for the month under the variable costing approach is:
Given the following partnership activity for the year, determine each partner's adjusted basis in Quick and Reddy at the end of the taxable year.
Use the book value method to record the conversion of $9 million of bonds into common stock with a $10 par value if conversion occurred when the market price of the common was $24 per share, and total convertible debt outstanding amounted to $36 m..
BBAC501-Project Management Accounting: Review the performance of ValleyviewPlaygyms in 2012 and make a recommendation as to whether Johnson's overdraft facility should be cancelled. Prepare a report for Johnson explaining the errors s he made in..
Orchard Corporation's common stock was selling at $52 per share at the end of its fiscal year. All dividends for the year had been paid, including $4.80 per share to common stockholders.
Printers Inc. manufactures and sells a mid-volume color printer (MC) and a high-volume color printer (HC). Each MC requires 100 direct labor hours to manufacture, and each HC requires 150 direct labor hours.
What is a P/E ratio, and why is it important in stock valuation? Choose a company stock, and discuss its P/E ratio. Do you believe the P/E ratio provides an accurate assessment of the company's performance?
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