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You are an accountant at a local CPA firm that is auditing the accounting records of ABC company. You have been asked to educate the accounting department about the limitations of the internal control system in preparation for an upcoming audit. During yout audit, you have identified that because of a weak internal control system, an adjusting entry for prepaid insurance was not recorded for the first 3 months of the year at $500 per month.
Identify the limitation of the internal control system. Provide at least 3 limitations
Provide at least 2 examples of internal control procedures and explain how these procedures can be implemnted.
Identify symptoms of a lack of internal control
Explain the impact of the missing journal entry on the financial statements of the company.
Need 3-4 pages please.
Slaughter earned $220,000 in net income in 2013 (not including any investment income) while Bennett reported $90,000. Slaughter attributed any excess acquisition-date fair value to Bennett's unpatented technology, which was amortized at a rate of ..
Which of the following is an example of a variable cost?
Midlands Design Ltd. of Manchester, England, is a company specializing in providing design services to residential developers. Last year the company had net operating income of £400,000 on sales of £2,000,000.
Your write-up should be concise enough to allow me to see the answer without having to search but complete enough that I know you did the steps. Step One is important; if you skip ahead to Step Three it will show in your write-up.
Starling Coating produces weatherproofing coatings that protect metal from oxidation. One of Starling's patented coatings, zurtan, is composed of two inputs, magna45 and zelon. While both inputs are required, they can be substituted for each other..
A new sales representative, Mark Yount, has just received this copy of the month-end fincnail reports. He is puzzled by the term "unearned revenue." He left the following email message for you on the company's bulletin board system: What is this?
Alhara Corporation, whose fiscal year ended June 30, 20xx, completed the following transactions involving notes payable:
What is a complete liquidation? A partial liquidation? Explain the difference in tax treatment accorded these two different events. Also, provide specific examples.
Orange has a $20,000 charitable contribution carryover to 2010 from a prior year. Identify the tax issues the board should consider regarding the proposed contribution.
Michaels Company segments its income statement into its East and West Divisions. The company's overall sales, contribution margin ratio, and net operating income are $620,000, 57%, and $57,000, respectively.
What is a VAT? Give an example of VAT in other nations. What is the difference between centralized and decentralized government? What are the advantages of a federal system of government?
Post the above transactions to T-accounts. Determine the cost of goods sold for the period. Jurvin Enterprises recorded the following transactions for the just completed month. The company had no beginning inventories.
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