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FLOWCHARTING ASSIGNMENT Prepare two flowcharts - flowcharting how the following system works and how it should work with a proper system of internal control using the Visio software. Indicate what the control weaknesses are. Payroll in the Jones Corporation is processed in the following manner: The payroll clerk receives a statement each week from each supervisor that indicates the hours that were worked by each employee. The payroll clerk then consults the master file that lists the employees and their hourly pay rate. The payroll clerk then enters into the computer the hourly wage and the pay rate and prints out the checks. The checks are then given to the treasurer who signs the checks. The treasurer then returns the signed checks to the payroll clerk who is responsible for distributing the checks to the employees. The payroll clerk also receives from the owner each week any changes in wage rates or new employees at the company. The payroll clerk then enters this new information into the computer and creates a new master file. She also sends a note on the gross pay and deductions for payroll to the general ledger clerk to support the journal entry and the posting to the general ledger.
On January 15, 2013, Leno, Inc., which has a March 31, year-end, entered into a transaction to sell the land and building that contained its manufacturing operations for a total selling price of $19,750,000.
Discuss the main accounting conventions and concepts.
The balance in the equipment account is $904,000, and the balance in the accumulated depreciation-equipment account is $316,400.
designer fads company a local retail clothing store was established april 1 2013. the company issued 8500 shares of 10
Signal Florists (SF) operates a retail flower shop. Their sales for October total $5,000. They have projected revenue for the next three months as follows: Prepare a cash inflow budget for December, January, and February.
A single product in one department and uses a process costing system. At the start of May, there were 10,000 units in process that were 100 percent complete with respect to direct material and 60 percent complete with respect to conversion costs (..
A measure used by the MoHLTC to determine if a Hospital is operating efficiently is a calculation termed Average Cost Per Weighted Case. (CPWC) Case costing has generated considerable interest and enthusiasm.
Pare Long-Haul, Inc. is considering the purchase of a tractor-trailer that would cost $104,520, would have a useful life of 6 years, and would have no salvage value.
the system of federalism was instituted with the writing and authorization of the constitution in 1787. in dividing
The estimate for sampling error results because the auditor has sampled only a portion of the population. Sampling error represents the:
during the period 1984 to 2008 the average yield on 3-month u.s. treasury bills was 4.76 the average inflation rate was
which is the rate users pay to providers. For debt, we call this price the interest rate. For equity, we call this price the cost of equity. Discuss the four most fundamental factors affecting the cost of money.
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