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A potential control for managing the risk of employee fraud is to send employees on mandatory vacations. Explain the relation of that control with the payroll function. Why will itbe a good idea to require the payroll clerk, who writes checks, to go on a vacation? Provide examples from real life and discuss.
Identify and explain three major branches of philosophy and identify the importance of each to an accountant point of view
Prepare a cost of production report for February using the weighted-average method. Show all work and calculations for EUP, Cost per EUP, and Total Cost Accounted For.
Tommy purchases and places in service in 2011 personal property costing $900,000. What is the maximum Sec. 179 deduction that Tommy can deduct, ignoring any taxable income limitation?
Monthly demand for an inventory item currently averages 160 units. The annual carrying cost is $10 per unit. Ordering cost is $60 per order. This information applies to all of the questions on this page.
Despite the fancy look, the main purpose of the report is to provide the year's financial data, which comes from the corporation's accounting system.
A number of specific transactions do not necessarily follow the general tax provision applicable to property transactions. Following are a group of transactions that are subject to specific tax provisions. For each of the situations, you are to an..
what is the 2011 AMT adjustment requiered as a result of the sale of the assets?
Patel and Sons, Inc., uses a standard cost system to apply overhead costs to units produced. Practical capacity for the plant is defined as 50,000 machine-hours per year, which represents 25,000 units of output.
Prepare sample accounting journal entries for each step of the lay-a-way plan. Add any accounts to the company's chart of account that are needed. State if the added account(s) are assets, liabilities, revenue, expense, ect.
If the balance shown on a company's bank statement is less than the correct cash balance, and neither the company nor the bank has made any errors, there must be:
If ABC Service collects $50,000 from customers on account: a) total assets are unchanged b) liabilities increases c) owners equity decreases d) onwers equity increases
The Retained Earnings account has a credit balance of $17,000 before closing entries are made. If total revenues for the period are $55,200, total expenses are $39,800 and dividends are $9,000, what is the ending balance in the Retained Earnings a..
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