Determine the limitations of internal control system give

Assignment Help Accounting Basics
Reference no: EM13452274

You are an accountant at a local CPA firm that is auditing the accounting records of ABC Company. You've been asked to educate the accounting department about the limitations of the internal control system in preparation for an upcoming audit. During your 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 limitations 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 implemented.

Identify symptoms of a lack of internal control.

Explain the impact of the missing journal entry on the financial statements of the company.

Reference no: EM13452274

Questions Cloud

The series of amino acids is the structure of : 1.the sequence of amino acids is the structure of proteins.a.primaryb.secondaryc.tertiaryd.quaternarye.stereo2.the
Question 1 determine the quantity of framing glass and : picture pretty manufactures picture frames. sales for august are expected to be 10000 units of various sizes.
The series of amino acids is the structure of : 1.the sequence of amino acids is the structure of proteins.a.primaryb.secondaryc.tertiaryd.quaternarye.stereo2.the
Analyze the product and needs of bjb and then select the : prepare a total quality management program for bjb manufacturing company by writing a 700-to 1050-word paper in which
Determine the limitations of internal control system give : you are an accountant at a local cpa firm that is auditing the accounting records of abc company. youve been asked to
Why do the laws differ from state to state did you find any : the legal requirements for companies are changing. employment laws now vary by state and by country. conduct research
Which of the given is composed of a 121 ratio of carbon to : 1.which of the following is composed of a 121 ratio of carbon to hydrogen to
Why is a ready investigative kit so important and valuable : why is a ready investigative kit so important and valuable to accident preparedness? be sure to include evidence and
Analyze the ideologies identify their similarities and : social justice has been defined in different ways but the definitions usually include similar ideologies. as you study

Reviews

Write a Review

Accounting Basics Questions & Answers

  Goods in process inventory account

The company uses monthly reporting periods for its weighted-average process cost accounting system. Its Goods in Process Inventory account follows after entries for direct materials, direct labor, and overhead costs for October.

  Journalize the six entries that adjust the accounts

Journalize the six entries that adjust the accounts at December 31. One of the accounts was affected by two different adjusting entries.

  Recording transactions directly in general ledger accounts

You are there foreconsidering recording the transactions directly into the general ledger accounts. Is this ethical and will you be following the accounting norms if you undertake such a step? Why or why not? Discuss.

  Federal joint and several liability rules

Can the state revenue agency collect the outstanding payroll tax from greater under the Federal joint and several liability rules for tax obligation of consolidated return affiliates?

  Record sales and collections during the period

Prepare the entries to record sales and collections during the period. Prepare the entry to record the write-off of uncollectible accounts during the period. Prepare the entries to record the recovery of the uncollectible account during the period.

  Explain the effect the stock dividend

Effect of Stock Dividend Travanti Company has a history of paying cash dividends on its common stock. Although the firm has been profitable this year, the board of directors is planning construction of a second manufacturing plant.

  Accounting records for huggins construction company

The following data were summarized from the accounting records for Huggins Construction company for the year ended June 30,2008.

  How to include depreciation and working capital

how to include depreciation and working capital in the following NPV analysis, because depreciation for the machinery goes for longer than the project timeline, and working capital needs to be accounted for as a percentage of sales.

  Compute diluted earnings per share

Adcock issued $2,000,000 of 8% convertible bonds at face value during 2006. Each $1,000 bond is convertible into 30 shares of common stock. Compute diluted earnings per share for 2007. Complete the schedule and show all computations.

  Sales manager for a national fast-food chain

Rachel lives and works in Chicago. She is the regional sales manager for a national fast-food chain. Due to unusual developments, she is compelled to work six straight weeks in the St. Louis area.

  Possibility of renewal by extension

Short term debt has a few advantages such as the economical advantages of obtaining it at a short notice, the flexibility of being able to meet financial needs, and the possibility of renewal by extension.

  What price should the investor offer

During the past several years the annual net income of Avery Company has averaged $540,000. At the present time the company is being offered for sale. Its accounting records show the book value of net assets (total assets minus all liabilities) to..

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