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1. Internal controls are a set of procedures adopted by an organization primarily to check frauds and errors and increase operational efficiency.
Consider the aspects of internal control and respond to the following:List ten internal controls that an organization should have over the collection of accounts receivable.
2. Liquidity ratios determine an organization's ability to meet its short-term obligations. Some examples of liquidity ratios are current ratio, acid-test ratio, and days' sales in average receivables.
Consider the various liquidity ratios and respond to the following:Discuss the importance of liquidity ratios in short-term financial decision making.
the company determined that the copyright would expire at the end of 2016. How much should the co. record as amortization expense for copyright for 2011?
the objective of this final report is for you to analyze the company in terms of its profitability liquidity and
On January 1, 2010 the Knox Company showed the following alphabetical list of stockholders equity balances:
there are four methods of inventory costing lifo fifo direct cost and average cost. why do you believe we have four? do
Actual fixed costs were $46,000. With everything else held constant, what impact did the shortfall in volume have on profitability for the year?
In 1934, Judge Learned Hand made the statement that a taxpayer, "[M]ay so arrange his affairs that his taxes shall be as low as possible; he is not bound to choose that pattern which will best pay the Treasury; there is not even a patriotic duty to i..
Evaluate Becky's bad debt deduction for 2012? For 2013? What forms are used to record the bad debt on her tax return?
Journalize the entries to record the investments of Keene and McKee in the partnership accounts. Prepare a balance sheet as of March 1, 2014, the date of formation of the partnership of Keene and McKee.
For each of the above dates, determine the intrinsic value and the time value of the option. and If the price of diesel fuel remained below $2.16 per barrel through November, calculate the effect on earnings traceable to the hedge.
MS company uses job order costing to determine the product unit cost of one of its products based on the following costs incurred during March: liability insurance, manufacturing, $3500; rent, sales office; $3000; depreciation, manufacturing equipmen..
John worked for ABC corp. and earned a salary of $100,000. John also received, as a fringe benefit, group-term life insurance at twice his salary. Assume the annual IRS established uniform cost of insurance is 2.75 per $1,000. What amount must John r..
Timmer Bachman founded the Bachman Corporation over 25 years ago. The company's genesis was spurred by the unique climbing apparatus developed by Timmer, an avid mountaineer. What was Bachman's flexible budget variance? What was the budgeted contrib..
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