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As a new employee at Canyon rental, an outdoor outfitters and supply shop, your boss has asked you to look at the internal control system within the store. He is seeking a loan for expansion and must have his books audited. The auditor asked about his control procedures and documentation. He has no idea what the auditor is talking about. Your boss has asked you to do what you need to understand the system and has asked for a memo with your observations and recommendations by the end of the week. Through interviews and observation you notice the following: Purchase orders, and sales invoices are not pre-numbered due to the higher cost of printing the forms. To save time the sales clerk enters the sales at the end of the day into the accounting records, prepares the deposit and delivers it to the bank. The sales clerk a trusted and long-term employee grants sales returns at her discretion. The purchasing manager both orders merchandise and approves the payment for the order. Betty Gamble, the bookkeeper has not taken a vacation in three years. Checks are brought to the owner twice a week for signing. He is overwhelmed by all of the paperwork and has asked for the checks only on which he stamps his signature. In your memo, give a summary of the elements of an effective internal control system. Comment on each of your observations and if there is a weakness provide a solution.
Identify and explain the four categories of consumer offerings. Provide an example of each type of offering.
Did Houston contribute to the plan the amount required by actuarial calculations? How much would have been reflected on the government-wide statement of net position?
Use this information to prepare the General Journal entries (without explanation) for the July 15 sales & the July 21 collections
Calculate Bay Area Cycle's break-even point in units and total sales dollars. Calculate Bay Area Cycle's margin of safety and margin of safety ratio
magic oaks realtys net revenue and net income for the following five-year period using 2012 as the base year
Edwardson Corporation's year-end is December 31. Assuming that no adjusting entries relative to the transactions above have been recorded.
is it important for a company to follow a strict budget even though they may be experiencing phenomenal profits? do you
Compute the following ratios using the statements of Coca Cola for the year 2013 and 2012 - They should comment on liquidity, profitability, and efficiency of the above company.
Assume materials are added at the start of processing. Calculate the equivalent units for the Forming Department for the month of August
Is there anything that is suspicious on the summary? Explain your answer. Would you conduct a surprise audit of the area? Why or why not?
For each procedure, explain the weakness in internal control, and identify the control principle that is violated
Tim Brown, a friend of yours, has recently purchased a home for $125,000, paying $25,000 down and the remainder financed by a 10.5%, 20-year mortgage, payable at $998.38 per month.
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