Evaluate generally accepted accounting principles

Assignment Help Financial Accounting
Reference no: EM1310226

Listed below are five procedures followed by The Beat Company.

1.Several individuals operate the cash register using the same register drawer.

2.Monthly bank reconciliation is prepared by someone who has no other cash responsibilities.

3.Ellen May writes checks and also records cash payment journal entries.

4.One individual orders inventory, while a different individual authorizes payments.

5.Unnumbered sales invoices from credit sales are forwarded to the accounting department every four weeks for recording.

Indicate whether each procedure is an example of good internal control or  weak internal control.

If it is an example of good internal control, indicate which internal control principle is being followed. If it is an example of weak internal control, indicate which internal control principle is violated. Use the table below.

Procedure

IC Good or Weak?

Related Internal Control Principle

1

 

 

2

 

 

3

 

 

4

 

 

5

 

 

A.What are generally accepted accounting principles (GAAP) and what bodies provide authoritative support for GAAP?

B.What elements comprise the FASB's conceptual framework?

Reference no: EM1310226

Questions Cloud

Computing the cost in ten years using average home costs : The average home costs= $275,000 today. How much will it cost in ten years if price rises by 5% each year?
What is the speed of the large cart after the collision : A 33.0 g bullet moving at 434 m/s strikes a 5.0 kg bag of flour that is on ice, at rest. The bullet passes through the bag, leaving at 295 m/s. How fast is the bag moving while the bullet exits.
Purpose the journal entry at may 31 : Purpose the journal entry at May 31, 2008, to record the sale of the bonds. and the journal entry at September 30, 2008, to record the semiannual bond interest payment.
Computation of ebit : Computation of EBIT - mathermatically, EPS indifference point,  graphically and Calculate the EBIT-EPS indifference point and Compute the EBIT-EPS indifference point
Evaluate generally accepted accounting principles : Evaluate generally accepted accounting principles (GAAP) and what bodies provide authoritative support for GAAP? and What elements comprise the FASB's conceptual framework?
Shadow on the ground undergo periodic motion : A spaceship is coming directly toward you while you are in the international space station. You are told that the spaceship is shining sodium light. You have an apparatus that and resolve two closely spaced wavelengths if the difference is 0.55 nm. I..
Cost categories of quality : Explain about the four main cost categories of quality.
Data of company manufacturing overhead account : Hults Corporation has provided data regarding the company's Manufacturing Overhead account for month of November.
What is the new angular speed : A 2.20 sound wave travels through a pregnant woman's abdomen and is reflected from the fetal heart wall of her unborn baby. The heart wall is moving toward sound receiver as heart beats. The reflected sound is after that mixed with the transmitted so..

Reviews

Write a Review

Financial Accounting Questions & Answers

  Financial statement analysis and preparation

Financial Statement Analysis and Preparation

  Shareholder of a company

Describe the ways that a person can become a shareholder of a company. Why Wal-Mart would split its stock?

  Financial and accounting principles

An understanding of financial and accounting principles can be a valuable tool for managers. While not all managers will find themselves calculating financial ratios or preparing annual financial data.

  Prepare a statement of cash flow using the direct method

Prepare a Statement of Cash Flow using the Direct Method and Prepare the Operations section of the Statement of Cash Flow using the Indirect Method.

  Financial accounting assignment

This assignment has one case study and two question apart from case study. Questions related to document Liquidation question and Company financial statements question - Torquay Limited

  Prepare general journal entries for goela

Prepare general journal entries for Goela Ltd

  Principles of financial accounting

Prepare the journal entry to record the acquisition of the assets.

  Prepare general journal entries to record the transactions

Prepare general journal entries to record the transactions, assuming use of the periodic inventory system

  Global reporting initiative

Compare the view espoused by the economist Milton Friedman about the social responsibilities of business with the views express by Stigler.

  Explain the iasb conceptual frameworks

Explain the IASB Conceptual Framework's perspective of users and their decisions.

  Determine the company''s financial statements

T he focus of the report is to determine the extent to which you are comfortable relying on the financial statements as presented by management .

  Computation of free cash flow

Computation of Free Cash Flow

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