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Which is generally considered to be the primary purpose of an internal auditor's evaluation of the adequacy of internal controls.
1.to determine whether the established internal controls are functioning as intended by management.
2. to determine the extent of reliance the internal auditor can place on the established internal controls in the process of evaluating the financial statements prepared by the organization.
3. to determine whether all risks and exposures of the enterprise have been reduced or eliminated by the internal controls.
4. to determine whether the established internal controls provide reasonable assurance that the objectives and goals of the organization will be met in an efficient and economical manner.
Parsing Electronics is interested in expanding its operations with a new manufacturing facility in Slovakia. The company prepares a capital investment analysis on the validity of the project and finds that the project is viable. The company expect..
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.
Also assume that a U.S. exporter denominates its Swiss exports in Swiss francs and expects to receive SF600,000 in 1 year. Using the information above, what will be the approximate value of these exports in 1 year in U.S. dollars given that the fi..
Wynn, Inc. has contract to construct a large hotel for $12,000,000. The contract was signed on the month January 2, 2010 and it was expected that the hotel would be complete on the month of December 31, 2013. Under these situations, what amount of ..
Haan Inc. is a merchandising company. Last month the company's cost of goods sold was $66,500. The company's beginning merchandise inventory was $12,900 and its ending merchandise inventory was $17,200. What was the total amount of the company's m..
Yuli Copters is known to be aggressive in ignoring intellectual property claims. Imagine they just go ahead with the project as stated above. (In other words, they decide not to pay for the license.)
At the end of the year, Watkins still holds only $20,000 of merchandise. What amount of unrealized grass profit must Panner defer in reporting this investment using the equity method?
Prepare the journal entries to record the sale on July 15 (ignore cost of goods) and collection on August 15, 2011.
Madison Industries uses the straight-line depreciation method. One asset had been purchased for $9,000. Annual depreciation expense was $800 after considering a residual value of $1,000. What was the approximate life of the asset?
At the time of issuance, the market interest rate for similar financial instruments is 10%. Instructions: As the controller of the company, determine the selling price of the bonds.
The rental fee for the manufacturing facility is $7,000 per month. How much of the rental cost should be allocated to the products made in January and to those made in February?
objective questions: Kovacic Company purchased a computer that cost $10,000. It had an estimated useful life of five years and residual value of $0. The computer was depreciated by the straight-line method and was sold at the end of the fourth year o..
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