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Evaluation of internal control criteria.
For each of these five separate cases, identify the principle of internal control that is violated. Recommend what (he business should do to ensure adherence to principles of internal control.
1. Nadine Cox posts all patient charges and payments at the P-Town Medical Clinic. Each night Nadine backs up the computerized accounting system to a tape and stores the tape in a locked file at her desk.
2. Barto Sayles prides himself on hiring quality workers who require little supervision. As office manager, Barto gives his employees full discretion over their tasks and for years has seen no reason to perform independent reviews of their work.
3. Desi West's manager has told her to reduce costs. Desi decides to raise the deductible on the plant's property insurance from $5,000 to $10,000. This cuts the property insurance premium in half. In a related move, she decides that bonding the plant's employees is a waste of money since the company has not experienced any losses due to employee theft. Desi saves the entire amount of the bonding insurance premium by dropping (the bonding insurance.)
Current accounting standards indicate that the costs of intangible assets with an indefinite life, such as goodwill, should
Write a formal business letter to Ben answering their questions and provide specific references to the GAAP Codification sections used to arrive at your answers.
the state regular-tax basis in the asset was $60,000. What adjustment, if any, should be made to Federal taxable income in determining the correct state taxable income for the typical state?
What post implementation and feedback mechanisms would you have in place to evaluate the effectiveness of the process? What measures would you use?
part-1greentown industries sells its transport services at a range of prices to 5 different customer groups. the
Prepare journal entry to reimburse it on January 8. Create a journal entries to both reimburse the fund and increase it to $240 on January 8, assuming no entry
Since you still own General Motors and General Electric, could these be reclassified to long-term securities?
On Jan 1, 2010, Morgan Company acquires 300,000 of Nicklaus, Inc, 9% bonds at 278,384. the interest is payable each December 31, and the bonds mature Dec 31, 2012. the investment will provide Morgan Company a 12% yield. The bonds are classified as..
Determine what balance would be included in a December 1, 2010 consolidation.
Purpose an income statement showing the byproduct (1) as a cost reduction during production, and (2) as a revenue item when sold.
Lara's employer has a 40 percent marginal tax rate. Ignoring payroll taxes, illustrate what is the maximum amount of before-tax salary Lara would give up to receive health insurance?
Calculate the depreciation under the double declining method and calculate the depreciation under the units of production method.
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