Reference no: EM132649513
Expand Your Critical Thinking 5-7 (Essay)Alternative Distributor Corp., a distributor of groceries and related products, is headquartered in Medford, Massachusetts.
During a recent audit, Alternative Distributor Corp. was advised that existing internal controls necessary for the company to develop reliable financial statements were inadequate. The audit report stated that the current system of accounting for sales, receivables, and cash receipts constituted a material weakness. Among other items, the report focused on nontimely deposit of cash receipts, exposing Alternative Distributor to potential loss or misappropriation, excessive past due accounts receivable due to lack of collection efforts, disregard of advantages offered by vendors for prompt payment of invoices, absence of appropriate segregation of duties by personnel consistent with appropriate control objectives, inadequate procedures for applying accounting principles, lack of qualified management personnel, lack of supervision by an outside board of directors, and overall poor recordkeeping.
Question 1: Identify the principles of internal control violated by Alternative Distributor Corp.
Question 2: Explain why managers of various functional areas in the company should be concerned about internal controls.
|
Describing different types of payment options
: Briefly describing different types of payment options for e-commerce outlets, mention which payment option(s) would you prefer for NZY, and why?
|
|
Competitiveness and attractiveness of the industry
: Make an overall assessment of the competitiveness/attractiveness of the industry.
|
|
Discuss the rationale for the policy
: Discuss the rationale for the policy, how it was adopted (e.g., federal waivers, passage by state legislature), the funding structure.
|
|
Compute GinnyCo income tax provision for the year
: GinnyCo reports a $100,000 income tax payable in the current year. Compute GinnyCo's income tax provision for the year, expressed as a Microsoft Excel formula
|
|
Explain why managers of various functional areas in company
: Expand Your Critical Thinking Alternative, Explain why managers of various functional areas in the company should be concerned about internal controls.
|
|
Have students develop a smoking cessation plan for a client
: Have students develop a smoking cessation plan for a client. Evaluate the impact of poverty on older adults. Make sure to include the impact on their physical.
|
|
Discuss appropriate interventions for adolescents
: Discuss appropriate interventions for adolescents suspected of having an eating disorder. Describe how they would initiate conversations with adolescents about.
|
|
Compute Rubio taxable income
: The applicable income tax rate is 30% (combined Federal, state, and global). Compute Rubio's taxable income
|
|
Externalities and the role of government define externality
: Externalities and the Role of Government Define externality and provide one example of a product with a positive externality and one with a negative externality
|