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Describe fraud and its impact; explain the objectives and components of internal control; evaluate internal controls. Scott Smart served as executive director of Downtown Huntsville, an organization created to revitalize Huntsville, Alabama. Over the course of 14 years, Smart embezzled $236,000. How did Smart do it? He did it by depositing subscriber cash receipts in his own bank account, writing Downtown Huntsville checks to himself, and creating phony entities that Downtown Huntsville wrote checks to.
Downtown Huntsville was led by a board of directors comprised of civic leaders. Smart's embezzlement went undetected until Downtown Huntsville couldn't pay its bills.
Give four ways Smart's embezzlement could have been prevented.
Cramer Company projects the following sales for the first 3 months of the year:$12,500. in Jan. 13,240. in Feb, 14,600.in March. Prepare a revised schedule of cash receipts if receipts from sales on account are 60% in the month of the sale, 30% the m..
laura corporation is considering the purchase of new equipment with a cost of 41000. the expected cash inflow from the
For Christmas presents, a McDonald's restaurant sells coupon books for $10. Each of the $1 coupons may be used in the restaurant any time during the following 12 months. The customer must pay cash when purchasing the coupon book.
Prepare Northern Bell's consolidated financial statements for December 31, 20X9, assuming that Golden Bell's functional currency is the Canadian dollar, and the foreign currency unit.
question yuan xi has just opened a company that imports fine ceramic gifts from china and trades them over the
1.Stan is an auditor for Cartman& Kenny, CPA. He has recently beenassigned to a new private client called Southpark Services, a provider of Web management services. Southpark has clients throughout the United States. The company manages the clients' ..
Fantastic Futons manufactures futons. The estimated number of futon sales for the first three months of 2014 are as follows: Finished goods inventory at the end of 2013 was 10,000 units. On average, 25% of the futons to be sold in the next month are ..
What should be in the allowance. Also consider current and previous A/R Turnover and Days' Sales in A/R ratios.
What amount of gain or loss did Merton record when it sold the building? What amount of gain or loss would have been reported if the pollution-control equipment had been expensed in 2009?
What are companies registered with the Securities & Exchange Commission (SEC) required to include with their financial reports and what are SEC financials required to adhere to and what additional information is required of SEC registrants that is no..
Explain the possible causes for direct materials price and direct materials usage variances. Who in the organization normally has influence over or responsibility for these variances?
You have been appointed as an accountant in the group reporting division of Care-Clinic Corporation Limited, a private hospital group listed on the JSE Securities Exchange - Enhance the quality of life of patients by providing cost-effective acute ..
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