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Point 1: Internal Control & Governance Scott Caldwell entered Harvest House Ministries, an Australian drug and alcohol rehabilitation facility, to try to kick a severe case of alcoholism. He got sober, and while he was residing at Harvest House he worked hard on-and ultimately earned-a professional accounting certificate. By this time, Scott was well-known to everyone at Harvest House, and thanks to his pleasant personality, had become wellliked-even trusted. So trusted was Scott by the directors of the organization, that they offered him a full-time job as a bookkeeper. He was given full authority to handle Harvest House's day-to-day financial transactions and maintain its financial records. To Scott, nothing more wonderful could have happened. Everything went along fine for about five years and Scott proved to be a reliable employee. Until . . .A long-overdue surprise audit revealed that Scott had been diverting Harvest House funds to his own personal accounts for three full years. He had managed to embezzle about $300,000 from the charity's payroll and fundraising accounts before the audit revealed his fraud.
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Question 1: How could this fraud have been prevented? List four (4) internal control measures that should have been implemented to prevent this fraud.
The sale is $13. Using the lower of cost or net realizable value rule, what amount should be reported on the balance sheet for inventory?
Sold land purchased on June 1, 2005 for $1,472,000. The land cost $401,000-Purchsed equipment for $2,370,000.
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Determine the cost of timber sold related to depletion for 2014. Compute the rate of depreciation per year to be applied to the plant assets under the composite method.
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