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Identify an internal control procedure that would reduce each of the risks that follow in a manual system. Also describe how (or if) an IT system could reduce these risks: Student responses may vary, as more that one control may apply to risk reduction in these circumstances. However, following are some likely answers:a. Revenues may be recorded before the related shipment occurs.b. Employees responsible for shipping and accounts receivable may collude to steal goods and cover up the theft by recording fictitious sales.c. Credit memos may be issued at full price, when the goods were originally sold at a discount.d. Sales invoices may contain mathematical errors.e. Amounts collected on accounts receivable may be applied to the wrong customer.f. Duplicate credit memos may be issued for a single sales return.g. Sales invoices may not be prepared for all shipments.h. Shipments may contain the wrong goods.i. All sales transactions may not be included in the general ledger.
This amount represented funds borrowed on a six-month, 10 percent note from the firm's bank on December 1. Record the journal entry for interest expense on this note that should be recorded on the firm's worksheet for the year ended December 31, 2..
1. on-call services corporation bought a building lot to construct a new corporate office building. an older home on
It can borrow at a rate of 7.5%, but the bank requires it to have a TIE of at least 4.0, and if the TIE falls below this level the bank will call in the loan and the firm will go bankrupt. What is the maximum debt ratio the firm can use?
the milling department uses standard machine hours to allocate overhead to products. budgeted volume for the year was
a. Calculate the company's unit contribution margin. b. Calculate the company's contribution margin ratio.
why would a state or local government establish a capital projects fund? what type of project might be considered a
determine the target weighted average cost of capital for felicia amp fred given following assumptionsweights of 30
Which of the following statements pertain to both variable costing and absorption costing?
Jones Company acquired Jackson Company for $2,200,000 cash. At that time, the fair value of recorded assets and liabilities was $1,500,000 and $280,000 respectively.
This question belongs to Accounting and it is about accounting review of an Australian company Woolworths Ltd. This exacting question is purchase price and sales price comparison of an investment by Woolworths Ltd
the following production data were taken from the records of the finishing department for june inventory in process 6-1
tthe stockholders equity section of ennis company consists of common stock 300000 and retained earnings 900000. ennis
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