Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
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.
Instructions
Question a. Identify the principles of internal control violated by Alternative Distributor Corp.
Question b. Explain why managers of various functional areas in the company should be concerned about internal controls.
jj is in need of raising money to expand the company and has identified the methods that he is considering. using the
On August 31, Jenks Co. partially refunded $180,000 of its outstanding 10% note payable, Prepare the adjusting entry at December
The journal entry recorded by XYZ on the date of redemption would include
The EPA has not yet proposed a penalty assessment. Shu's fiscal year ends on December 31, 2013. The company's financial statements are issued in April 2014.
galos corporation uses the fifo method in its process costing system. the grinding department started the month with
In 700 to 1,050 words, demonstrate the planning process for a complete audit from the role of an auditor. Include the following: A brief description of each.
What amount of the contribution is deductible?
Solomon Shingles uses the aging method to estimate bad debt expense. At the beginning of the year, the company had an accounts receivable balance of $47,600.
Adelphi Company has budgeted activity for March to reflect net income $125,000. How much cash will increase during the month of March
if we are just assuming the actual quantity of the product is 840 kg and its standard market price is 48 which is to
During the year, Tom withdrew $15,000 and Julie withdrew $12,000 in anticipation of operating profits
In addition, assume that Anheuser-Busch InBev sold 320 million barrels of beer during the year. Compute the break-even number of barrels for the current year
Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!
whatsapp: +1-415-670-9521
Phone: +1-415-670-9521
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd