User Account

All Pages

Identify the relevant internal control procedures

Assignment Help Cost Accounting
Reference no: EM13930114

Best Care Medical Centers (BCMC) hired a new physician, Sam Cole, who was an immediate success. Everyone loved his bedside manner; he could charm the most cantankerous patient. Indeed, he was a master salesman as well as an expert physician. Unfortunately, Cole misdiagnosed a case that resulted in serious consequences to the patient. The patient filed suit against BCMC. In preparation for the defense, BCMC's attorneys discovered that Cole was indeed an exceptional sales man. He had worked for several years as district marketing manager for a pharmaceutical company. In fact, he was not a physician at all! He had changed professions without going to medical school. He had lied on his application form. His knowledge of medical terminology had enabled him to fool everyone. BCMC was found negligent and lost a $3 million lawsuit.

Required: 

Identify the relevant internal control procedures that could have prevented the company's losses. Explain how these procedures would have prevented Cole's deception. 

Reference no: EM13930114

Questions Cloud

How ignorance about biology of ebola resulted in death : We can have a significant impact on peoples' behavior and attitudes by providing accurate and accessible (understandable) explanations. Recall how ignorance about the biology of Ebola resulted in the death of the aid workers who were murdered by t..
The equipment is worth-what is the cost of owning : Waldrop Corporation must install $200 of new equipment in its Ohio plant. It can obtain a bank loan for 100% of the required amount at 9% interest on the loan. Assume that Waldrop's tax rate is 34% and that the equipment's depreciation would be $100 ..
Which school has test scores over 900 : Which school has test scores over 900? Which district receives special invitations to attend the counselor conferences? and why is this so?
What is the net advantage to leasing : To finance some manufacturing tools it needs for the next 4 years, Waldrop Corporation is considering a leasing arrangement. Waldrop Corporation has no use for the machine beyond the expiration of the lease, and the machine has an estimated residual ..
Identify the relevant internal control procedures : Identify the relevant internal control procedures that could have prevented the company's losses. Explain how these procedures would have prevented Cole's deception.
Cash-accounts payable and accounts receivable : You are given the balance sheet and sales information for Hoffmeister Industries: Cash ? Accounts payable? Accounts receivable? Long-term debt 120,000 Inventories ? Common stock ? Fixed assets ? Retained earnings 195,000 Total assets $600,000 Total l..
Which are the levels of organization : Which are the levels of organization involved in your example (c1)? Cite events occurring at its main level of organization (c2) and indicate how they relate to the whole body level (c3).
What are the consequences to them of this liability : When Vivienne and Paul Jensen’s daughter Heather turned sixteen, they signed a form allowing her to get a driver’s license. Two weeks after she received her license, Heather crashed the family car into a tree. He friend Rebecca, who was in the passen..
Calculate your gain or loss if you decide to convert : You own a convertible bond that has a 6% yield, 4.5% coupon rate, pays semiannually, and has 3 years to maturity. The conversion rate is 8. The current stock price is 127.3. Calculate your gain or loss if you decide to convert.

Reviews

Write a Review

Cost Accounting Questions & Answers

  Cost accounting assignment

Evaluate Method of measuring costs associated with production, budgeting process, normal job-order costing system , master budget, cycle time.

  Prepare the journal entries

Prepare the journal entries to record the bond issue and interest expense.

  Advise as to the liability of all the parties

Write a report on given case study and Advise as to the liability of ALL the parties both under common law and the Corporations Law.

  Prepare revenues budget

Prepare Revenues budget and Production budget in units

  Effect of exchange rate changes on cash and cash

Effect of exchange rate changes on cash and cash

  Corporate governance

You are to reflect on how this case of China Sky relates to what the arguments for and against allowing audit firm partners and/or employees to join audit committees.

  Cost-benefit analysis

A cost-benefit analysis of electronic medical records in primary care

  Non-annual interest rates and annuities

Theory of Interest- Non-annual interest rates and annuities

  Job costing in service organizations

How is job costing in service organizations different from job costing in manufacturing environments?

  Accounting for bad debt expense

Accounting for bad debt expense

  Accounting and partnership problems

Accounting and Partnership problems

  Development of relevant cash flows

Development of relevant cash flows - Cost estimating and financial analysis

Free Assignment Quote

Assured A++ Grade

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!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd