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Bank employees use a system known as the maker-checker system. An employee will record an entry in the appropriate journal, and then a supervisor will verify and approve the entry. These days, as all of a bank’s accounts are computerized, the employee first enters a batch of entries into the computer, and then the entries are posted automatically to the general ledger account after the supervisor approves them on the system.
Access to the computer system is password-protected and task-specific, which means that the computer system will not allow the employee to approve a transaction or the supervisor to record a transaction.
Identify the principles of internal control inherent in the maker-checker procedure used by banks.
Explain how should the company recognize the sales price of $300,000 upon the delivery and the completion of the installation?
XYZ Corp pays for merchandise entirely on credit as follows: 60% in the current month, 35% in the month following, and 5% in the second month following. Assume January purchases are $65,000. How much of the January purchases are paid for in January?
Why do you think this practice has been criticized by some employee groups, and how might SFAS No. 87 affect voluntary terminations?
Suppose you borrow $50000 when financing a coffee shop which is valued at $75000. You expect to generate a cash flow of $84000 if demand is as expected. The cost of debt rate is 4%. What should the value of the equity be?
adcock corp. had 500000 net loss in 2012. on 1st january 2012 there were 200000 shares of common stock outstanding. on
There is no doubt that Swift is guilty and the settlement is reasonably estimable at $10 billion payable evenly over 10 years starting next year. E xplain b riefly how Swift would address this in its current year financial statements.
Determine the amount of the amortization, depletion, or impairment for the current year for each of the foregoing items and illustrate the effects on the accounts and financial statements of the adjustments for each item.
The booster club sells programs for $1 each. The costs to make the programs are $60 for layout plus .20 for printing each program. If they print 400 programs, how many programs must the club sell to make at least $200 profit?
CFOs and controllers are leaders in the analysis process of mergers and acquisitions. Can they use the same approach in analyzing a target of a friendly acquisition and a hostile take-over?
All sales are subject to a 6% sales tax. Compute sales taxes payable and make the entry to record sales taxes payable and sales.
What amount could Ray include in his gross income from receiving the life insurance proceeds? The insurance company paid Ray $16,000 interest on the life insurance proceeds through the period Carin's estate was in administration.
The following information is available for Quigley Company at December 31, 2014, regarding its investments. Securities Cost Fair Value 500 shares of Runner Corporation common stock $ 25,000 $ 40,000 7,000 shares of Sher-tor Corporation preferred stoc..
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