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Internal control is a function of management, and effective control is based upon the concept of charge and discharge of responsibility and duty. The implementation, monitoring, and evaluation of internal control systems are described in-depth in the Sarbanes-Oxley Act of 2002. Which of the following principles is one of the overriding principles of internal control?A. Responsibility for accounting and financial duties should be assigned to one responsible officer.B. Responsibility for the accounting duties must be borne by the audit committee of the company.C. Responsibility for the performance of each duty must be fixed.D. Responsibility for accounting activities and duties must be assigned only to employees whoare bonded.
Explain how governments use fiduciary and permanent funds. The McCracken County Humane Society (MCHS), which is part of a county's reporting entity, established a permanent fund to provide support for its pet neutering program.
What is the after tax cost of preferred stock that sells for $10 per share and offers a $1.20 dividend when the tax rate is 35%?
George pays $10,000 for a 20% interest in a general partnership which has recourse liabilities of $20,000. The partners share the economic risk of loss from recourse liabilities in the same way they share partnership losses. George's basis in his ..
What is the purpose of GAAP and management accounting? There is a very important distinction that we need to keep in mind when discussing accounting because... they are not the same
Duluth Castings Company makes a product, X-tol,from two materials. Ticon and VF. The standard prices and quantities are as follows.
At the formation of the BD Partnership, Betty contributes land with a basis of $10,000 and a FMV of $30,000 and Dick contributes cash of $30,000. Betty and Dick share profits and losses equally. When the land is sold two years later for $50,000, B..
Managerial accounting: a. has its primary emphasis on the future. b. is required by regulatory bodies such as the SEC. c. focuses on the organization as a whole, rather than on the organization's segments. d. Responses a, b, and c are all correct.
If the auditor obtains sufficient competent evidence on the client's accounts receivable balance by alternative procedures because it is impractical to confirm accounts receivable, the auditor's opinion should be unqualified and could be expected ..
Analyze three (3) key factors that must be discussed with the potential partners involved in forming a partnership and the likely implications of these factors on tax obligations. Based on your analysis, suggest when it is most favorable to use a ..
Equipment costing $10,000 with accumulated depreciation of $7500 is traded for equipment priced at 17,000, minus a trade in allowance of 2,000. What is the new equipment recorded at?
One pound of material is required for each finished unit. The inventory of materials at the end of each month should equal 20% of the following month's production needs. At the beginning of Month 1, 3,200 lb. of materials were on hand. Purchases o..
An important element of evaluating leases is determining whether substantially all of the risk and rewards of ownership are transferred in the lease. How os "Substantially all" defined in the authoritative literature?
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