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You are an accountant at a local CPA firm that is auditing the accounting records of ABC Company. You have been asked to educate the accounting department about the limitations of the internal control system in preparation for an upcoming audit. During your audit, you have identified that because of a weak internal control system, an adjusting entry for prepaid insurance was not recorded for the first 3 months of the year at $500 per month.
Identify the limitations of the internal control system. Provide at least 3 limitations.
Provide at least 2 examples of internal control procedures, and explain how these procedures can be implemented.
Identify symptoms of a lack of internal control.
Explain the impact of the missing journal entry on the financial statements of the company.
our past records show that sales are made at approximately 25% over cost. Garnett's insurance covers only goods owned. Instructions Compute the claim against the insurance company.
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What income statement effect, if any, would the change in classification have for Qtip? Discuss the ethical considerations of this case.
Over how many years should Sooner or Later recognize compensation cost associated with the stock options, and how much, if any, should be recognized in each of those years? The effects of forfeitures and income taxes should be ignored.
The CPA firm has decided to observe the physical inventory at only two of Lakeside's six stories. Given the materiality of the inventory balance, was this decision appropriate?
What is the annual operating income from Deluxe at the price of $5,000? What is annual operating income from Deluxe if the price is reduced to $4,000 and sales in units increase by 25%?
Net income is $132,000, accounts payable increased $10,000 during the year, inventory decreased $6,000 during the year, and accounts receivable increased $12,000 during the year. Under the indirect method, what is net cash provided by operations?
Using financial statements from a company of your choice, categorize the expenditures on operational assets of the company based on whether they give future benefits.
This year Freeman Steel Company paid Herb Porter wages of $9900. $2800 were paid in TN and the rest in SC. How do I find the FUTA tax on Porter's earnings if SC is a credit reduction state?
Which variable do you believe is the best selection for a cost driver? How did you choose the best cost driver?
Do you consider that cash inflows and outflows related with non-operating items, such as interest expense, dividend revenue and interest revenue should be separated from operating cash flows? Describe.
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