List the principles representing the fundamental concepts

Assignment Help Accounting Basics

Reference no: EM131881994

Question: 1. List the principles representing the fundamental concepts of the monitoring component.

2. Companies can gain efficiencies by implementing effective ongoing monitoring of their internal control processes. Identify the important ongoing monitoring procedures that an organization might use in assessing its controls over revenue recognition in each of the following situations:

a. A convenience store such as 7-Eleven.

b. A chain restaurant such as Olive Garden.

c. A manufacturing division of a larger company that makes rubberized containers for the consumer market.

3. What are management's responsibilities related to internal control over financial reporting?

Reference no: EM131881994

Questions Cloud

What is the payback period of investment : You are considering making movie. The movie is expected to cost $10.4 million up front and take year to produce. What is the payback period of this investment.

Discuss issue of the stock appreciation rights : Prepare the journal entries that would appear in the accounting records of L Ltd to account for the issue of the stock appreciation rights.

According to the black-scholes option pricing model : According to the Black-Scholes option pricing model, what is the option's value?

This good decision by the vice president of finance : the company can maintain funds by selling junk bonds at 12.4% over the current inflation rate. is this a good decision by the vice president of finance?

List the principles representing the fundamental concepts : Companies can gain efficiencies by implementing effective ongoing monitoring of their internal control processes. Identify the important ongoing monitoring.

What is the difference between book and tax accounting : If management decides to implement a reduction in workforce, what types of reports might they use to make the decision of where to cut?

Market risk premium and risk-free rate : Market: 9 percent market risk premium and 5.5 percent risk-free rate. Assume the company's tax rate is 31 percent.

Calculate the amount of expenses katie may deduct : If the studio is not a hobby, then calculate the amount of expenses Katie may deduct, and describe how she may report the income and expenses on her tax return.

Interest payment that is paid monthly to service the loan : A loan of 20,000 is repaid with monthly payments for 5 years using the sinking fund method. the interest payment that is paid monthly to service the loan.

User Account

All Pages