Restrictions of the internal control system

Assignment Help Accounting Basics
Reference no: EM13141123

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 yout 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 limitation 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 implemnted.

Identify symptoms of a lack of internal control

Explain the impact of the missing journal entry on the financial statements of the company.

Need 3-4 pages please.

Reference no: EM13141123

Questions Cloud

What do you predict will immediately occur : You inject an animal with a drug that loosens the tight junctions between epithelial cells. What do you predict will immediately occur? A.Excess water will enter into the organism. B Nothing will happen. C Nerves will no longer conduct electrical ..
Payment for the geological report : J. Larson & Company purchased the right to extract ore from a mineral deposit by paying $50,000 in cash and  signing a $200,000 promissory note.
Essay about huichol culture, religion and medicine. : essay about huichol culture, religion and medicine.
What is the tragedy of the commons : 1. What were the problems in the Pacific halibut fishery, and how were they resolved? 2. Under what conditions will a natural area receive protection? 3. Compare the concept of ecosystem capital with that of natural resources.
Restrictions of the internal control system : Identify the limitation 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 implemnted. Identify symptoms of a lack of internal control.
Calculating equivalent units for conversion costs : Calculate the equivalent units for conversion costs for the month in the first processing department.
Which one of the following is not a good strategy : Which one of the following is not a good strategy for increasing the surface area of an object relative to the volume? A. increase the amount of branching B.increase the amount of folding C. make flatter D. enlarge and make more spherical E None o..
" a healing school for homeless children" : How effective is Marybeth's refutation in " A Healing school for homeless children"
What was the original concentration in the sample : plating .1ml of a sample diluted by a factor of 10^-3 produced 43 colonies. what was the original concentration in the sample?

Reviews

Write a Review

Accounting Basics Questions & Answers

  Compute the amount of phantom profit

Compute the amount of phantom profit that would result if the company used FIFO rather than LIFO.

  Find a business article related to some aspect

In this discussion post you are to discuss either the pro or con of full financial disclosure. You must take a position advocating full disclosure and why this is beneficial for the marketplace and the economy or a position arguing that the associ..

  Bonds payable affected by the amortization

How would the carrying value of bonds payable be affected by the amortization of each of the following?

  How the u.s. can manufacture direct materials

Evaluate and analyze how the U.S. can manufacture direct materials for technology products in the global marketplace at competitive costs.

  Calculate the amount of estate tax

Roland had a taxable estate of $5.5 million when he died this year. (Reference the tax rate schedule in Exhibit 25-1 and the Unified Credit schedule in Exhibit 25-5 to answer this problem. Omit the "tiny_mce_markerquot; sign in your response).

  Company repayment and coupons

In 30 years, what will your company's repayment be if you issue the coupon bonds? What if you issue the zeroes?

  Franks shares of stock

Emily, one hundred (100) shares of stock and Frank, four hundred (400) shares of stock. Wren Corporation redeems one hundred fifty (150) of Frank's shares of stock (Adjusted Basis of $60,000) for $150,000. As a result of this transaction, which of..

  Record the bond pruchase on august 1, 2010

On August 1, 2010, Dambro Co acquired 200, $1,000, 9% bonds at 97 plus accrued interest. The bonds will be added to Dambro's available for sale portfolio. The bonds were dated May 1, 2010, and mature on April 30, 2016, with interest paid each October..

  Dividends and net income

Use the following information and the percent-of-sales method to answer questions. For consistency with the Answer selections provided, please round your forecast percentages to two decimals.)

  General rules of the fair labor standards act

Among its 5,000 employees were 165 youngsters aged 14 and 15 who worked full-time during the day and were paid at a rate less than the minimum wage. Which statement is true in accordance with the general rules of the Fair Labor Standards Act?

  Should fritz file for bankruptcy

Fritz is seriously considering bankruptcy because he has a large number of outstanding debts, the principal ones of which are as follows.

  The income statement for the period

If a plant assests of a manufacturing company are sold at a gain of $820,000 less related taxes of $250,000, and the gain is not considered unusual or infrequent, the income statement for the period would disclose these effects as:

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!

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