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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 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.
Compute the amount of phantom profit that would result if the company used FIFO rather than LIFO.
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..
How would the carrying value of bonds payable be affected by the amortization of each of the following?
Evaluate and analyze how the U.S. can manufacture direct materials for technology products in the global marketplace at competitive costs.
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).
In 30 years, what will your company's repayment be if you issue the coupon bonds? What if you issue the zeroes?
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..
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..
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.)
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?
Fritz is seriously considering bankruptcy because he has a large number of outstanding debts, the principal ones of which are as follows.
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:
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