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Question: Separation of Duties and General Control Procedures. You are engaged to examine the financial statements of Horizon Incorporated, which has its own computer installation. During the preliminary understanding phase of your study of Horizon's internal control, you found that Horizon lacked proper separation of the programming and operating functions. As a result, you intensified the evaluation of the internal control surrounding the computer and concluded that the existing compensating general controls provided reasonable assurance that the objectives of internal control were being met. Required:
a. In a properly functioning IT environment, how is the separation of the programming and operating functions achieved?
b. What are the compensating general controls that you most likely found?
Phillips Corporation's fiscal year ends on November 30. The following accounts are found in its job order cost accounting system for the first month of the new fiscal year.
Determine the amount of warranty expense to appear in the year-end 12/31/14 income statement
compute the activity cost rates for materials handling assembly and design based on these datamaterialscloth
Wyoming Sports Equipment issued a $3 cumulative preferred stock issue. In 2007, the firm's board of directors voted to omit dividends for both the company's common stock and its preferred stock issues. Also, the corporation's board of directors vo..
Prepare the journal entries to record the above stock transactions.
simple plant manufactures dna test strips. manufacturing overhead is applied to unit produced using direct labor
Multiple Choice Questions (Enter your answers on the enclosed answer sheet) Anytime an owner removes any asset for personal use it is recorded as:
Assume the same information in E 14-4, except that Celine Dion Company uses the effective-interest method of amortization for premium or discount. Assume an effective yield of 9.7705%
On January, 1, 20X3, Kay Industries purchased all of the Dennis bonds for $968,000. Kay will amortize the discount on a straight-line basis. For the years ending (a) December 31, 20X3, and (b) December 31, 20X4, determine the effects of this trans..
Existing Debt Service Fund Transactions
When a total count was taken on December 31, 2010, it was determined that $20,000 of merchandise was still on hand. What was Salley's gross profit/loss as of December 31, 2010
farber corp. a distributor of her-based sunscreen is ready to begin its 3-quarter in which peak sales occur. the
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