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Your friend Sally has hired you to evaluate the following internal control procedures.
Explain to your friend whether each of the numbered items below is an internal control strength or weakness. You must also state which principle relates to each of the internal controls.
For the weaknesses, you also need to state a recommendation for improvement.
Invoices are pre-numbered.
The controller approves of the purchases and makes the payment since he or she is familiar with the purchases.
The office manager is in charge of the petty cash fund.
Blank checks are stored in the safe.
At the end of the day, the total receipts are counted by the cashier on duty and reconciled to the cash register total.
Assume that you found one recorded amount of $4,863 that had an audited balance of $8,463. What is the projected misstatement plus incremental allowance for sampling risk? Show this in tabular form
On September 1, Leather Supplies, Inc., purchases 150 shares of Western Wear Clothing for $13 per share. On November 1, Leather Supplies sells the investment for $17 per share. Record the transactions made by Leather Suppliers for the purchase and sa..
The management of the Ajax Manufacturing Company realizes it is over stocked in finished goods inventory. What ratio would reveal this fact? The management of the Ajax Manufacturing Company realizes that it has a problem collecting accounts receivabl..
Florida Berry Basket harvests early season strawberries for shipment throughout the eastern United States in March. The strawberry farm is maintained by a permanent staff of 10 employees and seasonal workers who pick and pack the strawberries. Determ..
Governments are not required to accrue interest on long-term debt in governmental funds even if the interest is applicable to a current period and will be due the first day of the following year. Explain and justify the standards that permit this pra..
Determine the effective annual interest rate on this loan, and determine the nominal annual rate assuming semiannual compounding. You may find the following form helpful.
On January 1, 2010, Zero company obtained a $52,000, four-year, 65% installment note from Regional Bank. The note requires annual payments consisting of principal and interest of $15,179, beginning on December 31, 2010.
Chipper Division of Acme Corp. sells 80,000 units of part Z-25 to the outside market. Part Z-25 sells for $40, has a variable cost of $22, and a fixed cost per unit of $10. Chipper has a capacity to produce 100,000 units per period. Jones Division cu..
After the copper is extracted in approximately six years, Schefter is obligated to restore the land to its original condition, including constructing a park. The company’s controller has provided the following three cash flow possibilities for the re..
You have been appointed as an accountant in the group reporting division of Care-Clinic Corporation Limited, a private hospital group listed on the JSE Securities Exchange - Enhance the quality of life of patients by providing cost-effective acute ..
Kirk was insured for 70% of his actual loss, and he received the insurance settlement. Illustrate what is Kirk's allowable casualty loss deduction?
Does the company have capital leases? If so, what are the amounts and terms of the leases? What are the four criteria for a lease to be considered a capital lease? What are the additional criteria for the lessor?
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