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Question: Test of Controls Objectives and Deviations.
Required: Review each of the following controls. Identify (1) the objective of the audit team's test of controls and (2) one example of a deviation from the control.
a. The credit department supervisor reviews each customer's order and approves credit by making a notation on the order.
b. The billing department must receive written notice from the shipping department of actual shipment to a customer before a sale is recorded. The sales record date is supposed to be the shipment date.
c. Billing clerks carefully identify the correct catalog list prices for goods shipped and calculate and verify the amounts billed on invoices for the quantities of goods shipped.
d. Billing clerks review invoices for intercompany sales and mark each one with the code 9 so they will be posted to intercompany sales accounts.
Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest. How much control does the Fed have over this longer real rate?
Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.
Accounting problems, Draw a detailed timeline incorporating the dividends, calculate the exact Payback Period b) the discounted Payback Period. the IRR, the NPV, the Profitability Index.
Term Structure of Interest Rates
Write a report on Internal Controls
Prepare the bank reconciliation for company.
Create a cost-benefit analysis to evaluate the project
Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR
Distinguish between liquidity and profitability.
Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.
Simple Interest, Compound interest, discount rate, force of interest, AV, PV
CAPM and Venture Capital
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