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For each of the following fraudulent acts, describe one or more internal control procedures that could have prevented (or helped prevent) the problems.
a. Nina Wells, the administrative assistant in charge of payroll, created a fictitious employee, wrote weekly checks to the fictitious employee, and then personally cashed the checks for her own benefit.
b. Noel Rand, the receiving manager of Southern Lumber, created a fictitious supplier named F&M Building Supply. F&M regularly billed Southern Lumber for supplies purchased. Rand had printed shipping slips and billing invoices with the name of the fictitious company and opened a post office box as the mailing address. Rand simply prepared a receiving report and submitted it for payment to the accounts payable department. The accounts payable clerk then paid the invoice when it was received because Rand acknowledged receipt of the supplies.
c. Patty Smith works at a local hobby shop and usually operates the cash register. She has developed a way to give discounts to her friends. When they come by, she rings a lower price or does not charge the friend for some of the material purchased. At first, Smith thought she would get caught, but no one seemed to notice. Indeed, she has become so sure that there is no way for the owner to find out that she has started taking home some supplies for her own personal use.
What are the principal differences between activity- based costing (ABC) and traditional product costing? What is the formula for computing activity-based overhead rates?
The 2008 financial statements for Fay Thill Country Stores show total assets of $490,000, total liabilities of $290,000, net sales of $1,800,000, net income of $450,000, income from operations of $520,000, cost of goods sold of $1,080,000, preferr..
Show the effects on the financial statements using a horizontal statement model as outlined below. 1 Sold $30,000 in merchandise for cash 2 Paid $5,000 for rent with cash 3 Paid $10,000 in salaries to employees with cash 4 Sold $25,000 in merchandi..
What amount would have been used in the year-end adjusting entry if the allowance account had a year-end unadjusted debit balance of $200?
Calculate the originally reported earnings per share for the year ended September 30, 2010.
What was the basic and diluted earnings per share for the year ended 31 December 20X1 and what is the basic and diluted earnings per share for the year ended 31 December 20X3?
Compute the cost of the ending inventory and the cost of goods sold under (1) FIFO, (2) LIFO, and (3) average-cost.
What are revenues and expenses and if revenues increase, what would be the effect, if any, on equity?
a citys enterprise fund issued revenue bonds with a face value of 10000000. the bonds were issued with a 2 percent
Analyse the physical internal control weaknesses in the system. Model your response according to the six categories of physical control activities specified in the COSO internal control model.
Compute product costs per unit and period costs for the period - Components of Full Costs
Determine Ending Accounts Receivable your accounts receivable clerk, Mary Herman, to whom you pay a salary of $1,500 per month, has just purchased a new Buick.
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