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Question - The A/P clerk of a company writes the checks for vendors, and the controller signs the checks. The A/P clerk has devised a plan to give herself a raise. She creates a new vendor for her friend's business and creates two purchase orders for random car detailing services for $75 and $70. She writes the checks to pay these new vendors knowing the controller will only pay close attention to checks over $100. She delivers the checks to her friend to deposit in his bank account, and then he writes her a personal check for the full amount of $145.
Eventually, what will be the effect of her actions?
What can the company do to prevent this type of behavior?
What are examples of irregular items? How does a change in accounting principles affect the financial statements? Who in the organization is responsible for the application of a change in an accounting principle? Why?
Redfox Company sells merchandise on account to Whitesun Company in the amount. Compute the amount of sates tax and the total receivable from this credit sate.
Manufacturing Overhead Cost Incurred- 43,000 and Manufacturing Overhead Cost Applied- 47,000. The cost of goods manufactured for February is closest to
Prepare the March income statement for Digital Vibe Manufacturing Company. Determine the inventory balances at the end of the first month of operations
As of January 1 of the current year, the Grackle Company had accounts receivables of $50,000. The sales for January, February, and March were as follows: $120,000, $140,000 and $150,000. 20% of each month's sales are for cash. Of the remaining..
ACC5502 Accounting and Financial Management Assignment. State the accounting equation at the beginning and end of the year
Methamphetamine is a potent stimulant drug that can be made in any home. The demand for "meth" in the street is high, so drug dealers seek a steady supply.
Should a single measurement method such as historical cost be used? Should the common framework lead to standards that are principles-based or rules-based?
It is estimated that 750 additional cones would be sold and that 950 cones would be given away. Advertising costs for the promotion would be $350.
Expected annual utilization 15,000 visits. What per visit price must be set for the service to break-even? To earn an annual profit of $100,000
lthough the directors have the general power to manage the company, power to carry out certain functions is given to the shareholders either in general meeting or by written resolution. State and explain these shareholder powers.
HI6025 Accounting Theory and Current Issue. As Watts and Zimmerman (1986, p. 7) state, Positive Accounting Theory ‘is concerned with explaining [accounting] practice. It is designed to explain and predict which firms will and which firms will not u..
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