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Developing a convenient means of providing sales representatives with cash for their incidental expenses, such as entertaining a client at lunch, is a problem many companies face. Under one company's plan, the sales representatives receive advances in cash from the petty cash fund. Each advance is supported by an authorization from the sales manager. The representative returns the receipt for the expenditure and any unused cash, which is replaced in the petty cash fund. The cashier of the petty cash fund is responsible for seeing that the receipt and the cash returned equal the advance. When the petty cash fund is reimbursed, the amount of the representative's expenditure is debited to Direct Sales Expense.
What is the weak point in this system? What fundamental principle of internal control is being ignored? What improvement in the procedure can you suggest?
Ralph, Inc. manufactures a product that passes through two processes: mixing and molding. All manufacturing costs are added uniformly in the Mixing Department (i.e., same completion percentage applies to materials and conversion costs). Calculate the..
Using the following information record the required journal entries: The company declared a 10% stock dividend. The market price was $18 on the date of declaration. Calculate the Earnings per share assuming the stock dividend in (a) was NOT made.
Determine the average waiting time for cycles if they are the only item manufactured? and What are the average waiting times if both cycles and scooters are produced and the assembly line is not enlarged?
Avis Corporation currently records $4,000 of depreciation each year on the computer that it uses for its major data processing needs. The computer currently has one more year of useful life left and it will have a salvage value of zero at the end of ..
calculation of arithmetic geometric mean and npv .anderson international limited is evaluating a project in erewhon.
Journalize the transactions and indicate the financial statement presentation of the related accounts
the ledger of mesa corporation at december 31st of current year containsnet sales - 1500000cost of goods sold -
What nonquantifiable factors should the Vernom Corporation consider in determining whether they should make or buy the lipstick tubes?
What are the two main methods to account for uncollectible receivables? Who are the two parties to a Promissory Note? How do we mathematically calculate interest? How does one calculate "Accounts Receivable Turnover"?
Post all journal entries and adjusting journal entries to the general ledger T-accounts and ending balances of all permanent accounts to the beginning balances (BB) in July's general ledger T-accounts. Please round all amounts to the neares..
Discuss the reasons why the FASB and the IASB are seeking to converge and improve their respective conceptual frameworks and why the project will to take a long time to complete.
on 31st december 2011 audubon inc. exchanged machines a and b for a new machine c. audubon also received 5000 in cash.
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