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On January 1, CBU installed a new computer system for tracking and calculating inventory costs. On December 31, at yeas-end closing, CBU's system reported inventory at $4.5 million for financial statement purposes. At midnight, the auditors performed a physical inventory count and found the inventory total to be $3.5 million. To correct the discrepancy, CBU's accounting staff processed an adjusting entry to reduce inventory by $1.0 million. The next day, two accountants were discussing the events of the previous night. Accountant A was proud of the audit and said it illustrated a benefit of having a good system of internal control. CBU had followed good internal control procedures by having a regular physical inventory count to safeguard a valuable enterprise resource. Accountant A was relieved that the problem was resolved: the financial numbers were corrected before they were reported. In short, he felt successful and thought CBU should feel fortunate to have his accounting staff as control advisors. Accountant B felt differently. She was concerned about the bad decisions that were made throughout the year based on the incorrect inventory numbers. She felt that she and the other accountants should have helped develop more timely and effective system controls. With which accountant's philosophy do you agree? How can you explain the diverse opinions? What policies or procedures, if any, should CBU develop to avoid such problems in the future? Your response should also include a Biblical perspective.
The charter of a corporation provides for the issuance of 100,000 shares of common stock. Assume that 50,000 shares were originally issued and 5,000 were subsequently reacquired. What is the amount of cash dividends to be paid if a $1 per share di..
The PDQ Partnership earned ordinary income of $150,000 in 2012. The partnership has three equal partners, Pete, Donald, and Quint. Quint who is single, uses the standard deduction, and has other income of $15,000 (not connected with the partnershi..
A change from the straight-line method of depreciation to an accelerated method should be accounted for as a(n)
Which is the following that is not true about closing entries?
Government Auditing Standards published by the United States Government Accountability Office define standards associated with the following types of engagements:
Which of these is least likely to be an example of cloud computing service?
Lab Kennels, Inc. and Wolman Developers have agreed to exchange two parcels of land and each will assume the other's mortgage on the parcel acquired. Lab owns 500 acres within city limits that has a value of $750,000 and a basis of $300,000.
Maxey company had current and noncurrent liabilities of $50,000 and $150,000, respectively. The company's current assets were $76,000, out of a total asset figure of $424,000. Calculate the company's debt ratio.
evaluate the "Off the Balance Sheet Arrangements" reflected in the 10-Qs of Freddie Mae and Freddie Mac. Explain how these red flags were ignored by the SEC and its public accounting firm.
prepare the journal entry (if any) to record the sale on January 2, 2012 shaw prepares an income statement for the first quarter of 2012, ending on March 31, 2012. How much revenue should Shaw recognize related to its sale to ricard?
What specific considerations arise when budgeting in multinational companies? What are the best ways to address these considerations?
Schoomer Corp. paid $200,000 to purchase 30 percent of the stock of Shape, Inc. this year. At the end of the year, Shape reported net income of $50,000 and declared and paid dividends of $20,000.
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