Develop a brief answer to each of the following questions: 1. Why is it important for public
Question:
Develop a brief answer to each of the following questions:
1. Why is it important for public companies to have an audit of management’s assessment of internal control?
2. Why is a system of internal control not able to overcome collusion by employees?
3. Which of the following accounts would be assigned a higher level of risk: Building or Merchandising Inventory?
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 47% (17 reviews)
1 An audit of managements assessment of internal control is impo...View the full answer
Answered By
Mahesh G
I have more than 7 years of experience in teaching physics, mathematics and python programming to more than 600 students including both online and offline tutoring.
I follow the following 7 step fundamental approach towards tutoring.
1. Curiosity, scope, enlightenment of the topic in hand.
2. Problem Definitions and elaboration.
3. Requisite mathematics, analytical abilities and quantitative
aptitude.
4. Preparing Algorithms for problem statement.
5. Concepts with analogies and building algorithm.
6. Introspection and improvising.
7. Daily class wise Cheat sheets(its not cheating) for consolidation.
5.00+
1+ Reviews
10+ Question Solved
Related Book For
Question Posted:
Students also viewed these Cost Accounting questions
-
Develop a brief answer to each of the following questions: 1. Nate Livio, a star college basketball player, received a contract from the Eastern Blazers to play professional basketball. The contract...
-
Develop a brief answer to each of the following questions: 1. Nimish Banks, a star college basketball player, received a contract from the Midwest Blazers to play professional basketball. The...
-
Develop a brief answer to each of the following questions. 1. Which account would be most likely to have an account balance that is not normal? 2. A company incurs a cost for a part that is needed to...
-
What conditions must apply for Andersons classification of tectonic stress to be strictly valid?
-
Tom is an attorney who often represents individuals injured while working (worker liability claims). This year -Tom spent $50 on a book entitled Plumbing For Dummies and paid $500 to take a course on...
-
In retirement, Bill determined that he could safely invest $50,000 into a nonredeemable five-year GIC with a posted rate of 5.35% compounded semi-annually. Calculate the maturity value and the amount...
-
Charlie and Larry both face the same budget line for consumption and leisure. At every possible consumption-leisure bundle on the budget line, Charlie always requires marginally more leisure than...
-
The notes to the Giving Charities financial statements reported the following data on December 31, Year 1 (end of the fiscal year): Giving Charities amortizes bonds by the effective-interest method...
-
Gonzalo works in the budget department of a company that manufactures and markets women's shoes. He is responsible for preparing the company's master budget, however, Adn, the director of the...
-
You want to park your bicycle in a bicycle parking area where bike racks are aligned in a row. There are already N bikes parked there (each bike is attached to exactly one rack, but a rack can have...
-
A petty cash fund is established at $100. At the end of May, the fund has a cash balance of $46 and petty cash vouchers for postage, $29, and office supplies, $34. Prepare the entry on May 31, 2011,...
-
Develop a brief answer to each of the following questions: 1. What role does the internal audit department play in internal control? 2. What role does a bank reconciliation play in internal control...
-
The chapter presents multiple techniques that service firms can use to make their processes leaner. Which technique is demonstrated by a restaurant that offers special discounts midweek to attract...
-
Tony is a sole proprietor who owns 40 cabs doing business in Chicago under the name of Tonys Cabs. The companys total net worth is over one million dollars and Tony has personal assets totaling...
-
Which two types of intellectual property potentially last indefinitely? For the remaining two types that do not last indefinitely, how long do they last? Which types of intellectual property, if any,...
-
Cheese Nips in the cheese cracker snack market. In a 1998 joint promotion agreement with television network Nickelodeon, Nabisco planned to launch a new snack cracker product that combined three...
-
Planes-for-Rent, Inc., (PFR) leases airplanes. Dayton, LLC, is one of PFRs customers. Dayton is a limited liability company with one member, Jacob, who is Daytons sole owner. Dayton and PFR executed...
-
Jonathan owns Bright Sky Financial Services, Inc. (Bright Sky). He holds a controlling interest in the company. Jonathan manages seven mutual funds for approximately 150 high-wealth clients. Jonathan...
-
The worlds rich countries, such as the United States and Germany, have income per person that is about _____ times income per person in the worlds poor countries, such as Pakistan and India. a. 2 b....
-
XYZ Inc. a calendar year, accrual basis corporation, had the following items during 2021: Gross revenue from operations Cost of goods sold $420,000 ($180,000) $9,000 LT capital gain .LT capital...
-
Suppose that 4.25 g of an unknown weak acid, HA, is dissolved in water. Titration of the solution with 0.350 m NaOH(aq) required 52.0 mL to reach the stoichiometric point. After the addition of 26.0...
-
Dr. Stott, who specializes in internal medicine, wants to analyze his sales mix to find out how the time of his physician assistant, Connie Mortiz, can be used to generate the highest operating...
-
CU, Inc., developed a promotional program for a local shopping center a few years ago. Having invested $360,000 in developing the original promotion campaign, the firm is ready to present its client...
-
Express Corporation wants to buy a new stamping machine. The machine will provide the company with a new product line: pressed food trays for kitchens. Two machines are being considered; the data for...
-
A project that costs $4,450 to install will provide annual cash flows of $1,500 for each of the next 6 years. a. What is NPV if the discount rate is 11%? b. How high can the discount rate be before...
-
Prove MM1: Both Umbrella Inc. and Prixxa Inc. produce $300,000 of cash flow each year. Umbrella has no debt outstanding, and its cost of equity capital is 14 percent. But Prixxa has 1,000,000 depts...
-
How did they find the over head rate percentages for current year and last year? A job order cost sheet for Cullumber Company is shown below. Job No. 92 For 2,000 Units Date Direct Materials Direct...
Study smarter with the SolutionInn App