Question: Sales and inventory purchases are routine processes that occur nearly
Sales and inventory purchases are routine processes that occur nearly every day in a business. How are these routine processes different from payroll or fixed asset processes?
Answer to relevant QuestionsWhy do you think management should specifically approve all employees hired? What are some of the practical characteristics of fixed assets that complicate the calculation of depreciation? Explain the process of approval of purchases for fixed assets. How does this process differ from that of purchasing raw materials?The Rampart Company has the following processes related to fixed assets.Required:Describe any improvements you would suggest to strengthen the fixed asset internal controls at Grundoll.The text book Web site has a Microsoft Excel spreadsheet titled payroll_problem.xls. This spreadsheet is used by Neltner Company to calculate its bi-weekly payroll. Using the information in that spreadsheet, calculate all ...
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