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:

Related Book For book-img-for-question

Principles of Accounting

ISBN: 978-1439037744

11th Edition

Authors: Needles, Powers, crosson

See More Books

Question Posted: Feb 23, 2012 12:56 AM

See More 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...
Which of the following types of style analysis use(s) a bottom-up approach to estimate the risk exposures in a portfolio? A. Returns-based style analysis only B. Holdings-based style analysis only C....
Find the values of the 5 -month call option of Example 19.1 using the same trinomial lattice used in that example but employing the utility function $U(x)=\sqrt{x}$. What is $\alpha$ ? Example...
In December 2010, Ultravision established its predetermined overhead rate for movies produced during year 2011 by using the following cost predictions: overhead costs, $1,800,000, and direct labor...
Identify the type of fund in which each activity is recorded: 1 ) The city receives a grant from the federal government to institute a meal delivery program for senior citizens. 2 ) To remedy a...
The following transactions of Emergency Pharmacies occurred during 2016 and 2017: 2016 Mar. 1 Borrowed $330,000 from Longwood Bank. The six-year, 13% note requires payments due annually, on March 1....
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...
Determine the value of c that makes the function f (x, y) = c(x + y) a joint probability mass function over the nine points with x = 1, 2, 3 and y = 1, 2, 3. Determine the following: (a) P(X = 1, Y <...
A skydiver has his parachute open and is floating downward through the air at a constant speed. Describe a situation. For each problem, identify all the forces acting on the object and draw a...
A box is being dragged across the floor at a constant speed by a rope pulling horizontally on it. Friction is not negligible. Describe a situation. For each problem, identify all the forces acting on...
Spectrum Ltd is a private company with an authorized capital of 700,000 divided into shares of 1 each. 500,000 shares have been issued and are fully paid. The company has been formed to acquire small...
The forces in Figure P5.10 are acting on a $2.0 \mathrm{~kg}$ object. What is $a_{x}$, the $x$-component of the object's acceleration? 4.0 N 2.0 N 3.0 N FIGURE P5.10 13.0 N
A rocket is being launched straight up. Air resistance is not negligible. Describe a situation. For each problem, draw a motion diagram, a force identification diagram, and a free body diagram.
What is the basic finding for activity anorexia? a decreased food intake increases physical activity b increased food intake increases physical activity c physical activity decreases food intake d...
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...
How do I use voice commands to control my computer with the project of making a video?
Dan Mullen is employed by a mail-order distributor and reconditions used desktop computers, broadband routers, and laser printers. Dan is paid $12 per hour, plus an extra $6 per hour for work in...
Consider two series Yt and Y2t: Y = IIY-1 +6 Or more explicitly as: Aye Aya Yit Elt + Y2t 2t in which = [1, 2]' is IID with E(e) = 0 and E(ee'): [ 0 0 a) Write the system in levels Answer: A-AU-N b)...

Develop a brief answer to each of the following questions: 1. Why is it important for public

Question:

Step by Step Answer:

1 An audit of managements assessment of internal control is impo...View the full answer

Principles of Accounting

Students also viewed these Cost Accounting questions