The management of Sewell Company asks you, as the company accountant, to explain (a) The concept of
Question:
(a) The concept of reasonable assurance in internal control and
(b) The importance of the human factor in internal control.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 88% (18 reviews)
a The concept of reasonable assurance rests on the premise that the costs of e...View the full answer
Answered By
Mugdha Sisodiya
My self Mugdha Sisodiya from Chhattisgarh India. I have completed my Bachelors degree in 2015 and My Master in Commerce degree in 2016. I am having expertise in Management, Cost and Finance Accounts. Further I have completed my Chartered Accountant and working as a Professional.
Since 2012 I am providing home tutions.
3.30+
2+ Reviews
10+ Question Solved
Related Book For
Accounting Principles
ISBN: 978-0470533475
9th Edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
Question Posted:
Students also viewed these Cost Accounting questions
-
The concept of reasonable assurance applies to internal control, but Maria Salzo, the chief compliance officer of the ABC Company, says that she does not care about reasonable assurance. She wants...
-
You have just been appointed as the new management accountant to manage the transition of the existing Royal Adelaide Hospital to the proposed new site. The hospital has a number of separate...
-
You just obtained an entry-level job as a management accountant at an international firm based in Winnipeg. Other newly hired accountants have heard of the Sarbanes-Oxley Act of 2002 (SOX), but do...
-
Vito Co.'s next dividend is expected to be $4.50. Dividend growth is estimated at 20%, 15%, 8% for the following three years, and then stabilize to 2%. How much are you willing to pay to buy one...
-
Boyd Bayer acquired 100 shares of Evans Corporation stock for $3,000 on January 8, 2012. He gave the stock to his daughter Susan on January 8, 2013, when the fair market value was $2,400. On March...
-
Twenty-four milligrams of a drug is administered into the body. At the end of each hour, the amount of drug present is half what it was at the end of the previous hour. What amount of the drug is...
-
For what types of reason does the marginal revenue product differ between workers in different jobs?
-
Karens Cupcakes in Problem 8-9B keeps employee earnings records. William Barone, employee number 19, is employed as a baker in the desserts department. He was born on August 26, 1959, and was hired...
-
From past experience your marketing department has determined that you need to load 50 m of cargo into a 40-ft standard container, in order to quote your clients an all-inclusive rate of US $58.00...
-
Pacifico Company, a U.S.-based importer of beer and wine, purchased 1,000 cases of Oktoberfeststyle beer from a German supplier for 50,000 euros. Relevant U.S. dollar exchange rates for the euro are...
-
(a) Explain the control principle of independent internal verification. (b) What practices are important in applying this principle?
-
What principle(s) of internal control is (are) involved in making daily cash counts of over-the-counter receipts?
-
Refer to the information in Exercise 7-5 to complete the following requirements. a. Estimate the balance of the Allowance for Doubtful Accounts assuming the company uses 2% of total accounts...
-
You are considering investing for a 6-month period. If your goal is to reach 10% annualized return (EAR), what should be your 6-month return? 5.00%. 4.55%. 5.125%. 4.88%. 3.75%. 10.00%.
-
Steam at 4000 ka and 400 deg C is expanded isentropically to 258.5 kPa. Using steam tables, determine the following: Final specific entropy, final specific volume, final specific enthalpy.
-
The CEO of the ESG Corp has hired you to advise her and her company about whether or not to acquire Greenerton, a privately held company with no outstanding debt. If ESG Corp moves forward with the...
-
Consider an entrepreneur with the following investment opportunity. For an initial investment of $800 this year, a project will generate cash flows of either $1,400 next year or $900 next year. The...
-
You are the CEO of Warming-Up Inc. The firm faces the following five investments that are mutually exclusive (i.e., you can only pick one). Which one would you pursue? A. Increase next year's net...
-
Explain how Seattles 20-cents charge will change the use of plastic bags and how the deadweight loss created by plastic bags will change. Plans to curtail use of plastic bags, but not much action...
-
Dan and Diana file a joint return. Dan earned $31,000 during the year before losing his job. Diana received Social Security benefits of $5,000. a. Determine the taxable portion of the Social Security...
-
What do we call a circuit that takes several inputs and their respective values to select one specific output line? Name one important application for these devices.
-
What are the valuation guidelines for trading and available-for-sale investments at a balance sheet date?
-
Using the data in question 15, prepare the adjusting entry assuming the securities are classified as trading securities.
-
For each of the following cases, indicate(a) To what interest rate columns and(b) To what number of periods you would refer in looking up the future value factor.(1) In Table 1 (future value of 1):...
-
How do neoliberal economic policies intersect with globalization, and what impact do they have on global trade dynamics and income inequality?
-
Exercise 1. Packets of socks made by Oliver & Hardy company are sold to consumers for $2.49. Retailers ear 27% on the retail selling price. Wholesalers typically earn 25% mark-up on their cost of...
-
On March 31, 20Y9, the balances of the accounts appearing in the ledger of Royal Furnishings Company, a furniture store, are as follows: Accounts Receivable Accumulated Depreciation-Building...
Study smarter with the SolutionInn App