Answer:
Identification of the Internal Control Weaknesses:
A. There is no segregation of duties and there is lack of access control. Jerry Miller as a security guard is not expected to have a master key to the cash box. With this he can pilfer the cash. If he prepares the report that shows the number of cars that parked on the lot, he is not supposed to also prepare the day's cash receipts. Otherwise, he can state any number of cars as parked that he likes, and which corresponds to the cash he might leave in the Cash box since he also has a master key.
B. There is no segregation of duties and there is lack of supervision, proper reconciliations, and assets audit. Sharon Fisher handles purchase transactions from the beginning to the close all alone with a third party. This exposes the company to procurement frauds and collusion with suppliers. She can purchase assets for the company at prices that would enrich her personally.
C. Forming an audit opinion on the basis of ratio analysis of last year's comparative financial statements exposes the company to audit risks. While ratio analysis is part of the basis for forming audit opinions, it is surely not the first audit procedure to obtain audit evidence to support his audit opinion on the financial statements. An auditor is expected to obtain sufficient audit evidence and perform audit substantive tests of financial statement assertions. He or she is also expected to review the internal control system to ensure that it is operating effectively after establishing its existence and reviewing changes in internal controls.
Explanation:
Internal Controls are controls established by management in order to help it achieve business goals. There are many internal controls, including Separation of Duties, Access Controls
, Authorization and Approvals, Asset Audits, Reconciliations, and Data Backups. The purposes of internal controls are to establish the reliability of financial reporting, ensure timely feedback on the achievement of operational or strategic goals, and achieve compliance with financial management laws, and accounting regulations.
Answer:
d. In the following year using a half-year convention
Explanation:
Since the mechine will only be in service in January of the following year, The corporation cost recovery should begin in the following year using a half year convention.
Answer:
Option "C" is the correct answer to the following statement.
Explanation:
Decision-makers are usually highly skilled in Forecasting Inflation, they educate themselves to get knowledge and skill which will help them to Anticipate inflation slow market rates.
Decision-makers probably expect with a particularly high level of certainty with these forecast many industries change their plans according to inflation.
Answer:
$33,750
Explanation:
Given that
Bond per share = $750,000
Issued Amount = 9%
The computation of amount which is to be paid to the bondholders for every semi-annual interest payment is given below :-
Interest payment = bond per share × issued amount × (number of months ÷ total number of months in a year)
= $750,000 × 9% × 6 months ÷ 12 months
= $33,750
Answer:
What I feel would be appropriate to be delivered electronically:
- Sending Daily report
- Requesting invoice for petty cash
- Working schedule
- Creating list of tasks.
I think every activities that does not necessarily need a lot of human communication should be delivered electronically . it just safe a lot of time and make it accessible anywhere you want.
What i feel would be better delivered in traditional setting:
- Brainstorming
- Firing people
I believe group brainstorming will be more efficient if team members spare their time to gather together in a private setting and focus on doing so. Doing it electronically will make it hard to communicate and some team members might not focusing on the task.
Firing people also should be done face-to-face. Even though this person is about to be kicked out of the team, we need to know that we appreciate what they've done to the team. Firing using electronic media just seems cold and impersonal.
