Business, 13.10.2019 06:10 nicolemaefahey
The following control procedures are used at torres company for over-the-counter cash receipts. (a) for each procedure, explain the weakness in internal control, and identify the control principle that is violated. (b) for each weakness, suggest a change in procedure that will result in good internal control. 1. to minimize the risk of robbery, cash in excess of $100 is stored in an unlocked briefcase in the stockroom until it is deposited in the bank. (a) weakness: principle: (b) recommended change: 2. all over-the-counter receipts are processed by three clerks who use a cash register with a single cash drawer. (a) weakness: principle: (b) recommended change: 3. the company accountant makes the bank deposit and then records the day’s receipts. (a) weakness: principle: (b) recommended change: 4. at the end of each day, the total receipts are counted by the cashier on duty and reconciled to the cash register total. (a) weakness: principle: (b) recommended change: 5. cashiers are experienced; they are not bonded. (a) weakness: principle: (b) recommended change:
Answers: 2
Business, 21.06.2019 21:40
Morgana company identifies three activities in its manufacturing process: machine setups, machining, and inspections. estimated annual overhead cost for each activity is $168,000, $315,900, an $97,200, respectively. the cost driver for each activity and the expected annual usage are number of setups 2,100, machine hours 24,300, and number of inspections 1,800. compute the overhead rate for each activity. machine setups $ per setup machining $ per machine hour inspections $ per inspection
Answers: 1
Business, 22.06.2019 17:40
Take it all away has a cost of equity of 11.11 percent, a pretax cost of debt of 5.36 percent, and a tax rate of 40 percent. the company's capital structure consists of 67 percent debt on a book value basis, but debt is 33 percent of the company's value on a market value basis. what is the company's wacc
Answers: 2
Business, 23.06.2019 01:40
Which of the following statements is incorrect? select one: a. personal creditors have first claim on partnership assets.b. partnerships are subject to dual taxation.c. no law requires partners to create a written partnership agreement, but it's smart to do so.d. partnership has limited life and unlimited liability.
Answers: 3
The following control procedures are used at torres company for over-the-counter cash receipts. (a)...
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