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:
Answer rating: 47% (17 reviews)
1 An audit of managements assessment of internal control is impo...View the full answer
Answered By
Mahesh G
I have more than 7 years of experience in teaching physics, mathematics and python programming to more than 600 students including both online and offline tutoring.
I follow the following 7 step fundamental approach towards tutoring.
1. Curiosity, scope, enlightenment of the topic in hand.
2. Problem Definitions and elaboration.
3. Requisite mathematics, analytical abilities and quantitative
aptitude.
4. Preparing Algorithms for problem statement.
5. Concepts with analogies and building algorithm.
6. Introspection and improvising.
7. Daily class wise Cheat sheets(its not cheating) for consolidation.
5.00+
1+ Reviews
10+ Question Solved
Related Book For
Question Posted:
Students also viewed these Cost Accounting 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...
-
The demand for roses. The following table gives quarterly data on these variables: Y = quantity of roses sold, dozens X 2 = average wholesale price of roses, $/dozen X 3 = average wholesale price of...
-
Requirements 1. Using the following selected accounts of Juba Electrical, Inc., at September 30, 2010, prepare the entitys closing entries: 2. What is Juba Electricals ending Retained Earnings...
-
You are provided with the following information for Perkins Inc. for the month ended October 31, 2014. Perkins uses a periodic method for inventory. Instructions (a) Calculate (i) ending inventory ,...
-
The management of Zigby Manufacturing prepared the following balance sheet for March 31. Cash Accounts receivable Raw materials inventory Assets ZIGBY MANUFACTURING Balance Sheet March 31 Liabilities...
-
Suppose that you are in the fall of your senior year and are faced with the choice of either getting a job when you graduate or going to law school. Of course, your choice is not purely financial....
-
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...
-
Estimate the position and approximate value of the global maxima and minima on the region shown, including its boundary. 5x/2 2x 3x/2 k y /20- -0.50 50 -0.75 x/2 0.75 -0,75 -0.25 X
-
Discuss two ways ( each ) that the mobile phone industry and healthcare industry might be transformed through digital disruption.
-
Discuss and explain what conflict resolution or handling methods will utilize to resolve dysfunctional conflicts within your project team.
-
Discuss how a foundation in physical activity enhances the understanding and management of sports organizations.
-
Choose one of the scenarios posted below and apply the Step-Wise approach. In this assignment, you are essentially demonstrating your understanding of applied ethics and determining an ethical...
-
Discuss the various Leadership Styles that are generally implemented by Ranking Officials in the American Law Enforcement Profession. Which Leadership Style(s) do Men generally follow? - Give a...
-
Kelly was active in the market, buying and selling stocks for her own account. Below are a series of transactions Kelly initiated during the last quarter of 2017: The XYZ stock sold on 11/01 had been...
-
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...
-
An elevator, initially at rest, starts moving upwards at constant acceleration and eventually reaches speed 8.24 m/s at time t= 6.26 s. It travels at constant speed until time t= 24.36 s. The...
-
A 1.54 x 104 kg railroad car moving at 6.63 m/s to the north collides with and sticks to another railroad car of the same mass that is moving in the same direction at 1.50 m/s. What is the velocity...
-
1 2 Suppose the distance x is given in terms of acceleration a and time t as in the following expression x = kan tm, where k is a dimensionless constant. Find m and n. Newton's law of universal...
Study smarter with the SolutionInn App