Describe the elements of an internal control system.

Question:

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Financial Management for Public Health and Not for Profit Organizations

ISBN: 978-0132805667

4th edition

Authors: Steven A. Finkler, Thad Calabrese

See More Books

Question Posted: Dec 19, 2014 12:09 PM

See More Questions

An internal control system consists of all policies and procedures used to protect assets, ensure reliable accounting, promote efficient operations, and urge adherence to company policies. Evaluate...
An internal control system consists of all policies and procedures used to protect assets, ensure reliable accounting, promote efficient operations, and urge adherence to company policies. 1. What is...
Describe the elements of an e-mail address.
According to the Mortgage Bankers Association, 10% of all home mortgage loans in California were in foreclosure in the fourth quarter of 2011. Assuming this rate holds, if you randomly pick 30...
Since the data is not normally distributed but stable one would be best to place the greatest confidence in the results obtained in parts a and c. That is, one would predict that approximately 1.5%...
Liberia Publishing wishes to estimate the value of its outstanding preferred stock. The preferred issue has a 50 par value and pays an annual dividend of 7.50 per share. Similar-risk preferred stocks...
2. An expense would be reported in which of the following funds? a General fund b Internal service fund c Debt service fund d Special revenue fund
1. To what extent do the three people featured in this case study manage their own emotions on the job? How do they accomplish this? To what extent do you think they effectively manage emotions under...
46. Shock Limited just established a simplified employee pension (SEP) plan for the benefit of its employees. The company has more than 500 employees, 60% of whom are highly compensated. This year,...
In recent years, Avery Transportation purchased three used buses. Because of frequent turnover in the accounting department, a different accountant selected the depreciation method for each bus, and...
What are accounting and administrative controls?
What are some of the principal impacts that the Sarbanes-Oxley Act is likely to have on not- for- profit organizations that decide to follow the provision of the law? a. Adequate documentation b....
What are the principal cash inflows associated with the IDC U.K. project?
How can you filter on a particular data field in Cognos Analytics? 0 / 1 point Type in the name of the field in the 'Filters' area at the top of the page. Drag the data field to the 'All tabs' area...
Project management is fundamental to project success and includes a number of critical success factors including support of top management, use of effective communication channels and rapid feedback,...
BIO 189: what are some of the ethical issues regarding his results? why were his results rejected by the scientific community? choose two components below that were either flawed or completely absent...
REQUIRED: Prepare Cost of Production per department. Problem 5 ABM Company uses two departments to produce a product. The following data were taken from the books for the month of January, 2019....
Can you describe how Toyota responds to changes in market fluctuations, and plot the supply and demand curves indicating managerial economic principles (i.e. price ceilings/floors, shortage/surplus,...
Referring to the information in Brief Exercise 17-31, record the lessor's journal entries on December 31, 2020, assuming that the lease is properly classified as a sales-type lease. The carrying...
Assume you are the accountant for Catalina Industries. John Catalina, the owner of the company, is in a hurry to receive the financial statements for the year ended December 31, 20X1, and asks you...
How can you decide on the number of independent variables and that adding one more would improve the predictability of the dependent variable?
What is the effect of multinational operations on capital budgeting decisions.
Who are some of the basic users of financial statements, and how do they use them?
If a typical firm reports $20 million of retained earnings on its balance sheet, could its directors declare a $20 million cash dividend without having any qualms about what they were doing? Explain...
What is Coke's average ownership percentage in its equity method investments? Goodwill is 7000 Calculate the firm's current ratio (current assets/current liabilities). Calculate the current ratio...
John has to choose between Project A and Project B, which are mutually exclusive. Project A has an initial cost of $30,000 and an internal rate of return of 16 percent. Project B has an initial cost...
Complete the table below, for the above transactions

Describe the elements of an internal control system.

Question:

Step by Step Answer:

An internal control system includes having an audit trail reliable personnel separation of duties proper authorization adequate documents proper procedures physical safeguards bonding vacations and ro...View the full answer

Financial Management for Public Health and Not for Profit Organizations

Students also viewed these Finance questions