The management of Nickle Company asks you, as the company accountant, to explain (a) The concept of
Question:
The management of Nickle Company asks you, as the company accountant, to explain
(a) The concept of reasonable assurance in internal control
(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: 66% (15 reviews)
a The concept of reasonable assurance rests on the premise that ...View the full answer
Answered By
John Aketch
I am a dedicated person with high degree of professionalism, particularly in academic writing. My desire is to is to make students excel in their academic endeavor.
5.00+
3+ Reviews
10+ Question Solved
Related Book For
Accounting Principles
ISBN: 9781118566671
11th Edition
Authors: Jerry Weygandt, Paul Kimmel, Donald 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 are a management accountant working for a company called BHP, which manufactures iron ore. BHP's investment to progress the development of ground-breaking technology to reduce carbon emissions...
-
A quality inspector selects a sample of 12 items at random from a collection of 60 items, of which 18 have excellent quality, 25 have good quality. 12 have poor quality, and 5 are defective. (a) What...
-
Distinguish raw data, treated data, and results.
-
Consider a single, porous, spherical, inert mineral particle. The pores inside the particle are filled with liquid water (species B). We are interested in analyzing the molecular diffusion of the...
-
Governments often provide incentives to encourage foreign firms to invest within their national borders. Why do governments encourage inward FDI? LO.1
-
The management of Ferri Phosphate Industries (FPI) is planning next years capital budget. FPI projects its net income at $7,500, and its dividend payout ratio is 30 percent. The companys earnings and...
-
please solve as soon as possible with each step so that i can understand clearly ... Part X15 is used in one of Rilla Corporation's products. The company's Accounting Department reports the following...
-
Tim Jarosz Company had the following account balances at year-end: Cost of Goods Sold $60,000, Inventory $15,000, Operating Expenses $29,000, Sales Revenue $115,000, Sales Discounts $1,200 and Sales...
-
Liz Kelso is reviewing the principle of segregation of duties. What are the two common applications of this principle?
-
Riverside Fertilizer Co. owns the following assets at the balance sheet date. Cash in bank savings account ....... $ 8,000 Cash on hand ............. . 850 Cash refund due from the IRS ....... 1,000...
-
Return to the facts of problem 30. Assume that Show Corporation is organized as an S corporation. In its second year of operations, Show has an operating loss of $40,000 and pays out $20,000 in...
-
Problem 2-26 (Static) Complete the balance sheet using cash flow data LO 2-2, 2-3, 2-5, 2-6 Following is a partially completed balance sheet for Epsico Incorporated at December 31, 2022, together...
-
Consider the following potential events that might have occurred to Global Conglomerate on December30, 2018. For eachone, indicate which line items inGlobal's balance sheet would be affected and by...
-
An epidemiologist plans to conduct a survey to estimate the percentage of women who give birth. How many women must be surveyed in order to be 95% confident that the estimated percentage is in error...
-
Jamonit Ltd is a non-group employer which paid wages of $136,000 in the Northern Territory during March 2021. The company does not pay wages in any other state. Calculate the payroll tax payable in...
-
Following is a partially completed balance sheet for Epsico Inc. at December 31, 2019, together with comparative data for the year ended December 31, 2018. From the statement of cash flows for the...
-
Preparing production budget and direct labor budget} Scripps Manufacturing Company forecast October sales to be 45,000 units. Additional information follows: Finished goods inventory, October 1 4,000...
-
Gordon and Lisa estimate that they will need $1,875,000 in 40 years for their retirement years. If they can earn 8 percent annually on their funds, how much do they need to save annually?
-
Find out what contracts are considered formal contracts in your jurisdiction.
-
Your examination of the records of Southlake Co. shows the company collected $85,500 cash from customers and paid $48,400 cash for operating costs during 2017. If Southlake followed the accrual basis...
-
Reyes Rides is owned by Jason Reyes. The company has an August 31 fiscal year end and prepares adjustments on an annual basis. The following is an alphabetical list of its accounts at August 31,...
-
The Highland Cove Resort has a May 31 fiscal year end and prepares adjusting entries on a monthly basis. The following trial balance was prepared before recording the May 31 month-end adjustments:...
-
Indicate whether the following managerial policy increases the risk of a death spiral:Use of low operating leverage for productionGroup of answer choicesTrueFalse
-
It is typically inappropriate to include the costs of excess capacity in product prices; instead, it should be written off directly to an expense account.Group of answer choicesTrueFalse
-
Firms can avoid the death spiral by excluding excess capacity from their activity bases. Group of answer choicesTrueFalse
Study smarter with the SolutionInn App