Why is management philosophy an important internal control issue?
Question:
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 64% (14 reviews)
A strong system of internal controls begins with a management philosophy that encourages appr...View the full answer
Answered By
Joseph Njoroge
I am a professional tutor with more than six years of experience. I have helped thousands of students to achieve their academic goals. My primary objectives as a tutor is to ensure that students do not have problems while tackling their academic problems.
4.90+
10+ Reviews
27+ Question Solved
Related Book For
Financial Accounting Information For Decisions
ISBN: 978-0324672701
6th Edition
Authors: Robert w Ingram, Thomas L Albright
Question Posted:
Students also viewed these Accounting questions
-
Jerry Tim is examining an important internal control in the audit of Langly Company. In past audits, deviations from this control have been observed at a minimal rate ( less than 0.1 percent);...
-
Why is the COSO report on internal control systems important under requirements of the Sarbanes-Oxley Act?
-
Why should management be concerned about the internal control of purchases?
-
Copper Industries (a sole proprietorship) sold three 1231 assets during 2015. Data on these property dispositions are as follows: a. Determine the amount and the character of the recognized gain or...
-
Would cappuccino by the cup or Prada handbags have wider price variation in a free trade area like the European Union? Why?
-
Cole Company manufactures only two products-a battery charger and a testing machine for automobile engines. An average of 30,000 chargers and 50,000 testers are sold each year. This year, the company...
-
What are the benefits and drawbacks with the use of milestone analysis as a monitoring device?
-
1. What factors should be considered when developing inventory systems for the 10,000 items carried by Dano's? What are the key differences between items that would affect how their inventory is...
-
Montana Mining Co. pays $3,721,000 for an ore deposit containing 1,525,000 tons. The company installs machinery in the mine costing $213,500, which will be abandoned when the ore is completely mined....
-
The accompanying figure shows a network of one-way streets with traffic flowing in the directions indicated. The flow rates along the streets are measured as the average number of vehicles per hour....
-
Explain why internal controls are important to a computerized management information system and identify several such controls that are commonly used.
-
Identify some human resource controls that can be used in a company and explain why they are important.
-
Do business seniors at your school prepare for class more than, less than, or about the same as business seniors at other schools? The National Survey of Student Engagement (NSSE) annual results,...
-
HW: Forces Begin Date: 9/24/2023 12:01:00 AM -- Due Date: 11/9/2023 11:59:00 PM End Date: 12/15/2023 11:59:00 PM (17%) Problem 4: A flea (of mass 6 10-7 kg) jumps by exerting a force of 1.45 10-5 N...
-
Zephyr Minerals completed the following transactions involving machinery. Machine No. 1550 was purchased for cash on April 1, 2020, at an installed cost of $87,000. Its useful life was estimated to...
-
Stock Valuation at Ragan Engines Larissa has been talking with the company's directors about the future of East Coast Yachts. To this point, the company has used outside suppliers for various key...
-
On January 1, 20X1, Elberta Company issued $50,000 of 4% convertible bonds, in total, into 5,000 shares of Elberta's common stock. No bonds were converted during 20X1. Throughout 20X1 Elberta had...
-
At Vision Club Company, office workers are employed for a 40-hour workweek and are quoted either a monthly or an annual salary (as indicated). Given on the form below are the current annual and...
-
Why are effective followers as important as effective leaders?
-
Determine the optimal use of Applichem's plant capacity using the Solver in Excel.
-
What is a stored-program machine?
-
The following list includes selected permanent accounts and all of the temporary accounts from the December 31, 2016, unadjusted trial balance of Emiko Co., a business owned by Kumi Emiko. Use these...
-
A company reports the following sales-related information. Compute and prepare the net sales portion only of this company's multiple-step income statement. ress . . S000 4,000 Sales returns and...
-
A retail company recently completed a physical count of ending merchandise inventory to use in preparing adjusting entries. In determining the cost of the counted inventory, company employees failed...
-
why should Undertake research to review reasons for previous profit or loss?
-
A pension fund's liabilities has a PV01 of $200 million. The plan has $100 billion of assets with a weighted average modified duration of 8. The highest duration bond that the plan can invest in has...
-
Metlock Limited has signed a lease agreement with Lantus Corp. to lease equipment with an expected lifespan of eight years, no estimated salvage value, and a cost to Lantus, the lessor of $170,000....
Study smarter with the SolutionInn App