c. Company personnel account for the sequence of shipping documents and verify that an entry for each shipment is included in the sales journal. This control relates most directly to the sales transaction-related audit objective of (1) occurrence. 14-22 ( Objectives 14-3, 14-4 ) For each of the following types of misstatements (parts a through d), select the control that should have prevented the misstatement: a. A manufacturing company received a substantial sales return in the last month of the year, but the credit memorandum for the return was not prepared until after the auditors had completed their testing. The returned merchandise was included in the physical inventory.
ACC5020 Week Six Assignment: Chapter 4 4-2 4-3 a) Vendors & Purchases > under recently used vendor reports click Cash Disbursements Journal, b) $2,500 4-5 a) January 1, 2010 b) January 26, 2010 c) No d) Purchases/Receive Inventory e) January Office Lease 4-7 a) “You can customize the Business Status layout at any time by clicking the Customize This Page button on the toolbar, b) Blank page with message “You have selected not to display Business Status information on this page. If you would like to add information, you can customize this pages to create a centralized place to monitor your business.”, c) 12 accounts listed, d) Accounts carry a credit balance, e) Balance is $8,394, Under Revenue: Year to date > Click view Income
Because there was no distribution deal in place or sale of goods, there was statute of frauds. What facts may weigh in favor of Chou in terms of the parties objective intent to contract? One of the major factors that weigh in Chou’s favor is that they made an oral agreement regarding the distribution deal 3 days prior to the end of the 90 day contract. That could also hurt Chou because the distribution deal would have exceeded $500 and would need to be in writing. There was an email identifying that terms of the deal but it would not be considered a contract because there was no signatures and it was not identified as an actual contract.
System controls are verified to be in effect that limit access for each account to no more than 300 records per day. Over the course of the past two months it is estimated that more than 37,000 but no more than 50,000 records could have been accessed. Reports are being run to determine which patient accounts were accessed, but the reports will take more than two weeks to identify the record identification numbers and then take longer than 60 days to compile the usernames and addresses. An audit of other systems that contain sensitive information revealed no other unauthorized access. Audit files that would normally identify the creator of the accounts overwrite themselves after two weeks in the systems that provide remote access and the EHR.
Here's how each works: The cash method. The cash method is the more commonly used method of accounting in small business. Under the cash method, income is not counted until cash (or a check) is actually received, and expenses are not counted until they are actually paid. Your computer installation business finishes a job in November, and doesn't get paid until three months later in January. Under the cash method, you would record the payment in January.
Problem: P22-6, Accounting Change and Error Analysis Course: AC557 Intermediate Accounting III "On December 31, 2010, before the books were closed, the management and accountants of Madrasa Inc. made the following determinations about three depreciable assets." 1. Depreciable asset A was purchased January 2, 2007. It originally cost $540,000 and, for depreciation purposes, the straight-line method was originally chosen. The asset was originally expected to be useful for 10 years and have a zero salvage value.
I am paid by salary and payments will be made straight to my chosen bank account. I am entitled to 28 days of holiday the company’s holiday year start from the the 1st of january till the 31st of december and I’m required to take 50% of my entitlement by the end of june. If I’m off work because of sickness or injury I will only be paid statutory sick pay, reporting sickness absence I must inform a manager at the earliest opportunity.The company has a no smoking policy. Compassionate leave and family emergencies it will be considered but there is no contractual entitlement. Health and safety at work I must take reasonable care to avoid injury to my self and others and cooperate with the health and safety at work legislation.
First, three days prior to the end of the 90 day exclusive negotiation rights agreement, they reached an oral agreement and then shortly thereafter, a business email from a BTT management representative was sent to Chou with the specifics of the agreement. The email stated “that all of the terms had been agreed upon.” BTT also subsequently requested Chou send them a draft distribution contract regurgitating the specifics of agreement spelled out in the email from the BBT manager. Finally, distribution of Strat would have exceeded the 500.00 limit of the Statute of Frauds. The fact that may weigh against Chou is that the contract never had a wet signature. 3.
TO: John Smith, Chief Financial Officer FROM: Carol Marotti, Business Intelligence Manager DATE: May 11, 2013 SUBJECT: Business Intelligence (“BI”) Analyst Position At the end of 2012, my budget was approved to hire a BI Analyst. Unfortunately, we had a budget freeze at the beginning of this year and stopped recruiting. This memo describes the operational gap and provide details of the requirements for the new position and how adding this new position will align us with our strategy to grow through Mergers and Acquisitions and increase Operational Efficiency. My team is responsible for producing operational reporting for the departments in the organization as well as execute projects to deliver strategic reporting to the executive team. The operational reporting work is non-capitalized expense, however, the project work is capitalized and focused on delivering high-value analytics to the executive team.
Situation: You are the General Sales Manager for Bentley Business Systems (1287 Main Street, Wolf Point, MT 58904), a supplier of automation equipment in the Northwest United States. In today’s mail, you receive the following request letter from Jean Parchman, Assistant General Manager, Acres of Bargains, 508 Woodbine Avenue, Filmore, SD 57503. December 9, 2002 Dear Sales Manager: I received our monthly bill from Bentley and noticed a $400 service charge for services rendered on October 1 due to a printer malfunction. Since we have a service contract with Bentley, yet we are not apparently covered by it, I would like to request a cancellation of our service contract. Also, please deduct the $400 service charge from moneys we have paid thus far on the contract.