1. Which of the following is not a control that is designed to protect investment securities?...
1. Which of the following is not a control that is designed to protect investment securities?
a. custody over securities should be limited to individuals who have record-keeping responsibility over the securities
b. securities should be properly controlled physically in order to prevent unauthorized usage
c. access to securities should be vested in more than one individual
d. securities should be registered in the name of the owner
2. A control that involves reprocessing transactions that are rejected during initial processing is an example of:
a. preventative controls
b. detective controls
c. corrective controls
d. programmed controls
Homework Answers
1.
The following is not a control that is designed to protect investment securities:
a. custody over securities should be limited to individuals who have record-keeping responsibility over the securities
2.
A control that involves reprocessing transactions that are rejected during initial processing is an example of:
c. corrective controls
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price fluctuations. The following inventory information is
available for this product at December 31, 2018:
Coffee
Bean
Units
Unit Cost
Net Realizable
Value
Coffea arabica
11,700 bags
$5.60
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Coffea robusta
5,700 bags
3.40
3.50
Inventory at the lower of cost and net realizable value
$
84315
Prepare any journal entry required to record the LCNRV,
assuming that Novak uses a perpetual inventory system. (Round
answer to the nearest whole dollar,...
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differences between the reports (other than the name of Company,
Audit Firm, Financial statement
period covered).
Note:
1. Each Company may have two audit reports (one opinion on
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into one report.
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