Homework Answers
Ans-(a)
I AGREE with Faith's method of handling this situation because she has COMPLIED WITH the internal control principle of safeguarding of assets.
Ans-(b)
I AGREE with Faith's method of handling this situation because Faith has FOLLWOED the internal control principle of assignment of responsibility and IMPLEMENTED the internal contrrol principal of seggregation of duties.
Ans-(c)
DISAGREE with Faith's method of handling this situation because Faith has COMPROMISED the internal contrrol principal of seggregation of duties.
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Faith Cassen has recently been hired as the manager of Gibraltar Coffee Shop. Gibraltar Coffee Shop...
Faith Cassen has recently been hired as the manager of Gibraltar Coffee Shop. Gibraltar Coffee Shop...
Faith Cassen has recently been hired as the manager of Gibraltar Coffee Shop. Gibraltar Coffee Shop is a national chain of franchised coffee shops. Duri manager, Faith encountered the following internal control situations: 1 a. Falth caught an employee putting a case of 1,000 single-serving tea bags in his car. Not wanting to create a scene, Falth smiled and said, "I don't th bags on the right shell. Don't they belong inside the coffee shop?" The employee returned the tea...
Faith Case has recently been hired as the manager of bruit Coffee Shop Gear Coffee Shop...
Faith Case has recently been hired as the manager of bruit Coffee Shop Gear Coffee Shop is a nation has offranchised coffee shops During her first month as store manager, Farth encountered the following internal control stations: a. Falth caught an employee putting of 1,000 single serving tubags in his car tot wanting to create a son, Fried and said, "I don't think you're puting those bags on the right the othey belonginside the coffee shop The employee returned the...
ON 4. (7 points) Below are descriptions of internal control problems. In the space to the...
ON 4. (7 points) Below are descriptions of internal control problems. In the space to the left of each item, enter the code letter of the one best internal control principle that is related to the problem described. Internal Control Principles A. Segregation of duties B. Establishment of responsibility C. Human resource controls D. Physical controls E Documentation procedures F. Independent internal verification 1. The same person opens incoming mail and posts the accounts receivable subsidiary ledger. 2. Three people...
Exercise 8-05 Listed below are five procedures followed by Eikenberry Company. 1. Several individuals operate the...
Exercise 8-05 Listed below are five procedures followed by Eikenberry Company. 1. Several individuals operate the cash register using the same register drawer. 2. A monthly bank reconciliation is prepared by someone who has no other cash responsibilities. 3. Joe Cockrell writes checks and also records cash payment entries. 4. One individual orders inventory, while a different individual authorizes payments. 5. Unnumbered sales invoices from credit sales are forwarded to the accounting department every four weeks for recording. Indicate whether...
You own a local coffee shop and your senior barista, whom everyone loves and has been...
You own a local coffee shop and your senior barista, whom everyone loves and has been with you for 6 years, just informed you that she will be leaving soon as she has decided to move to a different city. You are considering hiring a junior person and training them as a barista knowing that they will make mistakes on customer orders, or you can hire an experienced barista at a higher wage that has a great resume and references. ...
Novak Corporation sells coffee beans, which are sensitive to price fluctuations. The following inventory information is...
Novak Corporation sells coffee beans, which are sensitive to
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
$5.55
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,...
Match each of the following principles of internal control with the appropriate description below. A. Establishment...
Match each of the following principles of internal control with the appropriate description below. A. Establishment of responsibility B. Segregation of duties C. Documentation procedures D. Physical controls E. Independent internal verification F. Human resource controls _____ 1. Involves the review, comparison, and reconciliation of data prepared by other employees. _____ 2. Provide evidence that transactions and events have occurred. _____ 3. Includes the authorization and approval of transactions. _____ 4. Rotating employees' duties and requiring employees to take vacations....
Why is 3,4,9 wrong in this situation ? Adequate documents and records Checks on recorded amounts...
Why is 3,4,9 wrong in this
situation ?
Adequate documents and records Checks on recorded amounts Clearly defined authority and responsibility Safeguards over assets and records Segregation of duties Classifying Internal Control Procedures Match each of the control procedures listed below with the most closely related control procedures type. 1. Only the cashier assigned to the cash register is allowed to perform transactions. Clearly defined authority and responsibility 2. Division managers are evaluated annually on the basis of their division's...
onciliation P5.5 The bookkeeper who has worked for a small hotel for more than 30 years...
onciliation P5.5 The bookkeeper who has worked for a small hotel for more than 30 years is retiring. Because he was such a reliable employee, he was given more and more responsibility over the years and did virtually all of the work, such as keeping all the accounting records, approving invoices for pay- ment, preparing checks, and, in the absence of the hotel's owner, signing checks that needed to be sent to suppliers. His daily duties included col- lecting the...
Which of the following matters would an auditor most likely consider to be a significant deficiency to be communicated to the audit committee
1. Which of the following matters would an auditor most likely consider to be a significant deficiency to be communicated to the audit committee? A. Management's failure to renegotiate unfavorable long-term purchase commitments.B. Recurring operating losses that may indicate going concern problems.C. Evidence of a lack of objectivity by those responsible for accounting decisions.D. Management's current plans to reduce its ownership equity in the entity. 2. After obtaining an understanding of internal control and arriving at a preliminary assessed level...
Faith Cassen has recently been hired as the manager of Gibraltar Coffee Shop. Gibraltar Coffee Shop is a national chain of franchised coffee shops. Duri manager, Faith encountered the following internal control situations: 1 a. Falth caught an employee putting a case of 1,000 single-serving tea bags in his car. Not wanting to create a scene, Falth smiled and said, "I don't th bags on the right shell. Don't they belong inside the coffee shop?" The employee returned the tea...
Faith Case has recently been hired as the manager of bruit Coffee Shop Gear Coffee Shop is a nation has offranchised coffee shops During her first month as store manager, Farth encountered the following internal control stations: a. Falth caught an employee putting of 1,000 single serving tubags in his car tot wanting to create a son, Fried and said, "I don't think you're puting those bags on the right the othey belonginside the coffee shop The employee returned the...
ON 4. (7 points) Below are descriptions of internal control problems. In the space to the left of each item, enter the code letter of the one best internal control principle that is related to the problem described. Internal Control Principles A. Segregation of duties B. Establishment of responsibility C. Human resource controls D. Physical controls E Documentation procedures F. Independent internal verification 1. The same person opens incoming mail and posts the accounts receivable subsidiary ledger. 2. Three people...
Exercise 8-05 Listed below are five procedures followed by Eikenberry Company. 1. Several individuals operate the cash register using the same register drawer. 2. A monthly bank reconciliation is prepared by someone who has no other cash responsibilities. 3. Joe Cockrell writes checks and also records cash payment entries. 4. One individual orders inventory, while a different individual authorizes payments. 5. Unnumbered sales invoices from credit sales are forwarded to the accounting department every four weeks for recording. Indicate whether...
Novak Corporation sells coffee beans, which are sensitive to
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
$5.55
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,...
Why is 3,4,9 wrong in this
situation ?
Adequate documents and records Checks on recorded amounts Clearly defined authority and responsibility Safeguards over assets and records Segregation of duties Classifying Internal Control Procedures Match each of the control procedures listed below with the most closely related control procedures type. 1. Only the cashier assigned to the cash register is allowed to perform transactions. Clearly defined authority and responsibility 2. Division managers are evaluated annually on the basis of their division's...
onciliation P5.5 The bookkeeper who has worked for a small hotel for more than 30 years is retiring. Because he was such a reliable employee, he was given more and more responsibility over the years and did virtually all of the work, such as keeping all the accounting records, approving invoices for pay- ment, preparing checks, and, in the absence of the hotel's owner, signing checks that needed to be sent to suppliers. His daily duties included col- lecting the...
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