Week 5: Case Study 2 - Internal Control Acct Fin: Managerial Use‚Anlys 1. Inform the President of any new internal control requirements if the company decides to go public. (7 points) Answer – Based on facts given in the case‚ new internal control requirements that are needed for the company to go public are listed below a. Compliance with Sarbanes-Oxley Act Regulations b. Compliance with SEC‚ GAAP and IFRS procedures to record all transactions c. Internal audit on company financial
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Lesson 6: Audit of Sales and Receivables Cycle Note 1: Introduction * Recording of sales transactions and collection of cash * Accounts used: sales‚ a/r‚ bad debt expense‚ ADA‚ cash * Documents used: customer order‚ sales order‚ shipping document‚ sales invoice‚ sales journal‚ remittance advice‚ bank deposit list‚ cash receipts jornal‚ credit memo‚ sales return and allowance journal‚ uncollectable account authorization form‚ a/r master file‚ a/r trail balance‚ monthly statement Note
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Case Study 1 – Sigmund Freud It is Friday night. Hank is sitting in his apartment eating a pint of Ben and Jerry’s Cherry Garcia ice cream and contemplating this past week‚ which has been stressful. He is five feet six inches tall and weighs 250 pounds. Today he saw a therapist about his weight for the first time‚ something he had been considering after yet another woman decided not to continue a relationship with him. After just two dates‚ Sally told Hank they should not see each other anymore
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The following selected transactions were completed by Reuben’s Delivery Service during October: 1. Received cash from owner in exchange for capital stock‚ $20‚000. 2. Purchased supplies for cash‚ $900. 3. Paid rent for October‚ $3‚000. 4. Paid advertising expense‚ $2‚500. 5. Received cash for providing delivery services‚ $23‚100. 6. Billed customers for delivery services on account‚ $41‚750. 7. Paid creditors on account‚ $4‚500. 8. Received cash from customers on account‚ $36‚200. 9. Determined that
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Economic benefit doctrine – Occurs when one receives a tax benefit from deduction and later receives reimbursement‚ it must be picked up as income (taxable) {Chapter 4} (will be on Homework ES and needs multiple questions) Applies to cash basis taxpayer; Income is taxable to the recipient when it is set aside on his behalf‚ made available to him‚ or is used to satisfy some of his indebtedness . A very narrow exception exists if to take possession of that income would result in undue hardship.
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References: Code of Federal Regulations. (2001). Title 34 Regulations: Notice of final regulations. Federal Register‚ November 13‚ 2000. Rosenfeld‚ J.S. Esq. (2008). Section 504 and IDEA: Basic similarities and differences. EDLAW‚ Inc. Retrieved November‚ 1‚ 2010 from http://www.edlaw.net. Seattle University School of Law. (2010). S. James Rosenfeld‚ Esq. Retrieved November 8‚ 2010‚ from http://www.law.seattleu.edu/Continuing_Legal_Education/IDEA_ALJHO_Academy/Academy_Director
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ACCT 350—TENTATIVE SCHEDULE—Spring 2015 DATE TOPICS/CLASS WORK HOMEWORK 1-14 Course Introduction Chapter 2: Basic Cost Management Concepts 1-21 Chapter 2 continued Chapter 4: Activity-Based Costing Read Chapters 2 and 4 Ch 2: 28‚ 32‚ and 33 Ch 4: 28 and 29 1-28 Chapter 4 continued Chapter 7: Allocating Costs of Support Departments and Joint Products Introduce Time-Driven ABC article and Kemps LLC case Read Chapter 7 Ch 4: 30‚ 32‚ and 33 Ch 7: 7‚ 8‚ 9‚ 12‚ 20‚ 21‚ and 34 2-4 Chapter 7 continued
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ACCT 2010: Fall 2012 Sections L08‚ L09‚ and L15 GROUP PROJECT Please form groups of four to five students. Each group should analyze three cases provided below and write a short report. The objectives of the project are to help you develop the ability to 1) evaluate situations that have ethical implications‚ 2) identify the stakeholders and their interests‚ 3) describe ethical dilemmas and propose solutions‚ and 4) explain the importance of social responsibility. Each group should submit a written
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The initial purpose of Section 504 was to provide access for students with disabilities to public schools. Some of that role is shared with IDEA. While IDEA now serves students with the most severe disabilities‚ Section 504 emphasizes an antidiscrimination statute and requires that the educational needs of students with disabilities be met as adequately as the needs of other students. This protection extends to students who are covered under IDEA as well as those students whose disabilities are not
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A Acct 505 Case Study 1 Springfield express is a luxury passenger carrier in Texas. All seats are first class‚ and the following data are available: |Number of seats per passenger train car | |90 | |Average load factory (percentage of seats filled) |70% | |Average full passenger fare | | |$160 | |Average variable cost per passenger
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