Which control(s) would best mitigate the following threats? A. The time worked field in a payroll transaction record contained the value 400 instead of 40. As a result‚ the employee received a paycheck for $6‚257.24 instead of $654.32. -Conduct a check between fields‚ separating the salaried and hours and minutes fields. -Conduct a limit check to ensure that the minutes do not exceed the predetermined value of 60 and hours don’t exceed a predetermined value. Regular hours-worked field in weekly
Premium Sales Error detection and correction Accounts receivable
Chapter 1 Managerial Accounting‚ the Business Organization‚ and Professional Ethics Management accounting produces information for managers within an organization. Financial accounting produces information for external parties‚ such as stockholders‚ suppliers‚ banks‚ and government regulatory agencies. What kind of accounting information do managers need to achieve their goals and objectives? Good accounting information helps answer three types of questions: 1. Scorecard questions 2. Attention-directing
Premium Management accounting Variable cost Costs
1. Duggan Company applies manufacturing overhead to jobs on the basis of machine hours used. Overhead costs are expected to total $276‚100 for the year‚ and machine usage is estimated at 125‚500 hours. For the year‚ $291‚988 of overhead costs are incurred and 130‚200 hours are used. Compute the manufacturing overhead rate for the year. (Round answers to 2 decimal places‚ e.g. 1.25.) Manufacturing overhead rate $ 2.20 per machine hour Answer: Manufacturing Overhead Rate = Estimated Overhead ÷ Estimated
Premium Units of measurement Costs Employment
Interhost Solutions (IHS) utilized some business plans in starting the company. The founders set clear KPIs and make use of some business frameworks. In the beginning‚ they tried to apply the Lean Start-up method‚ but they say that it was difficult for the service company to stick to it. This fact is really insightful because simultaneous experimentation such as the Lean Start-up is more effective for start-ups than focused commitment (Andries‚ Debackere‚ and Van Looy‚ 2013). Hence‚ IHS should have
Premium Project management Cost Value added
Solutions to Homework Assignments: Chapter 4 6. Are all capital gains (gains on the sale or disposition of capital assets) taxed at the same rate? Explain. No. If a taxpayer holds a capital asset for a year or less the gain is taxed at ordinary tax rates. If the taxpayer holds the asset for more than a year before selling‚ the gain is generally taxed at a maximum 15% rate but could be taxed as high as 20% for high income taxpayers. If the taxpayer sells more than one capital asset during the year
Premium Taxation in the United States
Revised IAS 19 Employee Benefits Revisions to IAS 19 Employee Benefits is effective for annual periods beginning on or after 1 January 2013. The following is an illustration of disclosures relating to employee benefits when the standard is adopted for the year ending December 31‚ 2013. Extract of summary of significant accounting policies illustrating changes in accounting policies on adoption of Revised IAS 19: X. Summary of significant accounting policies X.X Changes in accounting policies
Premium Pension Balance sheet
Chapter 19: Accounting for Income Taxes Fundamentals of Accounting for Income Taxes * Intro * Pretax Financial Income- income before taxes‚ income for financial reporting purposes‚ income for BOOK purposes * Determine according to GAAP * Taxable Income- amount used to compute income taxes payable * Determine using Internal Revenue Code (tax code) * Differences arise for a simple reason‚ for financial reporting purposes companies use the full accrual
Premium Taxation Generally Accepted Accounting Principles Balance sheet
Case 4.1 Amy’s Ice Cream Amy’s Ice Cream is a business that was founded in Austin‚ Texas‚ and now has 13 locations in Austin and one each in Houston and San Antonio. When asked about the driving force behind it‚ Phil Clay‚ the production manager‚ explained that "while the product is of excellent quality and does come in some unique flavors‚ ultimately ice cream is ice cream. One can just as easily go to Swensen’s or the Marble Slab to get great ice cream. Service is what differentiates Amy’s from
Premium Employment
Rittenberg 8th edition: Q 2-45 (pages 66 and 67) 2-45 (Audit Committees and Auditor Independence‚ LO 4‚ 5‚ 6) The audit committee is required to evaluate the independence of both the internal and external audit functions. Required a. What factors would you suggest an audit committee look at in evaluating the external auditor’s independence? b. How can the audit committee influence the independence of the internal audit function? c. The audit committee must pre-approve all nonaudit services
Premium Auditing Audit Internal audit
F523 - SPRING 2013 BOEING CASE 1. What is the appropriate required rate of return against which to evaluate the prospective IRR ’s from the B ANSWER:The appropriate rate of return against which to evaluate the IRR is the risk-free rate‚ plus the market risk 1a. Please use the capital asset pricing model to estimate the cost of equity. At the date of the case‚ the 74 over T-bonds. Which beta‚ risk-free rate‚ and risk premium did you use? Why? Financing Components Debt Equity Market Values Weight
Premium Boeing 787