8.21 (1) MA‚ I/P (2) FFR‚ O (3) FFR‚ I/P (4) MA‚ O (5) MA‚ R (6) FFR‚ I/P (7) FFR/ O (8) FFR‚ R (9) FFR‚ R (10) MA‚ I/P (11) MA‚ R (12) FFR‚ O 8.27 Fraud risk (a) Fraud risk factors ASA 240 - high degree of competition in the market - Domination by Rob Bigbucks (CEO&chairman) - Threatened employees with no pay rises - Significant portion of sales managers salaries are paid in bonuses - The industry is in a recession and it is starting to affect the company – Potentially leading
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Chapter 2—The External Environment: Opportunities‚ Threats‚ Industry Competition‚ and Competitor Analysis TRUE/FALSE 1. The health-related concerns in the general environment facing Philip Morris International are part of the physical segment. ANS: F PTS: 1 DIF: Medium REF: 36 OBJ: 02-01 TYPE: comprehension NOT: AACSB: Ethical & Legal understanding | Management: Ethical Responsibilities | Dierdorff & Rubin: Managing the task environment 2. The external environment facing business stays relatively
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Internal Control and Bank Reconciliations Athena Jackson ACC/225 November 10‚ 2013 Scott Flynn Problem 8-1A 1. The principle of internal control violation is separation of duties. The person that records the incoming cash receipts should not be the same person that is posting the customer payments to their accounts. My recommendation to the business would be that they have one person recording the incoming cash receipts‚ and they should assign another employee to take
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3 Adjusting Accounts and Preparing Financial Statements QUESTIONS 1. The cash basis of accounting reports revenues when cash is received while the accrual basis reports revenues when they are earned. The cash basis reports expenses when cash is paid while the accrual basis reports expenses when they are incurred (and matched with revenues they generated). 2. The accrual basis of accounting generally provides a better indication of company performance and financial condition than does
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Manual and IT-Based Sales Accounting System Risks Copy Right: Anthony Butka Ralph Avallone Hong-Ming Yen Executive Summary Case Synopsis We meet Sally St. James of St. James Clothiers who has a retail clothing store in Tennesse. Sally has decided to abandon her manual sales entry system and convert to a more sophisticated IT-based application. As the audit engagement team we have been asked to review narratives of former years and then draft a narrative for the new system. We will address the
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1.0 Introduction According to The Environment Agency in the United Kingdom (2006)‚ Environmental Accounting can be defined as: “The collection‚ analysis and assessment of environmental and financial performance data obtained from business management information systems‚ environmental management and financial accounting systems. The taking of corrective management action to reduce environmental impacts and costs plus‚ where appropriate‚ the external reporting of the environmental and financial
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significant because it is the highest form of recognition in the area of governmental accounting and financial reporting‚ and its attainment represents a significant accomplishment by a government and its management. (Page 13) b) What are the key issues addressed in the letter of transmittal? Major initiatives in the city of Charlotte are General Government‚ Water and Sewer‚ Aviation‚ Charlotte area transit system‚ and Storm water. (Pages 1-12) 3) Review the Financial Section c) Did
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managers need information as they strive to attain those goals. Managerial accounting is the process of identifying‚ measuring‚ analyzing‚ interpreting and communicating information in pursuit of an organization’s goals. It is an important part of any organization’s management information system. 1-1. The following changes should be in store for managerial accounting as a result of the explosion in e-commerce: a. Companies will have to invest in their security. Their private information could be at
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F-statistic 437.6863 Durbin-Watson stat 1.013062 Prob(F-statistic) 0.000000 Solution 1: The estimated coefficients show the proportional change in total cost that results from proportional changes in firm’s output‚ changes in wages‚ changes in rental price of capital and changes in prices of fuel. Estimated Coefficient β2 0.720394 β3 0.436341 β4 -0.219888 β5 0.426517 All the estimated coefficients are positive except for estimated rental
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Nature of Accounting and the Accounting Standard Background Accounting is an important part for business and it is dubbed “language” of business activities conducted by firms. People think it is used to communicate business transactions per se to all stakeholders. However‚ some people argue that the functions of accounting are not that easy. Except the communication tool‚ accounting acts as many other difference roles in business. When doing accounting‚ different standard may be used. There are
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