Internal Controls Ashly Rea XACC/280 September 22, 2012 Adrienne Cooper Internal Controls If you cannot trust your employees to protect your revenue, whom can you trust? In most cases the answer is not whether you can trust your employees but how effectively you are monitoring them. Internal control means doing just that, setting up methods and measures within an organization to establish control. Companies such as Tyco and Enron are examples of company destruction from
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Internal controls: an overview XACC/280 Internal controls are absolutely essential to the functioning of any public company, and without them companies are doomed to economic turmoil and even collapse. Simply put, internal controls are the various methods that a company uses to “Safeguard its assets from employee theft, robbery, and unauthorized use” and “enhance the accuracy and reliability of its accounting records” (Weygandt, Kimmel, and Kieso, pp. 340). As the text implies, without these
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l Chapter 4: Recognizing Differences Differentiate between valuation, depreciation, amortization, and depletion. Is it appropriate to calculate depreciation using two different methods? Why? Valuation can be defined as determining a value. Valuation involves assets should be documented at the current market price regardless of whether the actual value is above or below cost. There are two common valuation options which are fair-market-value and historical cost (net depreciation). The allocation
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Capstone Response Nikki Pinkerton XACC/290 November 29, 2015 Dan Adams Capstone Response After reviewing Sarbanes-OXELY Act (SOX) which was established in 2002 we are able to see how this process affects the practice of accounting. SOX is designed to work with the internal controls that we have learned about this past week. Its main purpose is to ensure that auditors have no connection with the company they are auditing. No connection of any kind. Enron was one of the
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August 10, 2014 XACC 291 Assignment 2 E9-1 1 A. The acquisition cost for the plant asset will contain all spending needed to obtain the asset and make it prepared for its own purpose. 1B. 1. Land 2. Factory Machinery 3. Delivery Equipment 4. Land Improvement 5. Delivery Equipment 6. Factory Machinery 7. Prepaid Insurance 8. License Expense E9-7 A. 1. Straight Line Method 2011: $3,500 2012:$ 3,500 Accumulated
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Information Systems Department Week One Checkpoint Name XACC/280 Date Information Systems Department There is Information system with in every business organization. Be it a computer based or hardship bases. There are some types if not both types of information systems. Information systems are where the technology is used between both operations. This technology helps everyone stay on top of what is going on. It helps to keep everyone posted and up to date. There are several types of
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RENTING AN APARTMENT IS A BETTER OPTION THAN BUYING A HOUSE Anthony Zambardino Axia Student COM/156 November, 2010 I. Introduction II. Renting A. Cost to Rent B. Responsibilities III. Cost of Homes A. Saving Money for a Down Payment B. Process of Getting a Loan IV. Taxes A. Maintenance Fees B. Property Taxes Introduction First of all, consider what we have learned in recent years about the economy. Even though it may seem that things are looking
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Berry’s Bug Blasters Liquidity Ratios 2008 Current ratio = Current assets/Current liabilities = 1,836,770.12/306,805.71 = 5.97 (4.09 2007) Acid-test ratio = (Cash + Accounts receivable + Short-term investments)/Current liabilities = (818,440.68 + 812,395.13 + 0)/306,805.71 = 5.32 (3.01 2007) Receivables turnover = Net credit sales/Average net receivables = can’t be calculated since company doesn’t sell goods (net sales not provided in financial statements) Inventory turnover
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Recognizing Differences 6-14-2015 EXCC/291 Nicole L Smith Valuation refers to determining a value for something. For accounting purposes, two common valuation options are fair market value and historical cost (net depreciation). Depreciation is an adjustment to the net income of an entity for wear and tear of fixed assets. The adjustment for depreciation is (in theory) to expense assets over the term of their useful lives. Amortization is an adjustment to the net income of an entity
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Internal Controls XACC/280 Internal Controls are an integral part of an organization’s financial and business policies and procedures. They consist of all various measures take to protect resources, ensuring accuracy and reliable data in accounting as well as operations, securing compliance with policies, and evaluating performance within the organization. Every bit of an organization’s recourses are directed, measured and monitored by Internal Controls. Internal Controls safeguard all of a
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