risk management and internal control
Q: John and Bjorn are partners in a newly formed partnership. John is in a higher tax bracket than…
A: The economic effect of the allocation is substantial since it will be sold for atleast $1000 in next…
Q: reparing an Income Statement and Computing the Receivables Tur eturns, and Bad Debts LO6-1, 6-2, 6-3…
A: The accounts receivable turnover ratio computes the systematic approach of a company in collecting…
Q: A product uses 6 Kilograms of raw materials and takes two direct labour hours to make. Raw materials…
A: Required quantity per Unit Price Raw Material 6 KG 2.5 Labor 2 Hour 4 Variable Production…
Q: Talks-A-Lot, Inc. sells cell phones to customers and expects that 10% of phones sold will be…
A: Warranty liability is the liability of the company that arose due to the warranty for the product…
Q: Oaktree Company purchased new equipment and made the following expenditures: Purchase price Sales…
A: Equipment - Equipment is the resource of the company financed from the capital invested in the…
Q: Brutus Corporation, a newly formed corporation, has the following transactions during May, its first…
A: 1. FIFO Method - Under FIFO Method, Inventory purchased first is sold first. 2. LIFO Method - Under…
Q: Question 1 Using the following data, prepare the operating activities section of a statement of cash…
A: Note: As per our guidelines, only the first question shall be answered. 1. Statement of Cash…
Q: Compute bond proceeds, amortizing premium by interest method, and interest expense Ware Co. produces…
A: Face value = $ 29,000,000 Cash interest = $ 29,000,000 x 13%…
Q: Aces Incorporated, a manufacturer of tennis rackets, began operations this year. The company…
A: The full costing method that consider the production related fixed overhead in the income statement…
Q: Ice Cool produces two different models of air conditioners. The activities, costs, and cost drivers…
A: Activity-based costing is a costing approach in which a company's activities are identified and the…
Q: Required information [The following information applies to the questions displayed below.] This year…
A: Adjusted Gross income is your gross income minus certain adjustment. The IRS uses the AGI to…
Q: On December 31, 2022, Big Red Paper Company had sales of $945,000 for the year. Refunds in 2023 are…
A: Date General Journal Debit Credit Dec. 31, 2022 Sales ($945,000 * 2.25%) $21,262.50…
Q: Based on an assessment of audit risk, the auditors are concerned with the following two risks:…
A: Introduction: Audit risk is the possibility that an auditor would overlook faults or commit fraud…
Q: A machine costs $600,000 and is expected to yield an after-tax net income of $23,000 each year.…
A: calculation of above requirement are as follows
Q: With respect to the manufacture and sale of shirts, the cotton cloth used to make the shirts would…
A: Cotton cloth used to make the shirts is the raw material (direct cost) of the production. Raw…
Q: ary 1, 2020. The annual reporting period ends December 31. The trial balance on January 1, 2021,…
A: Adjusted Trial balance refers to the form of a trial balance which reflects all the ending balances…
Q: Sims Company began operations on January 1. Its cost and sales information for this year follow. $…
A: In the context of the given question, we are required to prepare the variable costing income…
Q: Hydro Sports budgets overhead cost of $660,000 for the year. The company manufactures two types of…
A: The traditional method of overhead allocation is based on a predetermined overhead rate. The…
Q: If P 1,000 is saved for a year at a rate of 10% interest compounded quarterly, calculate the…
A: The interest on a mortgage or bank that is calculated based on both the initial principle and the…
Q: Trey Monson starts a merchandising business on December 1 and enters into the following three…
A: perpetual FIFO is the COST tracking method under which the first unit of inventory that has been…
Q: 1. Prepare this company's income statement for its first month of operations under absorption…
A:
Q: When using a standard cost system what term is referred to what a product does cost? Group of answer…
A: Standard cost is the term used for the product should cost. Actual cost is the term for the product…
Q: You have DR Checking and CR Misc Income. You realize it is not Misc Income but recieved from a…
A: Answer:- Donation meaning:- Donation can be defined as something donated to charity, particularly a…
Q: Greenwood Company manufactures two products—15,000 units of Product Y and 7,000 units of Product Z.…
A: Activity based costing means where the product is valued on the basis of actual direct material ,…
Q: What special accounts must usually be opened in the general ledger to record payroll tax entries?…
A: Lets understand the basics. Journal entry is required to make to record financial event or…
Q: Greenwood Company manufactures two products—15,000 units of Product Y and 7,000 units of Product Z.…
A: General factory cost is based on the direct labor hours. So the proportion of direct labor hour is…
Q: Beyer Company is considering the purchase of an asset for $210,000. It is expected to produce the…
A: Payback period is the period within which the company recovers its investment amount in a project.
Q: Cost basis of the asset CO = BD 52314 Useful Life – 5 years Estimated Salvage Value, CL = BD 778…
A: Lets understand the basics. In double declining balance method, depreciation is calculated at the…
Q: H3.C12 The Unadjusted Trial Balance for Hawkeye Ranges as of December 31 is presented in requirement…
A: Reversing Entries - Reversing entries are reverse entry of the adjusting entries of the current…
Q: On June 30, 2020, Ayayai Company issued $3,810,000 face value of 16%, 20-year bonds at $4,956,520, a…
A: Introduction: A journal entry is a record of a business agreement inside a company's accounting…
Q: Do federal securities laws apply to restricted stock, and what is their effect?
A: The restricted stocks or securities whose ownership cannot be transferred because these are…
Q: An "associate" is defined under PAS 28 as Choices A thing in charge of one or more things. B subject…
A: The accounting for investments in associates and the use of the equity method for these investments…
Q: The balance in Accounts Receivable at the beginning of the period amounted to $2,880. During the…
A: Account receivable Account :- Accounts receivable is an current asset account on the balance sheet…
Q: Based on its physical count of inventory in its warehouse at year-end, December 31, 2014, Madison…
A: Ending inventory is the amount of inventory that an entity has, at the end of a period. It is…
Q: Beyer Company is considering the purchase of an asset for $240,000. It is expected to produce the…
A: calculation of payback period are as follows
Q: Required information [The following information applies to the questions displayed below.] On…
A: Adjusting Entries - Adjusting Entries are the entries that differentiate current period and next…
Q: With respect to manufacture and sale of shirts, the salary of the factory manager would be…
A: Variable cost is the cost that changes with the change of output but per unit variable cost is fixed…
Q: Which of the following is NOT one of the main parts of a business letter? O Heading Introduction O…
A: Business Latter :- Business latter is used while you mailing your documents & proofs regarding…
Q: Required information [The following information applies to the questions displayed below.] Henna…
A: Lets understand the basics. Break even point is a point at which no profit no loss condition arise.…
Q: rice throughout Asia. The company grows th
A: The total variable cost of production refers to the production cost that changes with the change in…
Q: Harding Company Accounts payable Accounts receivable Accrued liabilities Cash Intangible assets…
A: The difference between a company's current assets—such as cash, accounts receivable/unpaid invoices…
Q: Marvel Parts, Incorporated, manufactures auto accessories. One of the company’s products is a set of…
A: Variance means the difference between the standard and actual costs. In other words, the variation…
Q: An asset group is being evaluated for an impairment loss. The following financial information is…
A: The impairment loss is calculated by deducting the fair value from the carrying value of the asset…
Q: A few years ago, Amazon purchased Whole Foods. Everyone was surprised that Amazon would want to get…
A: Acquisition happen when the business gains the control over the another entity and it is generally…
Q: Required information [The following information applies to the questions displayed below.] Mary and…
A: The partnership is a form of business. A partnership is a business in which two or more people come…
Q: Zachary Company makes and sells lawn mowers for which it currently makes the engines. It has an…
A: The maximum price per unit that Zachary would be willing to pay for the engines would not include…
Q: ope Corporation has a single class of common stock outstanding. Joe owns 450 shares, which he…
A: Share Capital : It is the part of capital or unit of capital of the company to issue the shares to…
Q: If taxes increases from $100 billion to $139 billion, and the MPC is 0.8, how much is the change in…
A: As per the given information, we find that-. Taxes increases from $100 billion to $139 billion. It…
Q: A company product has used more material to produce than the standard amount but takes fewer labor…
A: The correct option with proper explanation are as follows
Q: prepare the journal entries on Buffalo's books on December
A: 12% note is issued at par for $300,000. Since the Buffalo Limited is in financial trouble, the…
Explain the risk management and internal control of Fraud Scandal about Wiredcard AG
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- AC. 1. What kind of big data-based fraud prevention product can be used in fraud monitoring? 2. What kind of big data-based fraud prevention product can be used in fraud risk management? Please explain with examplesWhat is the audit committee’s potential role in overseeing cyber risk?Explain what is meant by the fraud triangle