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A.
Internal Control: Internal control refers to the policies, and plans of the business organization along with other measures with a view to safeguard its assets, encourage the employees to adhere to the plans, to improve on the operational efficiency, and to ensure correct and reliable accounting information. Internal control is a process which ensures continuous reliability of accomplishment of a company’s objectives, related to operations, financial reporting, and in conformity with laws and regulations.
The following are the some of the internal control procedures:
- Competent personnel, rotating duties, and mandatory vacations
- Separating responsibilities for related operations
- Separating operations, custody of assets, and accounting
- Proofs and security measures
To state: The weak link in the internal control.
B.
Ways to correct the weakness.
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Chapter 7 Solutions
Bundle: Financial & Managerial Accounting, 13th + Working Papers, Volume 1, Chapters 1-15 For Warren/reeve/duchac’s Corporate Financial Accounting, ... 13th + Cengagenow™v2, 2 Terms Access Code
- Walker Manufacturing uses a predetermined overhead rate based on direct labor cost to apply manufacturing overhead to jobs. Last year, the company's estimated manufacturing overhead was $1,800,000, and its estimated level of activity was 60,000 direct labor-hours. The company's direct labor wage rate is $15 per hour. Actual manufacturing overhead amounted to $1,720,000, with actual direct labor cost of $930,000. For the year, manufacturing overhead was_.arrow_forwardNeed answerarrow_forwardNonearrow_forward
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