Question 1 an important responsibility of many accounting, Ask an Expert

Accounting

Question: 1. An important responsibility of many accounting professionals is to design and implement internal control procedures for organizations. Explain the purpose of internal control procedures. Provide two examples of internal controls applied by companies.

2. Identify the following users as either external users (E) or internal users (I).

a. Lenders

b. Controllers

c. Shareholders

d. Sales staff

e. FBI and IRS

f. Consumer group

g. Brokers

h. Suppliers

i. Customers

j. Managers

k. Business press

l. District attorney

View complete question

Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M92336625

Have any Question?Write your Review or question?

Related Questions in Accounting Basics

Question you manage a plant that mass-produces engines by

Question: You manage a plant that mass-produces engines by teams of workers using assembly machines. The technology is summarized by the production function q = 5KL where q is the number of engines per week, K is the num ...

Question - lois braggs owns a small restaurant in boston ms

Question - Lois Braggs owns a small restaurant in Boston. Ms. Bragg provided her accountant with the following summary information regarding expectations for the month of June. The balance in the cash account as of May 3 ...

Question - lilly owns a hair dressing business she

Question - Lilly owns a hair dressing business. She purchases the following items for sole use in the hair dressing business: One special stand alone hairdryer on the 1st of July at a cost of $12,000. It has an estimated ...

Question - 1 on january 1 2017 germany ltd a canadian

Question - 1. On January 1, 2017, Germany Ltd. (a Canadian public company) issued a series of bonds in order to raise money for future projects. The bonds paid 5% interest per year, and mature on January 1, 2027. Germany ...

Question - on january 1 20x1 mighty entity pays the fair

Question - On January 1, 20X1, Mighty Entity pays the fair value of $50,000 for a new piece of machinery with an estimated useful life of 8 years. The machine has a drum that must be replaced every four years and costs $ ...

Question - on january 1 park corporation and strand

Question - On January 1, Park Corporation and Strand Corporation had condensed balance sheets as follows: Park Strand Current assets $ 115,000 $ 22,150 Noncurrent assets 93,000 44,100 Total assets $ 208,000 $ 66,250 Curr ...

Question -a jalisco inc net credit sales of 75000 and

Question - A) Jalisco Inc. net credit sales of $75,000 and estimates that bad debts are approximately 3% of net credit sales. The yearend balance in accounts receivable is $200,000 and $2,000 of accounts receivable were ...

Question - tony is in the 32 percent tax rate bracket and

Question - Tony is in the 32 percent tax rate bracket and has purchased the following shares of Microsoft common stock over the years: date purchased/shares/basis 07-10-2008/620/$32,240 04-20-2009/520/$30,056 01-29-2010/ ...

Question - pina corporation purchased a special tractor on

Question - Pina Corporation purchased a special tractor on December 31, 2017. The purchase agreement stipulated that Pina should pay $20,180 at the time of purchase and $5,020 at the end of each of the next 8 years. The ...

Question - in recent years a number of companies have gone

Question - In recent years a number of companies have gone into liquidation (been ‘wound up') because they have not been able to meet their liabilities when they fell due. In Australia, there are some well-publicised exa ...

4,153,160 Questions Asked
13,132 Experts
2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

Recent Questions

Ask Accounting Basics Expert