Answered: managed to steal the money and describe…

Business

Accounting

managed to steal the money and describe two control techniques to prevent or detect this payroll fraud scheme.

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter12: Balanced Scorecard And Other Performance Measures

Section: Chapter Questions

Problem 4EA: Sara has just taken a job as the middle school assistant principal for an area school district....

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Suppose you are a part of a group of students from a prominent university and were sent out as a team to work with a leading merchandizing company as a part of a work experience program. The team having been introduced to the general manger was told that the Accountant who normally prepares the financial statements has suddenly resigned and there is no one available to prepare the company’s financial statements which are now due. As aspiring university students, you have expressed an interest in taking on the task. You are required to analyse the problem at hand then apply the accrual basis of accounting in the preparation of the company’s financial statements.
Suppose you are a part of a group of students from a prominent university and were sent out as a team to work with a leading merchandizing company as a part of a work experience program. The team having been introduced to the general manger was told that the Accountant who normally prepares the financial statements has suddenly resigned and there is no one available to prepare the company’s financial statements which are now due. As aspiring university students, you and your group members have expressed an interest in taking on the task. As a group, you are required to collaborate and analyse the problem at hand then apply the accrual basis of accounting in the preparation of the company’s financial statements. The following additional information is available at December 31, 2018: Insurance of $450,000 was paid on May 1, 2018 for the 10-months to February 2019. The furniture and fixtures have an estimated useful life of 10 years…
Suppose you are a part of a group of students from a prominent university and were sent out as a team to work with a leading merchandizing company as a part of a work experience program. The team having been introduced to the general manger was told that the Accountant who normally prepares the financial statements has suddenly resigned and there is no one available to prepare the company’s financial statements which are now due. As aspiring university students, you and your group members have expressed an interest in taking on the task. As a group, you are required to collaborate and analyse the problem at hand then apply the accrual basis of accounting in the preparation of the company’s financial statements. The following additional information is available at December 31, 2018: Insurance of $450,000 was paid on May 1, 2018 for the 10-months to February 2019. The furniture and fixtures have an estimated useful life of 10 years…
Suppose you are a part of a group of students from a prominent university and were sent out as a team to work with a leading merchandizing company as a part of a work experience program. The team having been introduced to the general manger was told that the Accountant who normally prepares the financial statements has suddenly resigned and there is no one available to prepare the company’s financial statements which are now due. As aspiring university students, you and your group members have expressed an interest in taking on the task. As a group, you are required to collaborate and analyse the problem at hand then apply the accrual basis of accounting in the preparation of the company’s financial statements. See attached Unadjusted Trial Balance and instructions to complete question.
Adrianna has been hired as an accounting coordinator at a new dermatology office. During a meeting with all staff, she learned that the office had a potential investor that was interested in helping to expand the practice. Adrianna knows that all public corporations are required to issue annual reports. She recalls that these reports can be used by the public to learn about the company’s financial well-being and their internal control procedures. Why is it important for this potential investor to review the practice’s internal control procedures prior to investing in the practice? Write a response of at least 250 words
Sue is a customer account representative for ABC Company. She recently acquired several new accounts when a previous representative, Dan, took an early retirement. Sue reviewed each of Dan’s accounts to help familiarize herself with his clients and understand how she can better serve each one’s individual needs. As she was reviewing the client list, she found a major customer she had never heard of before. Surprised that she had not yet done business with the company, she called it to introduce herself as the new representative. When Sue placed the call, she found that the reported number had been disconnected. Thinking that the customer may have done business with ABC in the past and have moved on, she reviewed the account transactions and found that the most recent transaction had taken place the week prior. During her review, she also noticed the latest transaction was for an unusually large amount for ABC. As Sue pursued her curiosity, she went to other employees to find out more…
Sue is a customer account representative for ABC Company. She recently acquired several new accounts when a previous representative, Dan, took an early retirement. Sue reviewed each of Dan’s accounts to help familiarize herself with his clients and understand how she can better serve each one’s individual needs. As she was reviewing the client list, she found a major customer she had never heard of before. Surprised that she had not yet done business with the company, she called it to introduce herself as the new representative. When Sue placed the call, she found that the reported number had been disconnected. Thinking that the customer may have done business with ABC in the past and have moved on, she reviewed the account transactions and found that the most recent transaction had taken place the week prior. During her review, she also noticed the latest transaction was for an unusually large amount for ABC. As Sue pursued her curiosity, she went to other employees to find out more…
Sue is a customer account representative for ABC Company. She recently acquired several new accounts when a previous representative, Dan, took an early retirement. Sue reviewed each of Dan’s accounts to help familiarize herself with his clients and understand how she can better serve each one’s individual needs. As she was reviewing the client list, she found a major customer she had never heard of before. Surprised that she had not yet done business with the company, she called it to introduce herself as the new representative. When Sue placed the call, she found that the reported number had been disconnected. Thinking that the customer may have done business with ABC in the past and have moved on, she reviewed the account transactions and found that the most recent transaction had taken place the week prior. During her review, she also noticed the latest transaction was for an unusually large amount for ABC. As Sue pursued her curiosity, she went to other employees to find out more…
James, your big brother just graduated with a second class degree in software engineering. He has been employed by Total Ghana. On the first day of work, as part of his orientation, he was introduced as the new manager in charge of the fleet management software department. During lunch time he had a call from your mum about his new job. James told mum he is the manager of fleet management software department. Your mum called you on phone and asked you to explain the following: (i) who is a manager? (ii). what are his functions? (iii) are the any levels?
Five years ago when Bobby Bret joined Crystal Productions as a junior accountant, he felt that he was on his way up. He had just graduated with a B+ average from college, where he was well liked by his peers and by the faculty and had been an officer in several student organizations. Bobby had shown a natural ability to get along with people as well as to get things done. He remembered what Roger Friedman, the controller at Crystal, had told him when he was hired: “I think you will do well here, Bobby. You’ve come highly recommended. You are the kind of guy that can expect to move right on up the ladder.” Bobby felt that he had done a good job at Crystal, and everybody seemed to like him. In addition, his performance appraisals had been excellent. However, after five years he was still a junior accountant. Hehad applied for two senior accountant positions that had opened, but they were both filled by people hired from outside the firm. When the accounting supervisor’s job came open…
b). James, your big brother just graduated with a second class degree in software engineering.He has been employed by Total Ghana. On the first day of work, as part of his orientation, he wasintroduced as the new manager in charge of the fleet management software department. During lunch time he had a call from your mum about his new job. James told mum he is the manager offleet management software department. Your mum called you on phone and asked you to explainthe following: (i) who is a manager? (ii) what are his functions? (iii) are the any levels?
You are a CPA and a client has come to you for advice. Mount Rock University has a School of Business. They offer a business degree and have hired full time professors to teach there. The university is seeking to take classes online as a way to expand their brand. Right now all of the online professors will be adjunct professors. Your client is a supervisor at a university that hires professors to teach part-time as adjuncts. Most of the adjuncts will teach between 5-10 classes online each year with each class lasting 8 weeks. The adjuncts will receive a separate contract for each class and get paid $5,000 for each class. The university will enter into an agreement with various professors that teach in their school of business. Here is what the university will offer and here is what the professor is responsible for in the agreement. The university will provide outline of course material to be covered, set up certain timing requirements so that students can view the classes by set days…