Business, 27.03.2020 22:50 monica1217
Island Trading Co., a client of your CPA firm, has requested your advice on the following problem. It has three clerical employees who must perform the following functions:
1. Maintain general ledger.
2. Maintain accounts payable ledger.
3. Maintain accounts receivable ledger.
4. Maintain cash disbursements journal and prepare checks for signature.
5. Issue credit memos on sales returns and allowances.
6. Reconcile the bank account.
7. Handle and deposit cash receipts.
Assuming that there is no problem as to the ability of any of the employees, the company requests your advice on assigning the above functions to the three employees in such a manner as to achieve the highest degree of internal control. It may be assumed that these employees will perform no other accounting functions than the ones listed and that any accounting functions not listed will be performed by persons other than these three employees.
a. List four possible unsatisfactory combinations of the above-listed functions.
b. State how you would recommend distributing the above functions among the three employees. Assume that, with the exception of the nominal jobs of the bank reconciliation and the issuance of credits on returns and allowances, all functions require an equal amount of time.
Answers: 2
Business, 22.06.2019 20:20, wavymoney77yt
Direct materials (4.2 x $15) $ 63direct labor ($12 x 17.5) $210manufacturing overhead ($2.40 x 17.5) $42total job cost $ 315dougan, inc. allocates overhead based on a predetermined overhead rate of $2.40 per direct labor hour. employees are paid $12.00 per hour. job 24 requires 4.2 pounds of direct materials at a cost of $15.00 per pound. employees worked a total of 17.5 hours to complete the job. actual manufacturing overhead costs totaled $80,000 for the year for the company. how much is the cost of job 24?
Answers: 1
Business, 23.06.2019 22:00, ecolifesfsu4949
New process is run on consecutive mornings for five days and the yields and other performance data are recorded. when the process goes into full-scale operation, it will be run continuously 24 hours a day. is it reasonable to consider the yield and performance data from the five morning runs a simple random sample
Answers: 1
Island Trading Co., a client of your CPA firm, has requested your advice on the following problem. I...
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