Help KGS Mining's equipment usage policy requires shift-based monitoring.Morning shift supervisor reports:1.Operational hours: 6.5II.Maintenance time: 1.2III.Breakdown time: 0.8Against 8-hour standard shift, management seeks to identify productivetime ratio.Questions Related to Accounting:What distinguishes integrated control frameworks from isolated checks?a) Systematic relationships create comprehensive oversightb) Individual controls work betterc) Integration adds complexityd) Separation improves controlUsha Company had the following accounts and balances at the end of the year.Cash$76,000Accounts Payable$21,000Common Stock$21,000Dividends$12,000Inventory$42,000Long-term Notes Payable $33,000RevenuesSalaries Payable$135,000$33,000What are total assets at the end of the year?A) $136,000B) $162,000C) $175,000D) $190,000

1. Integrated Control Frameworks vs. Isolated ChecksThe correct answer is:a) Systematic…

Answered: KGS Mining's equipment usage policy…

Auditing: A Risk Based-Approach to Conducting a Quality Audit

10th Edition

ISBN:9781305080577

Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Publisher:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Chapter1: Auditing: Integral To The Economy

Section: Chapter Questions

Problem 6TFQ

See similar textbooks

Similar questions

??
Which of the following items in not a management concept that was created to improve company perfomance? Multiple Cholce 00:56/88 GAAP constraints and guidelines. Continuous improvement. Customer orientation. Total quality management. Just-in-time manufacturing.
1
Help
Internal Control Cases UTICA LIGHTING COMPANY (CENTRALIZED SYSTEM WITH DISTRIBUTED TERMINALS) Utica Lighting Company (ULC) is a manufacturer of outdoor lighting systems for patios, walkways, and public areas. It markets its product to landscaping companies and local municipalities. ULC employs a centralized computer system with distributed terminals in the various departments. Recently the company has been having manufacturing delays and cost overruns. ULC has hired your auditing firm to assess its operations and internal control procedures. ULCs conversion cycle is triggered by a report from the finished goods warehouse. The warehouse clerk periodically reviews the inventory records in a search for low-stock items. When the quantity on hand of an inventory item in the finished goods warehouse falls below its pre-established minimum, the warehouse clerk sends a digital inventory status report from the warehouse terminal to production planning and control advising them to schedule a production batch run for the item in question. Upon receipt of the report the production planning and control department clerk accesses the digital bill of materials and the routing sheet files for the items to be produced and adds the production details to the digital production schedule. The system automatically adds a record to the open work order file and sends a digital work order to the work center supervisors terminal and to the cost accounting clerks terminal. The work center supervisor accesses the work order from his terminal and prints hard-copy move tickets and material requisitions for each stage in the production process. Production employees take the materials requisitions to the storekeeper and secure the components, subassemblies, and raw materials needed to perform their production tasks. If excess materials beyond the standard amount are needed, the supervisor prepares additional materials requisitions. The employees also complete job time tickets after each stage in the process to reflect the time spent on the job. When the employees complete their tasks, they send the move tickets and time tickets to the cost accounting department. The storekeeper receives the materials requisitions and releases the materials into production. He then updates the raw material inventory records and sends the requisition to cost accounting. When inventories of component parts and raw materials fall to their reorder points, the storekeeper prepares purchase orders and sends them to the respective vendors. Vendors deliver raw material inventories directly to the storeroom, at which time the storeroom clerk inspects them and updates the digital raw materials subsidiary ledger. Each day the storekeeper prepares a journal voucher and posts to the general ledger raw material control account. The cost accounting clerk receives the digital work order and initiates a new WEP account for the batch. During the production process, the clerk receives hard-copy move tickets, materials requisitions, and job tickets from the work centers, which the clerk uses to update WIP account. When production is complete, the clerk closes the WIP account for the batch and transfers it to the finished good inventory subsidiary ledger. At the days end, the cost accounting clerk prepares a digital journal voucher reflecting the WIP status and any transfers from WIP to finished goods inventory. The clerk then posts the journal voucher to the WEP and FG general ledger control accounts. Required a. Prepare a data flow diagram of the current system. b. Prepare a system flowchart of the existing system. c. Describe the internal control weaknesses.
The following strategic objectives have been derived from a strategy that seeks to improve asset utilization by more careful development and use of its human assets and internal processes: a. Increase revenue from new products. b. Increase implementation of employee suggestions. c. Decrease operating expenses. d. Decrease cycle time for the development of new products. e. Decrease rework. f. Increase employee morale. g. Increase customer satisfaction. h. Increase access of key employees to customer and product information. i. Increase customer acquisition. j. Increase return on investment (ROI). k. Increase employee productivity. l. Decrease the collection period for accounts receivable. m. Increase employee skills. The heart of the strategy is developing the companys human resources. Management is convinced that empowering employees will lead to an increase in economic returns. Studies have shown that there is a positive relationship between employee morale and customer satisfaction. Furthermore, the more satisfied customers pay their bills more quickly. It was hypothesized that as employees became more involved and more productive, their morale would improve. Thus, the strategy incorporated key objectives that would lead to an increase in productivity and involvement. Required: 1. Classify the objectives by perspective, and suggest a measure for each objective. 2. Prepare a strategy map that illustrates the likely causal relationships among the strategic objectives.
Question 1 (1 point) Saved For performance reports to achieve their control objectives, they must: Question 1 options: a. Include relevant information so that necessary action may be taken to accomplish organizational goals b. Be timely so that minimal time elapses between an activity's occurrence and the feedback reflecting the activity's efficient or inefficient performance c. Provide subsystem managers with suggestions as to how they can operate their subsystems more efficiently d. all of the above e. a and b only Question 2 (1 point) Saved Which of the following includes a thorough study of an existing system, including its strengths and weaknesses? Question 2 options: Detailed system design System analysis Functional analysis report Feasibility…
19. Which of the following is the best way to compensate for inadequate segregation of duties? a. Direct involvement of owners in key functions. b. Maintaining sound recruiting schemes. c. Giving chronological numbers for all source documents. d. Preparing budgets and performance reports. 20. The view that refers to the location where data are physically stored is: a. The logical view of data. b. The physical view of data. c. Conceptual view of data. d. Internal view of data.
Which of the following is a functionality difference in the International-Standard workflow? When understanding a process control activity the authority and competence of the control operator are documented in the same text box. Increased use of drop-downs and checkboxes. Cards and fly-ins instead of tables, which enables key information to be displayed more efficiently. All activities relating to an accounting process are combined into one activity screen.
The costs referred to as “controllable costs” are a. Costs which management decides to incur in the current period to enable the company to achieve objectives other than the filling of orders placed by customers. b. Costs which are likely to respond to the amount of attention devoted to them by a specified manager. c. Costs which are governed mainly by past decisions that established the present levels of operating and organizational capacity and which only change slowly in response to small changes in capacity. d. Costs which fluctuate in total in response to small changes in the rate of utilization of capacity.
In an effort to optimize decentralization, work towards accomplishing its mission, and achieve goal-congruence, an organization will strive to utilize a lot of planning in the design and implementation of their management system. Which of the following represents one of the four pillars of management control systems? O Performance measurement Production O Unit pricing O Irresponsibility centers
d) Slack time for each of the activities is:

SEE MORE QUESTIONS

Recommended textbooks for you

Auditing: A Risk Based-Approach to Conducting a Q…

Accounting

ISBN:

9781305080577

Author:

Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Publisher:

South-Western College Pub

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

Cornerstones of Cost Management (Cornerstones Ser…

Accounting

ISBN:

9781305970663

Author:

Don R. Hansen, Maryanne M. Mowen

Publisher:

Cengage Learning

Auditing: A Risk Based-Approach to Conducting a Q…

Accounting

ISBN:

9781305080577

Author:

Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Publisher:

South-Western College Pub

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

Cornerstones of Cost Management (Cornerstones Ser…

Accounting

ISBN:

9781305970663

Author:

Don R. Hansen, Maryanne M. Mowen

Publisher:

Cengage Learning

Survey of Accounting (Accounting I)

Accounting

ISBN:

9781305961883

Author:

Carl Warren

Publisher:

Cengage Learning

Pkg Acc Infor Systems MS VISIO CD

Finance

ISBN:

9781133935940

Author:

Ulric J. Gelinas

Publisher:

CENGAGE L

Principles of Accounting Volume 2

Accounting

ISBN:

9781947172609

Author:

OpenStax

Publisher:

OpenStax College

SEE MORE TEXTBOOKS