Homework Help is Here – Start Your Trial Now!
Business
Accounting
You are a new hire in the Accounting department of Gellin's Gelatins, a global manufacturer of snack foods. For your first assignment, you must review the risk and controls for fixed asset acquisitions to ensure that the correct alignment of risk and controls exists, and if it doesn't, you need to create an updated version of the alignment and submit it for approval. Match each control with the risk it is intended to mitigate.

You are a new hire in the Accounting department of Gellin's Gelatins, a global manufacturer of snack foods. For your first assignment, you must review the risk and controls for fixed asset acquisitions to ensure that the correct alignment of risk and controls exists, and if it doesn't, you need to create an updated version of the alignment and submit it for approval. Match each control with the risk it is intended to mitigate.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question
Do not give image format
You are a new hire in the Accounting department of Gellin's Gelatins, a global manufacturer of snack foods. For your first assignment, you must review the risk and controls for fixed asset acquisitions to ensure that the correct alignment of risk and controls exists, and if it doesn't, you need to create an updated version of the alignment and submit it for approval. Match each control with the risk it is intended to mitigate. Control Non-collusion affidavits Periodically review physical assets Have management review accounting transactions Perform fixed asset reconciliations Initially approve fixed asset purchase Enter assets into the main fixed asset table Tag fixed assets Have employee review and sign a code of conduct Have management review acquisition agreements Ensure policies limiting fixed assets expenditures Are clearly documented and authorized Risk Acquisitions not being conducted in adherence with policy Fixed asset being expensed instead of being capitalized Fraudulent bidding Fraudulent bidding or approval of non-budgeted items Improper use of the asset Inability to properly track the asset
Transcribed Image Text:You are a new hire in the Accounting department of Gellin's Gelatins, a global manufacturer of snack foods. For your first assignment, you must review the risk and controls for fixed asset acquisitions to ensure that the correct alignment of risk and controls exists, and if it doesn't, you need to create an updated version of the alignment and submit it for approval. Match each control with the risk it is intended to mitigate. Control Non-collusion affidavits Periodically review physical assets Have management review accounting transactions Perform fixed asset reconciliations Initially approve fixed asset purchase Enter assets into the main fixed asset table Tag fixed assets Have employee review and sign a code of conduct Have management review acquisition agreements Ensure policies limiting fixed assets expenditures Are clearly documented and authorized Risk Acquisitions not being conducted in adherence with policy Fixed asset being expensed instead of being capitalized Fraudulent bidding Fraudulent bidding or approval of non-budgeted items Improper use of the asset Inability to properly track the asset
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 3 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Accounting for Intangible assets
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS