NSU COMBO F/INTERM.ACCTG-CONNECT ACCESS
10th Edition
ISBN: 9781266020193
Author: SPICELAND
Publisher: MCG
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Internal control refers to the processes and procedures implemented by an organization to ensure the integrity of financial and accounting information, promote accountability, and prevent fraud. These controls are designed to provide reasonable assurance that the organization achieves its objectives in operational efficiency, financial reporting reliability, and compliance with laws and regulations. Internal control is a comprehensive system that includes a variety of checks and balances, such as segregation of duties, authorization and approval processes, reconciliations, and physical security measures. It is an integral part of an organization's governance framework, helping to safeguard assets, improve operational efficiency, and ensure accurate and timely financial reporting.
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I need the correct answer to this general accounting problem using the standard accounting approach.
You are a team of accounting consultants hired by the company VinGrenDom Ltd., a
regional utility and manufacturing firm expanding into the Eastern Caribbean. The Board
of Directors is requesting an accounting report that addresses three critical areas in
their financial statements.
Part A: Working Capital
1. Define working capital and explain its importance in financial health and liquidity
management.
2. Assess how the matching concept and accrual basis affect the reporting of
current assets and liabilities.
3. Using a hypothetical balance sheet (you may create one), identify at least 5
current assets and 5 current liabilities and analyze how changes in these
elements affect liquidity ratios.
4. Recommend at least two strategies VinGrenDom Ltd. can implement to optimize
working capital.
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- General Accounting Questionarrow_forwardSea Harbor, Inc. has a marginal tax rate of 35 percent and an average tax rate of 22 percent. If the firm earns $79,500 in taxable income, how much will it owe in taxes? a. $10,335. b. $16,695. c. $17,490. d. $27,030. e. $27,825.arrow_forwardPlease give me true answer this financial accounting questionarrow_forward
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