EBK AUDITING & ASSURANCE SERVICES: A SY
EBK AUDITING & ASSURANCE SERVICES: A SY
10th Edition
ISBN: 9781259293245
Author: Jr
Publisher: MCGRAW HILL BOOK COMPANY
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Chapter 11, Problem 11.26P

a

To determine

Introduction:Segregation of dutiesis one of the significant control activities in any accounting system. It deals with the assignment of duties to individuals in a way that each control only one controlled activity in all the phases of processing a transaction, thus helping to detect misstatements.

A flowchart of K Company’s purchasing and cash disbursements system.

b

To determine

Introduction:Segregation of dutiesis one of the significant control activities in any accounting system. It deals with the assignment of duties to individuals in a way that each control only one controlled activity in all the phases of processing a transaction, thus helping to detect misstatements.

The internal control weaknesses concerning purchases and payments of special orders.

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It is now January 1. You plan to make a total of 5 deposits of $500 each, one every 6 months, with the first payment being made today. The bank pays a nominal interest rate of 14% but uses semiannual compounding. You plan to leave the money in the bank for 10 years. Round your answers to the nearest cent. 1. How much will be in your account after 10 years? 2. You must make a payment of $1,280.02 in 10 years. To get the money for this payment, you will make five equal deposits, beginning today and for the following 4 quarters, in a bank that pays a nominal interest rate of 14% with quarterly compounding. How large must each of the five payments be?
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