Internal control refer to the rules and procedures made by the company to control the internal activities of the company. The internal control ensures that the financial statements are free from misstatements. To identify: The control procedure adopted for orders coming over the internet or through calls.

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Answer 1

Question

Chapter 3, Problem 21RQSC

a.

To determine

Introduction: Internal control refer to the rules and procedures made by the company to control the internal activities of the company. The internal control ensures that the financial statements are free from misstatements.

To identify:The control procedure adopted for orders coming over the internet or through calls.

b.

To determine

Introduction: Internal control refer to the rules and procedures made by the company to control the internal activities of the company. The internal control ensures that the financial statements are free from misstatements.

To indicate: The control procedure adopted for the orders made through company’s website.

c.

To determine

Introduction: Internal control refer to the rules and procedures made by the company to control the internal activities of the company. The internal control ensures that the financial statements are free from misstatements.

To indicate: The potential type of misstatement that could occur because of non-presence or less effectiveness of control procedures.

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Phil Corp. had the following transactions during 2019: -Sales of $8820 on account. -Collected $3920 for services to be performed in 2020. -Paid $3680 cash in salaries for 2019. -Purchased airline tickets for $490 in December for a trip to take place in 2020. What is Phil's 2019 net income using accrual accounting?

Answer 2

Question

Chapter 3, Problem 21RQSC

a.

To determine

Introduction: Internal control refer to the rules and procedures made by the company to control the internal activities of the company. The internal control ensures that the financial statements are free from misstatements.

To identify:The control procedure adopted for orders coming over the internet or through calls.

b.

To determine

Introduction: Internal control refer to the rules and procedures made by the company to control the internal activities of the company. The internal control ensures that the financial statements are free from misstatements.

To indicate: The control procedure adopted for the orders made through company’s website.

c.

To determine

Introduction: Internal control refer to the rules and procedures made by the company to control the internal activities of the company. The internal control ensures that the financial statements are free from misstatements.

To indicate: The potential type of misstatement that could occur because of non-presence or less effectiveness of control procedures.

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Answer 3

Question

Chapter 3, Problem 21RQSC

a.

To determine

Introduction: Internal control refer to the rules and procedures made by the company to control the internal activities of the company. The internal control ensures that the financial statements are free from misstatements.

To identify:The control procedure adopted for orders coming over the internet or through calls.

b.

To determine

Introduction: Internal control refer to the rules and procedures made by the company to control the internal activities of the company. The internal control ensures that the financial statements are free from misstatements.

To indicate: The control procedure adopted for the orders made through company’s website.

c.

To determine

Introduction: Internal control refer to the rules and procedures made by the company to control the internal activities of the company. The internal control ensures that the financial statements are free from misstatements.

To indicate: The potential type of misstatement that could occur because of non-presence or less effectiveness of control procedures.

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Answer 4

Question

Chapter 3, Problem 21RQSC

a.

To determine

Introduction: Internal control refer to the rules and procedures made by the company to control the internal activities of the company. The internal control ensures that the financial statements are free from misstatements.

To identify:The control procedure adopted for orders coming over the internet or through calls.

b.

To determine

Introduction: Internal control refer to the rules and procedures made by the company to control the internal activities of the company. The internal control ensures that the financial statements are free from misstatements.

To indicate: The control procedure adopted for the orders made through company’s website.

c.

To determine

Introduction: Internal control refer to the rules and procedures made by the company to control the internal activities of the company. The internal control ensures that the financial statements are free from misstatements.

To indicate: The potential type of misstatement that could occur because of non-presence or less effectiveness of control procedures.

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Answer 5

Chapter 3, Problem 21RQSC

a.

To determine

Introduction: Internal control refer to the rules and procedures made by the company to control the internal activities of the company. The internal control ensures that the financial statements are free from misstatements.

To identify:The control procedure adopted for orders coming over the internet or through calls.

b.

To determine

Introduction: Internal control refer to the rules and procedures made by the company to control the internal activities of the company. The internal control ensures that the financial statements are free from misstatements.

To indicate: The control procedure adopted for the orders made through company’s website.

c.

To determine

Introduction: Internal control refer to the rules and procedures made by the company to control the internal activities of the company. The internal control ensures that the financial statements are free from misstatements.

To indicate: The potential type of misstatement that could occur because of non-presence or less effectiveness of control procedures.

Answer 6

Chapter 3, Problem 21RQSC

a.

To determine

Introduction: Internal control refer to the rules and procedures made by the company to control the internal activities of the company. The internal control ensures that the financial statements are free from misstatements.

To identify:The control procedure adopted for orders coming over the internet or through calls.

Answer 7

Chapter 3, Problem 21RQSC

a.

To determine

Introduction: Internal control refer to the rules and procedures made by the company to control the internal activities of the company. The internal control ensures that the financial statements are free from misstatements.

To identify:The control procedure adopted for orders coming over the internet or through calls.

Answer 8

b.

To determine

Introduction: Internal control refer to the rules and procedures made by the company to control the internal activities of the company. The internal control ensures that the financial statements are free from misstatements.

To indicate: The control procedure adopted for the orders made through company’s website.

Answer 9

b.

To determine

Introduction: Internal control refer to the rules and procedures made by the company to control the internal activities of the company. The internal control ensures that the financial statements are free from misstatements.

To indicate: The control procedure adopted for the orders made through company’s website.

Answer 10

c.

To determine

Introduction: Internal control refer to the rules and procedures made by the company to control the internal activities of the company. The internal control ensures that the financial statements are free from misstatements.

To indicate: The potential type of misstatement that could occur because of non-presence or less effectiveness of control procedures.

Answer 11

c.

To determine

Introduction: Internal control refer to the rules and procedures made by the company to control the internal activities of the company. The internal control ensures that the financial statements are free from misstatements.

To indicate: The potential type of misstatement that could occur because of non-presence or less effectiveness of control procedures.

Answer 12

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Answer 13

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Answer 14

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Answer 15

Ch. 3 - Prob. 1CYBK Ch. 3 - Prob. 2CYBK Ch. 3 - Which of the following are affected by the quality...Ch. 3 - Prob. 4CYBK Ch. 3 - Prob. 5CYBK Ch. 3 - Prob. 6CYBK Ch. 3 - What are the components of internal control per...Ch. 3 - Prob. 8CYBK Ch. 3 - Prob. 9CYBK Ch. 3 - The control environment is seen as the foundation...

Solution Summary: The author explains how internal control ensures that the financial statements are free from misstatements.

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