Corporate Financial Accounting
Corporate Financial Accounting
15th Edition
ISBN: 9781337398169
Author: Carl Warren, Jeff Jones
Publisher: Cengage Learning
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Chapter 7, Problem 7.1BPR
To determine

Internal control: Internal control is a process which ensures continuous reliability of accomplishment of a company’s objectives, related to operations, financial reporting, and in conformity with laws and regulations.

The following are the internal control principles:

  • Authorizing the responsibility
  • Segregation of duties
  • Documenting and recording transactions
  • Physical controls
  • Periodic independent verification
  • Human resource controls

To indicate:

  1. (1) Whether procedures of internal control over cash represents strength.
  2. (2) Whether procedures of internal control over cash represents weakness.

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Hayden Manufacturing computes its predetermined overhead rate annually on the basis of direct labor hours. At the beginning of the year, it was estimated that 40,000 direct labor hours would be required for the period's estimated level of production. The company also estimated $520,000 of fixed manufacturing overhead expenses for the coming period and variable manufacturing overhead of $4 per direct labor hour. Hayden's actual manufacturing overhead for the year was $684,000, and its actual total direct labor was 41,200 hours. Required: Compute the company's predetermined overhead rate for the year.
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Chapter 7 Solutions

Corporate Financial Accounting

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