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 principles of internal control: Authorizing the responsibility Segregation of duties Documenting and recording transactions Physical controls Periodic independent verification Human resource controls To identify : The missing internal control procedure in each situation.

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Answer 1

Question

Chapter 7, Problem 7.22AP

Requirement 1:

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 principles of internal control:

Authorizing the responsibility

Segregation of duties

Documenting and recording transactions

Physical controls

Periodic independent verification

Human resource controls

To identify: The missing internal control procedure in each situation.

Requirement 2:

To determine

To Identify: The problems caused due to control weakness in each situation.

Requirement 3:

To determine

To propose: A solution to internal control problem for each situation.

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I am trying to find the accurate solution to this general accounting problem with the correct explanation.

Union Audio Systems produces car sound systems. Estimated sales (in units) are 52,000 in July, 47,000 in August, and 43,500 in September. Each unit is priced at $85. Union wants to have 35% of the following month's sales in ending inventory. That requirement was met on July 1. Each sound system requires 5 speakers and 12 feet of wiring. Speakers cost $7 each, and wiring is $0.60 per foot. Union wants to have 30% of the following month's production needs in ending raw materials inventory. On July 1, Union had 35,000 speakers and 110,000 feet of wire in inventory. What is Union's expected sales revenue for August?

Not use ai solution please and accounting question

Answer 2

Question

Chapter 7, Problem 7.22AP

Requirement 1:

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 principles of internal control:

Authorizing the responsibility

Segregation of duties

Documenting and recording transactions

Physical controls

Periodic independent verification

Human resource controls

To identify: The missing internal control procedure in each situation.

Requirement 2:

To determine

To Identify: The problems caused due to control weakness in each situation.

Requirement 3:

To determine

To propose: A solution to internal control problem for each situation.

Expert Solution & Answer

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Answer 3

Question

Chapter 7, Problem 7.22AP

Requirement 1:

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 principles of internal control:

Authorizing the responsibility

Segregation of duties

Documenting and recording transactions

Physical controls

Periodic independent verification

Human resource controls

To identify: The missing internal control procedure in each situation.

Requirement 2:

To determine

To Identify: The problems caused due to control weakness in each situation.

Requirement 3:

To determine

To propose: A solution to internal control problem for each situation.

Expert Solution & Answer

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Answer 4

Question

Chapter 7, Problem 7.22AP

Requirement 1:

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 principles of internal control:

Authorizing the responsibility

Segregation of duties

Documenting and recording transactions

Physical controls

Periodic independent verification

Human resource controls

To identify: The missing internal control procedure in each situation.

Requirement 2:

To determine

To Identify: The problems caused due to control weakness in each situation.

Requirement 3:

To determine

To propose: A solution to internal control problem for each situation.

Expert Solution & Answer

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Answer 5

Chapter 7, Problem 7.22AP

Requirement 1:

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 principles of internal control:

Authorizing the responsibility

Segregation of duties

Documenting and recording transactions

Physical controls

Periodic independent verification

Human resource controls

To identify: The missing internal control procedure in each situation.

Requirement 2:

To determine

To Identify: The problems caused due to control weakness in each situation.

Requirement 3:

To determine

To propose: A solution to internal control problem for each situation.

Answer 6

Chapter 7, Problem 7.22AP

Requirement 1:

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 principles of internal control:

Authorizing the responsibility

Segregation of duties

Documenting and recording transactions

Physical controls

Periodic independent verification

Human resource controls

To identify: The missing internal control procedure in each situation.

Answer 7

Chapter 7, Problem 7.22AP

Requirement 1:

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 principles of internal control:

Authorizing the responsibility

Segregation of duties

Documenting and recording transactions

Physical controls

Periodic independent verification

Human resource controls

To identify: The missing internal control procedure in each situation.

Answer 8

Requirement 2:

To determine

To Identify: The problems caused due to control weakness in each situation.

Answer 9

Requirement 2:

To determine

To Identify: The problems caused due to control weakness in each situation.

Answer 10

Requirement 3:

To determine

To propose: A solution to internal control problem for each situation.

Answer 11

Requirement 3:

To determine

To propose: A solution to internal control problem for each situation.

Answer 12

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Answer 13

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Answer 14

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Answer 15

Ch. 7 - Prob. 1QC Ch. 7 - Prob. 2QC Ch. 7 - Prob. 3QC Ch. 7 - Prob. 4QC Ch. 7 - Prob. 5QC Ch. 7 - Prob. 6QC Ch. 7 - Prob. 7QC Ch. 7 - Prob. 8QC Ch. 7 - Prob. 9QC Ch. 7 - Prob. 10QC

Solution Summary: The author explains how internal control ensures continuous reliability of accomplishment of a company's objectives, related to operations, financial reporting, and in conformity with laws.

To Identify: The problems caused due to control weakness in each situation.

To propose: A solution to internal control problem for each situation.

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Chapter 7 Solutions