Bank reconciliation : Bank statement is prepared by bank. The company maintains its own records from its perspective. This is why the cash balance per bank and cash balance per books seldom agree. Bank reconciliation is the statement prepared by company to remove the differences and disagreement between cash balance per bank and cash balance per books. 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. Internal control principles: Authorizing the responsibility Segregation of duties Documenting and recording transactions Physical controls Periodic independent verification Human resource controls To prepare : Bank reconciliation of Company G as at October 31, 2015

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Answer 1

Question

Chapter 7, Problem 7.6BP

(a)

To determine

Bank reconciliation: Bank statement is prepared by bank. The company maintains its own records from its perspective. This is why the cash balance per bank and cash balance per books seldom agree. Bank reconciliation is the statement prepared by company to remove the differences and disagreement between cash balance per bank and cash balance per books.

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.

Internal control principles:

Authorizing the responsibility

Segregation of duties

Documenting and recording transactions

Physical controls

Periodic independent verification

Human resource controls

To prepare: Bank reconciliation of Company G as at October 31, 2015

(b)

To determine

To state: Any three ways by which J would have tried to conceal the theft, along with the dollar amount.

(c)

To determine

To indicate: The internal control principles violated in the given case.

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A company sells a product for $25 per unit. The variable cost per unit is $15, and the total fixed costs are $50,000. a) How many units must the company sell to break even? b) If the company wants a profit of $10,000, how many units must it sell?

Answer 2

Question

Chapter 7, Problem 7.6BP

(a)

To determine

Bank reconciliation: Bank statement is prepared by bank. The company maintains its own records from its perspective. This is why the cash balance per bank and cash balance per books seldom agree. Bank reconciliation is the statement prepared by company to remove the differences and disagreement between cash balance per bank and cash balance per books.

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.

Internal control principles:

Authorizing the responsibility

Segregation of duties

Documenting and recording transactions

Physical controls

Periodic independent verification

Human resource controls

To prepare: Bank reconciliation of Company G as at October 31, 2015

(b)

To determine

To state: Any three ways by which J would have tried to conceal the theft, along with the dollar amount.

(c)

To determine

To indicate: The internal control principles violated in the given case.

Expert Solution & Answer

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Answer 3

Question

Chapter 7, Problem 7.6BP

(a)

To determine

Bank reconciliation: Bank statement is prepared by bank. The company maintains its own records from its perspective. This is why the cash balance per bank and cash balance per books seldom agree. Bank reconciliation is the statement prepared by company to remove the differences and disagreement between cash balance per bank and cash balance per books.

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.

Internal control principles:

Authorizing the responsibility

Segregation of duties

Documenting and recording transactions

Physical controls

Periodic independent verification

Human resource controls

To prepare: Bank reconciliation of Company G as at October 31, 2015

(b)

To determine

To state: Any three ways by which J would have tried to conceal the theft, along with the dollar amount.

(c)

To determine

To indicate: The internal control principles violated in the given case.

Expert Solution & Answer

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Answer 4

Question

Chapter 7, Problem 7.6BP

(a)

To determine

Bank reconciliation: Bank statement is prepared by bank. The company maintains its own records from its perspective. This is why the cash balance per bank and cash balance per books seldom agree. Bank reconciliation is the statement prepared by company to remove the differences and disagreement between cash balance per bank and cash balance per books.

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.

Internal control principles:

Authorizing the responsibility

Segregation of duties

Documenting and recording transactions

Physical controls

Periodic independent verification

Human resource controls

To prepare: Bank reconciliation of Company G as at October 31, 2015

(b)

To determine

To state: Any three ways by which J would have tried to conceal the theft, along with the dollar amount.

(c)

To determine

To indicate: The internal control principles violated in the given case.

Expert Solution & Answer

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Answer 5

Chapter 7, Problem 7.6BP

(a)

To determine

Bank reconciliation: Bank statement is prepared by bank. The company maintains its own records from its perspective. This is why the cash balance per bank and cash balance per books seldom agree. Bank reconciliation is the statement prepared by company to remove the differences and disagreement between cash balance per bank and cash balance per books.

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.

Internal control principles:

Authorizing the responsibility

Segregation of duties

Documenting and recording transactions

Physical controls

Periodic independent verification

Human resource controls

To prepare: Bank reconciliation of Company G as at October 31, 2015

(b)

To determine

To state: Any three ways by which J would have tried to conceal the theft, along with the dollar amount.

(c)

To determine

To indicate: The internal control principles violated in the given case.

Answer 6

Chapter 7, Problem 7.6BP

(a)

To determine

Bank reconciliation: Bank statement is prepared by bank. The company maintains its own records from its perspective. This is why the cash balance per bank and cash balance per books seldom agree. Bank reconciliation is the statement prepared by company to remove the differences and disagreement between cash balance per bank and cash balance per books.

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.

Internal control principles:

Authorizing the responsibility

Segregation of duties

Documenting and recording transactions

Physical controls

Periodic independent verification

Human resource controls

To prepare: Bank reconciliation of Company G as at October 31, 2015

Answer 7

Chapter 7, Problem 7.6BP

(a)

To determine

Bank reconciliation: Bank statement is prepared by bank. The company maintains its own records from its perspective. This is why the cash balance per bank and cash balance per books seldom agree. Bank reconciliation is the statement prepared by company to remove the differences and disagreement between cash balance per bank and cash balance per books.

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.

Internal control principles:

Authorizing the responsibility

Segregation of duties

Documenting and recording transactions

Physical controls

Periodic independent verification

Human resource controls

To prepare: Bank reconciliation of Company G as at October 31, 2015

Answer 8

(b)

To determine

To state: Any three ways by which J would have tried to conceal the theft, along with the dollar amount.

Answer 9

(b)

To determine

To state: Any three ways by which J would have tried to conceal the theft, along with the dollar amount.

Answer 10

(c)

To determine

To indicate: The internal control principles violated in the given case.

Answer 11

(c)

To determine

To indicate: The internal control principles violated in the given case.

Answer 12

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Answer 13

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Answer 14

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Answer 15

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

Concept explainers

To state: Any three ways by which J would have tried to conceal the theft, along with the dollar amount.

To indicate: The internal control principles violated in the given case.

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Chapter 7 Solutions