Internal Control: Internal control can be defined as a process to ensure achievement of the objectives of an organization in operational effectiveness and efficiency, reliable financial reporting, and compliance with laws, regulations and policies. The internal controls are framed in an organization to eliminate the internal control deficiencies of the organization. To determine: The weakness in internal control and identify the control principle that is violated for the given procedures in 1, 2, 3, 4, and 5.

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Answer 1

Question

Chapter 8, Problem 3E

(a)

To determine

Internal Control:

Internal control can be defined as a process to ensure achievement of the objectives of an organization in operational effectiveness and efficiency, reliable financial reporting, and compliance with laws, regulations and policies. The internal controls are framed in an organization to eliminate the internal control deficiencies of the organization.

To determine: The weakness in internal control and identify the control principle that is violated for the given procedures in 1, 2, 3, 4, and 5.

(b)

To determine

A change in procedure for each procedure that would result in good internal control.

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Paramount Company uses a standard costing system that allows 2.5 pounds of direct materials for one finished unit. During August, the company purchased 35,000 pounds of direct materials for $175,000 and manufactured 13,200 finished units. The standard direct materials cost allowed for the units manufactured is $132,000. The performance report shows that Paramount has an unfavorable direct materials usage variance of $6,400. Also, the company records any price variance for materials at time of purchase. The number of pounds of direct materials used to produce August's output was__ pounds.

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Please explain the solution to this general accounting problem with accurate principles.

Answer 2

Question

Chapter 8, Problem 3E

(a)

To determine

Internal Control:

Internal control can be defined as a process to ensure achievement of the objectives of an organization in operational effectiveness and efficiency, reliable financial reporting, and compliance with laws, regulations and policies. The internal controls are framed in an organization to eliminate the internal control deficiencies of the organization.

To determine: The weakness in internal control and identify the control principle that is violated for the given procedures in 1, 2, 3, 4, and 5.

(b)

To determine

A change in procedure for each procedure that would result in good internal control.

Expert Solution & Answer

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Answer 3

Question

Chapter 8, Problem 3E

(a)

To determine

Internal Control:

Internal control can be defined as a process to ensure achievement of the objectives of an organization in operational effectiveness and efficiency, reliable financial reporting, and compliance with laws, regulations and policies. The internal controls are framed in an organization to eliminate the internal control deficiencies of the organization.

To determine: The weakness in internal control and identify the control principle that is violated for the given procedures in 1, 2, 3, 4, and 5.

(b)

To determine

A change in procedure for each procedure that would result in good internal control.

Expert Solution & Answer

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Answer 4

Question

Chapter 8, Problem 3E

(a)

To determine

Internal Control:

Internal control can be defined as a process to ensure achievement of the objectives of an organization in operational effectiveness and efficiency, reliable financial reporting, and compliance with laws, regulations and policies. The internal controls are framed in an organization to eliminate the internal control deficiencies of the organization.

To determine: The weakness in internal control and identify the control principle that is violated for the given procedures in 1, 2, 3, 4, and 5.

(b)

To determine

A change in procedure for each procedure that would result in good internal control.

Expert Solution & Answer

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Answer 5

Chapter 8, Problem 3E

(a)

To determine

Internal Control:

Internal control can be defined as a process to ensure achievement of the objectives of an organization in operational effectiveness and efficiency, reliable financial reporting, and compliance with laws, regulations and policies. The internal controls are framed in an organization to eliminate the internal control deficiencies of the organization.

To determine: The weakness in internal control and identify the control principle that is violated for the given procedures in 1, 2, 3, 4, and 5.

(b)

To determine

A change in procedure for each procedure that would result in good internal control.

Answer 6

Chapter 8, Problem 3E

(a)

To determine

Internal Control:

Internal control can be defined as a process to ensure achievement of the objectives of an organization in operational effectiveness and efficiency, reliable financial reporting, and compliance with laws, regulations and policies. The internal controls are framed in an organization to eliminate the internal control deficiencies of the organization.

To determine: The weakness in internal control and identify the control principle that is violated for the given procedures in 1, 2, 3, 4, and 5.

Answer 7

Chapter 8, Problem 3E

(a)

To determine

Internal Control:

Internal control can be defined as a process to ensure achievement of the objectives of an organization in operational effectiveness and efficiency, reliable financial reporting, and compliance with laws, regulations and policies. The internal controls are framed in an organization to eliminate the internal control deficiencies of the organization.

To determine: The weakness in internal control and identify the control principle that is violated for the given procedures in 1, 2, 3, 4, and 5.

Answer 8

(b)

To determine

A change in procedure for each procedure that would result in good internal control.

Answer 9

(b)

To determine

A change in procedure for each procedure that would result in good internal control.

Answer 10

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Answer 11

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Answer 12

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Answer 13

Ch. 8 - Prob. 1Q Ch. 8 - Prob. 2Q Ch. 8 - Prob. 3Q Ch. 8 - Prob. 4Q Ch. 8 - Prob. 8Q Ch. 8 - Prob. 9Q Ch. 8 - Prob. 10Q Ch. 8 - Prob. 11Q Ch. 8 - Prob. 13Q Ch. 8 - Prob. 15Q

A change in procedure for each procedure that would result in good internal control.

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Chapter 8 Solutions