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 individual who has the responsibility for evaluating the adequacy of the system of internal control.

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Answer 1

Question

Chapter 8, Problem 8.4BYP

(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 individual who has the responsibility for evaluating the adequacy of the system of internal control.

(b)

To determine

What the reconciliations ensure in the university setting and who review the reconciliation.

(c)

To determine

Examples of physical controls.

(d)

To determine

Two ways to accomplish inventory counts.

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The company where Daniel works produces skateboards locally but sells them globally for $60 each. Daniel is one of the production managers in a meeting to discuss preliminary results from the year just ended. Here is the information they had in front of them: Standard Quantity per Unit Standard Price Wood 2.50 feet $4.00 per foot Wheels 5.00 wheels $0.50 per wheel Direct labor 0.30 hours $14.00 per hour Actual results: . • Quantity of wood purchased, 225,000 feet; quantity of wood used, 220,000 feet. Quantity of wheels purchased, 418,800 wheels; quantity of wheels used, 400,800 wheels. Actual cost of the wood, $4.20 per foot. Actual cost of the wheels, $0.55 per wheel. • Quantity of DL hours used, 26,400 hours; actual cost of DL hours, $15.20 per hour. Actual units produced, 80,000 skateboards. (a) Complete a variance analysis for DM (both wood and wheels) and DL, determining the price and efficiency variances for each; be sure to specify the amount and sign of each variance. DM- Wood…

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Answer 2

Question

Chapter 8, Problem 8.4BYP

(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 individual who has the responsibility for evaluating the adequacy of the system of internal control.

(b)

To determine

What the reconciliations ensure in the university setting and who review the reconciliation.

(c)

To determine

Examples of physical controls.

(d)

To determine

Two ways to accomplish inventory counts.

Expert Solution & Answer

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Answer 3

Question

Chapter 8, Problem 8.4BYP

(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 individual who has the responsibility for evaluating the adequacy of the system of internal control.

(b)

To determine

What the reconciliations ensure in the university setting and who review the reconciliation.

(c)

To determine

Examples of physical controls.

(d)

To determine

Two ways to accomplish inventory counts.

Expert Solution & Answer

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Answer 4

Question

Chapter 8, Problem 8.4BYP

(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 individual who has the responsibility for evaluating the adequacy of the system of internal control.

(b)

To determine

What the reconciliations ensure in the university setting and who review the reconciliation.

(c)

To determine

Examples of physical controls.

(d)

To determine

Two ways to accomplish inventory counts.

Expert Solution & Answer

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Answer 5

Chapter 8, Problem 8.4BYP

(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 individual who has the responsibility for evaluating the adequacy of the system of internal control.

(b)

To determine

What the reconciliations ensure in the university setting and who review the reconciliation.

(c)

To determine

Examples of physical controls.

(d)

To determine

Two ways to accomplish inventory counts.

Answer 6

Chapter 8, Problem 8.4BYP

(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 individual who has the responsibility for evaluating the adequacy of the system of internal control.

Answer 7

Chapter 8, Problem 8.4BYP

(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 individual who has the responsibility for evaluating the adequacy of the system of internal control.

Answer 8

(b)

To determine

What the reconciliations ensure in the university setting and who review the reconciliation.

Answer 9

(b)

To determine

What the reconciliations ensure in the university setting and who review the reconciliation.

Answer 10

(c)

To determine

Examples of physical controls.

Answer 11

(c)

To determine

Examples of physical controls.

Answer 12

(d)

To determine

Two ways to accomplish inventory counts.

Answer 13

(d)

To determine

Two ways to accomplish inventory counts.

Answer 14

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Answer 15

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Answer 16

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Answer 17

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

What the reconciliations ensure in the university setting and who review the reconciliation.

Examples of physical controls.

Two ways to accomplish inventory counts.

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Chapter 8 Solutions