MBA Masters Program in Business Administration {3 - Sem} National Institute of Management Solutions Question Paper Set 1 FINANCIAL ACCOUNTING Submitted by: - _______________________ Max. Marks: - 100 All the questions are compulsory. The first five questions shall be of 16 marks each and the last questions shall be of 20 marks. Q 1 What is preference share? What are the key merits and demerits of preference shares as a source of long-term finance?
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Statement of Accounting Standard (SAS) No. 112,Communicating Internal Control Related Matters Identified in an Audit issued by the American Institute of Certified Public Accountants (AICPA). Management considers SAS No. 112 an imperative accounting standard to know, understand, and communicate effectively and efficiently. SAS No. 112 establishes standards and provides guidance on communicating matters related to an entity’s internal control over financial reporting identified in an audit of financial statements
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CHAPTER 5 Internal Control Evaluation: Assessing Control Risk LEARNING OBJECTIVES | | | | | |Review |Exercises, Problems, | | |Checkpoints |and Simulations
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it mandatory for all public companies to contain internal financial auditing controls and to present the results in annual assessments. The results must be reported to the Securities and Exchange Commission (SEC) on an annual basis. Furthermore, the Sarbanes-Oxley Act of 2002 requires all public companies to have an external auditor. The external auditor will audit the company’s internal control reports of management and their financial statements (Baker, Bealing Jr, Nelson & Stanley, 2011).
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Internal Control performed by Bruno, Trapp, & Z, LLP. We have audited Alchemy Inc.’s processes of internal control and have concluded that Alchemy Inc. did not maintain effective internal control over financial reporting. This conclusion was made after identifying and examining the potential areas for mistake and/or fraud. Alchemy Inc.’s management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over
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INTERNAL CONTROL (Case Study 2) 1. Introduction As President of LJB Company is looking to go public by bringing internal controls system which is as one of the most challenging corporate governance issues because internal control involves everything that controls risks to an organization. Our accounting department has been chosen to evaluate the internal controls of LJB Company. LJB Company is planning to be a publicly traded company in the near future. Our firm needs to evaluate the internal
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meet demands. As IT information is adopted within the organization, automation control processes has become more virtualized. To ensure that Kudler’s computerize systems function properly an audit must be performed on an annual basis. Management at Kudler Fine Foods wants to see the proposed audit schedules for all systems. Management wants to know the types of audit and how they will be conducted. In addition, management would like to know about events that might prevent reliance on auditing through
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regular audit? According to Ronald L. Durkin, the following differences in a forensic audit versus a traditional audit: •Not limiting the scope of the engagement based upon materiality. •Not accepting sampling as evidence. •Not assuming management has integrity. •Seeking the best legal evidence. •Melding the requirements of the evidential matter standard with the rules of evidence R.L. Durkin, "Defining the Practice of Forensic Accounting," CPA EXPERT (Special Edition, 1999).
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Security of the facilities 1 4.1.1. Physical entry controls 1 4.1.2. Security offices, rooms and facilities 1 4.1.3. Isolated delivery and loading areas 2 4.2. Security of the information systems 2 4.2.1. Workplace protection 2 4.2.2. Unused ports and cabling 2 4.2.3. Network/server equipment 2 4.2.4. Equipment maintenance 2 4.2.5. Security of laptops/roaming equipment 2 5. Access Control Policy 2 6. Network Security Policy 3 7. References
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I. Introduction Here is a project using the printer port of a PC, for control application using software and some interface hardware. The interface circuit along with the given software can be used with the printer port of any PC for controlling up to eight equipments. The interface circuit is drawn for only two device, being controlled by D0 and D1 bit at pin 2 and pin 3 of the 25-pin parallel port. Identical circuits for the remaining data bits D2 through D7 (available at pins 4 through 9) have
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