_____ _____ 2. When a sales journal is used, there is no need to keep a controlling account for accounts receivable in the general ledger. _____ _____ 3. In special journals, each transaction is usually entered on two lines. _____ _____ 4. Each entry in a special journal must be posted individually to the general ledger. _____ _____ 5. A purchases journal is a special journal used to record cash purchases of merchandise. _____ _____ 6. Sales
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CHAPTER 7 CONTROL AND ACCOUNTING INFORMATION SYSTEMS SUGGESTED ANSWERS TO DISCUSSION QUESTIONS 7.1 Answer the following questions about the audit of Springer’s Lumber & Supply a. What deficiencies existed in the internal environment at Springer’s? The "internal environment" refers to the tone or culture of a company and helps determine how risk consciousness employees are. It is the foundation for all other ERM components, providing discipline and structure
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specialized equipment, lease land, and pay for travel costs. When a community protects its natural resources, it protects the reason outdoor tourists come to the community. Wildlife is a multibillion dollar industry in this country. Hunting, fishing and wildlife related recreation generate billions of dollars every year to state economies. People spend money on equipment, lodging and food that go along with these activities – so other areas like retail that are indirectly related to land conservation
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Balasubrahmanyam, General Manager of the Thirsty drinks in Ooty , was facing the biggest challenge of his successful career. It was a Friday morning, he entered into his spacious and luxurious office room, with full enthusiasm and excitement of getting transferred to his hometown, Bangalore. But it was all happened suddenly . He was a successful and well experienced professional having a lot of commitment towards his work. He had been with the company for more than ten years. He was appointed as General Manager
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p. 90 MSC: Higher Order 5. How does the tone of a letter differ from that of other communication channels? a.|Emails are more formal than letters.| b.|Memos are more formal than letters.| c.|Letters are less formal than memos.| d.|Letters are more formal than emails.| ANS: D PTS: 1 REF: p. 91 MSC: Remember 6. How are memos and emails different from letters? a.|They are less formal in tone.| b.|They are more formal in tone.| c.|They
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public disclosure of its financial woes—workers who audited the company's books for Arthur Andersen, the big accounting firm, received an extraordinary instruction from one of the company's lawyers. Congressional investigators tell Time that the Oct. 12 memo directed workers to destroy all audit material, except for the most basic "work papers." And that's what they did, over a period of several weeks. As a result, FBI investigators, congressional probers and workers suing the company for lost retirement
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1. P. Kemezis and W Clasgall, 'ATexas Wildcatter Cashes in on French Oil," Busrhess W-eek,'tsllay' ' 1985, 106-10i. 2. The dominant companies in the oil and gas industry include such firms as ExxonMobil and ConocoPhillips. These firms are often referred to as the "majors' or simply as "Big Oil." 207 208 !': $1 iil {r i. $- :..1 sEcTtoNTHREE INTERNALCournollssuas of oil and gas exploration by employing a rough-andtumble business strategy. Lee recognized
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BAILING OUT A GENERAL [pic] The General Motors bailout was the most important bailout of the free ride that the government issued during these times of economic recession and turmoil. Allowing GM to fail was simply not an option. The reasoning is simple. GM has ties to corporation and employers that are far reaching. The sheer number of Americans that would lose their jobs in the event that GM closed its doors is staggering. One area that is not often thought of by the public is that of
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Memorandum To: CC: From: Stephanie Copenhaver Date: 7/6/2015 Re: Accountability in Reporting Memo To whom it may concern: This memorandum is going to explain how increasing scrutiny and demand for accountability by the public has influenced reporting for not-for-profit and government entities. First, it must be understood on where the money is coming in from to these types of entities. The not-for –profit sector receives money from the government, pledges, contributions and donations
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HRM 531 Week 4 Knowledge Check Correct answer in Capital Letter 1. The level of training needs analysis that focuses on identifying whether training supports the company’s strategic direction is called _____ analysis. a. individual b. environmental c. operations D. organization Organization analysis determines the overall needs of the company so that training can be designed to focus on strategic goals. 2. _____ analysis is helpful in determining the special needs of
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