Andre Young ACCT 504 Case Study 2 1. Establishment of responsibilities. Only one person handles all the finances and the petty cash is open for just about any one to manage and handle cash. Need to be retuned to no one can handle petty cash but a public accountant. 2. Segregation of duties. Their has to be some one overseeing every one in the company. Their has to be some one over seeing the accountants‚ the checks being written and some one controlling the petty cash. People are usually
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Internal Controls in Accounting for publicly traded companies. Regulations and Guidelines for the President‚ CEO‚ and CFO. 10/05/2012 By: Accounting 504 Table of Contents I. Introduction II. Rules‚ Regulations‚ and Guidelines III. Advice to LBJ Company IV. Conclusion This document is intended to serve as an informational piece regarding steps and procedures that would need to be followed for the purposes of bringing a privately held company into regulations
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1. Two primary external users of accounting information are investors and creditors. TRUE 2. The economic resources that are owned by a business are called stockholders’ equity. FALSE 3. Net income for the period is determined by subtracting total expenses and dividends from revenues. FALSE 4. The heading for the income statement might include the line “As of December 31‚ 20xx.” TRUE 5. Net income is another term for revenue. FALSE 6. The primary purpose of the statement of cash
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LBJ Company Cash Budget For the Two Months of May and June May June Cash balance $20‚000 $20‚000 Add: Receipts Collections from customers 92‚650 85‚150 Sale of plant assets 33‚000 Sale of new common stock 50‚000 Cash sales 75‚000 57‚000 Total receipts 200‚650 192‚150 Total Available Cash 220‚650 212‚150 Less: Disbursements Purchases of inventory 171‚000 106‚200 Operating expenses 15‚000 15‚000 Selling and administrative expenses
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Internal control ACCT504 Financial accounting and Managerial use‚ analysis Keller Graduate school of Management Professor : Linval Frazer Week 5: Case study 2 Friday ‚ April 4‚ 2014 Preparing LJB’s Internal Control Reporting for Public Trading Background LJB Company ‚ a small business local distributor who understands to go public in the future‚ the company should be in accordance with the law and may need to take more stringent internal control principles . At the request of
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ACCT504 - Accounting and Finance: Managerial Use and Analysis | Case Study 2 | Evaluation of LJB Company’s Internal Controls | | [Type the author name] | Due: Feburary 10‚ 2013 | Table of Contents Paragraph Introduction1 Accounting regulations2 Establishing a Control Environment3 Segregation of duties4 Segregation of record keeping form physical custody 5 Policies for petty cash6 Pre-numbered invoices 7 Distribution of paychecks8 Hiring
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Financial Analysis of Hershey and Tootsie Roll Keller University ACCT-504 Instructor: Financial Analysis of Hershey and Tootsie Roll Introduction Tootsie Roll and Hershey are two similar companies with a similar product offering‚ but they operate on entirely different scales. In an effort to determine the better investment of the two companies we will utilize multiple financial analysis ratios to gauge the health of the respective companies in terms of liquidity (the ability
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ACCT504 Case Study 3 on Cash Budgeting The cash budget was covered during Week 4 when we covered TCO D and you read Chapter 7. There is also a practice case study to work on. Your Professor will provide the solution to the practice case study at the end of Week 5. This case study should be uploaded by 11:59PM Mountain time of the Sunday ending Week 6 to the Week 6 Assignment Dropbox. You are encouraged to use the Excel template file provided in Doc Sharing. The LBJ Company has budgeted sales
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CASE STUDY 3 - Cash Budget SCHEDULE OF EXPECTED CASH COLLECTIONS FROM CUSTOMERS: Credit Sales May June April (94‚000 * 0.70) = 65‚800 65‚800 May (89‚500 * 0.30) = 26‚850‚ June (89‚500 * 0.70) = 62‚650 26‚850 62‚650 June (75‚000 * 0.30) = 22‚500 22‚500 Total Cash Collections 92‚650 85‚150 SCHEDULE FOR EXPECTED PAYMENTS FOR PURCHASE OF INVENTORY Inventory purchases May June April (195‚000
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cash balance | | Instructor Explanation: | Chapter 1 page 11 | | | | Points Received: | 0 of 3 | | Comments: | | | | 2. | Question : | (TCO C) Issuing shares of stock in exchange for cash is an example of a(n): | | | Student Answer: | | delivering activity. | | | | investing activity. | | | | financing activity. | | | | operating activity. | | Instructor Explanation: | Chapter 1 page 9 | | | | Points Received: | 3 of 3 |
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