7. 2.2 General Issue Process: (G.3.3‚ pg. 7-12‚ Par. 7.2‚ yellow highlight) a. Ops issuing crew: 1. Ensures correctness of document. 2. Offloading crew‚ if required‚ will be responsible for scanning assets from OIS location to OIS location. i. Ops ME is responsible for re-verifying accuracy of scan data information and if required‚ necessary corrections are made with the Ops crew. Corrections to NALC‚ quantities‚ NllN‚ lot and serial numbers are NOT authorized. Ops ME/ST is responsible for clearing
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LJB COMPANY: Internal Control Review I. NEW INTERNAL CONTROL REQUIREMENTS FOR GOING PUBLIC Sarbanes-Oxley Act of 2002 (SOX)‚ enacted on July 29‚2002‚ is a United States Federal law that imposed new rules and regulations for all US public companies. Under SOX Section 404‚ all publicly listed corporations are required to maintain an adequate system of internal control. Under SOX‚ corporate executives and the board of directors are personally responsible for making sure that the internal
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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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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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Case study II – Internal control Managerial Accounting and Finance – ACCT 504 Keller Graduate School of Management May 2013 Session Date of June 11‚ 2013 Table of Contents Introduction 1 Internal control rules and regulations requirements before going public 1 THE BAD – Things that the company does poorly 2 Recommendations to the President 4 Conclusion 6 Bibliography 7 Case study II – Internal control Introduction Internal control refers to methods‚ techniques and measures
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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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Question 1 2 out of 2 points | | | The cost concept is the basis for entering the exchange price into the accounting records.Answer | | | | | Selected Answer: | True | | | | | Question 2 2 out of 2 points | | | Allen Marks is the sole stockholder of Great Marks Company. As of the end of its accounting period‚ December 31‚ 2011‚ Great Marks Company has assets of $940‚000 and liabilities of $300‚000. During 2012‚ Allen Marks purchased an additional $65‚000 of capital
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for the upcoming year | | | | Cash provided by investing activities | | | | Beginning 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
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