Questions from Survey Accounting

Q: “Internal control is concerned only with enhancing the accuracy of the

“Internal control is concerned only with enhancing the accuracy of the accounting records.” Do you agree? Explain.

Q: Discuss how the Sarbanes-Oxley Act has increased the importance of

Discuss how the Sarbanes-Oxley Act has increased the importance of internal control to top managers of a company.

Q: What principles of internal control apply to most businesses?

What principles of internal control apply to most businesses?

Q: In the corner grocery store, all sales clerks make change out

In the corner grocery store, all sales clerks make change out of one cash register drawer. Is this a violation of internal control? Why?

Q: Branden Doyle is reviewing the principle of segregation of duties. What

Branden Doyle is reviewing the principle of segregation of duties. What are the two common applications of this principle?

Q: (a) “The steps in the accounting cycle for a

(a) “The steps in the accounting cycle for a merchandising company differ from the steps in the accounting cycle for a service company.” Do you agree or disagree? (b) Is the measurement of net income...

Q: What is the major advantage and major disadvantage of the specific identification

What is the major advantage and major disadvantage of the specific identification method of inventory costing?

Q: “The selection of an inventory cost flow method is a decision

“The selection of an inventory cost flow method is a decision made by accountants.” Do you agree? Explain. Once a method has been selected, what accounting requirement applies?

Q: The July 15, 2010, edition of CFO.com contains

The July 15, 2010, edition of CFO.com contains an article by Marie Leone entitled “Sucking the LIFO out of Inventory.” Instructions Read the article, which can be found at www.cfo.com/printable/artic...

Q: Which assumed inventory cost flow method: (a) usually

Which assumed inventory cost flow method: (a) usually parallels the actual physical flow of merchandise? (b) divides cost of goods available for sale by total units available for sale to determine a u...