Questions from Survey Accounting

Q: (a) Why did Congress pass the Sarbanes Oxley Act?

(a) Why did Congress pass the Sarbanes Oxley Act? (b) What was the purpose of the Sarbanes Oxley Act?

Q: Seatow Inc. has a petty cash fund of $2,

Seatow Inc. has a petty cash fund of $2,500. (a) Since the petty cash fund is only $2,500, should Seatow Inc. implement controls over petty cash? (b) What controls, if any, could be used for the petty...

Q: Why should the responsibility for a sequence of related operations be divided

Why should the responsibility for a sequence of related operations be divided among different persons? Explain.

Q: In an attempt to improve operating efficiency, one employee was made

In an attempt to improve operating efficiency, one employee was made responsible for all purchasing, receiving, and storing of supplies. Is this organizational change wise from an internal control sta...

Q: How are manufacturing inventories different from those of a retailer?

How are manufacturing inventories different from those of a retailer?

Q: After the accounts are adjusted at the end of the fiscal year

After the accounts are adjusted at the end of the fiscal year, Accounts Receivable has a balance of $475,000 and Allowance for Doubtful Accounts has a negative balance of $(46,800). Describe how Accou...

Q: a. Under what conditions is the use of an accelerated depreciation

a. Under what conditions is the use of an accelerated depreciation method most appropriate? b. Why is an accelerated depreciation method often used for income tax purposes? c. What is the Modified Acc...

Q: For some of the fixed assets of a business, the balance

For some of the fixed assets of a business, the balance in Accumulated Depreciation is exactly equal to the cost of the asset. (a) Is it permissible to record additional depreciation on the assets if...

Q: Are the amounts at which fixed assets are reported on the balance

Are the amounts at which fixed assets are reported on the balance sheet their approximate market values as of the balance sheet date? Discuss.

Q: Pendray Systems Corporation began operations on January 1, 20Y5 as an

Pendray Systems Corporation began operations on January 1, 20Y5 as an online retailer of computer software and hardware. The following financial statement data were taken from Pendray’s records at the...