Case Study 2 Acct 504

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    Case Study 2 Acct 504

    Case Study 2- Internal Control Improving LJB Company Internal Control ACCT 504 Felix M. Fair October 6, 2012 Table Of Contents: 1. Introduction pg. 3 2. Proper Development of Internal Control pg. 3 3. Effective LJB Practices pg. 3-4 4. Areas for Improvement

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    Case Study 2

    Case Study 2 2. What role did top management commitment play in developing the ethical work climate and organizational performance seen at Alcoa? What other ethical safeguards are mentioned in the case to support the company's effort at developing a strong ethical culture? Management role is always vital in any work climate and in that respect the role that Alcoa played cannot be ignored. From the beginning the company incorporated their values and documented what they thought was relevant regarding

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    Acc 504 Case Study 2

    established and better able to pass tougher regulatory requirements than in the past. Doing so comes with a bigger price-tag than ever before. These days, companies going public should expect to pay more and can reach upwards of $2 million in out of pocket expenses in some cases to cover a host of fees – among them legal, printing, listing, filing -- in addition to the underwriter discount and commission of the offering proceeds and to shore up internal processes to meet the tougher reporting and governance

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    Acct 504 Case Study 2

    ACCT 504 Case Study 2 Keller Graduate School DeVry University ABSTRACT There are several internal control requirements that need to be put into place if the company decides to go public. Those principals are establishment of responsibility, segregation of duties, physical controls, independent internal verification, documentation procedures and human resource controls. Establishment of responsibility is making sure that only designated personnel has the authority to handle certain

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    Acct 504 Case Study 2

    Four key elements must be included in this report (Smith, Ledyard;): 1. Statement of responsibility by the company management (CEO and CFO) for establishing and maintaining an adequate internal control structure and procedure for financial reporting. 2. Statement identifying the framework used by management to evaluate the effectiveness of the company’s internal control over financial reporting. 3. Management’s assessment of the effectiveness of internal controls over financial reporting. 4. Attestation

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    Case Study 2

    Case Study 2 Leti Raduca BUSI-642 Dr. Quatro September 8th, 2013 Case Study 2 What elements, discussed in the case study, are important for someone who works in the field of human resources? Human Resources department it is one of the most important departments when it comes to quality of personnel and their placement inside the company (Maxwell, 2001). In any organization, people are the most challenging resource to manage; therefore Human Resources representatives should be very

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    Acct 504 Case Study 2

    LBJ Company: Internal Control Evaluation Accounting 504: Managerial Use & Analysis Case Study 2 Written by: 8/10/13 This evaluation is being presented as an assessment of the preparedness of the LJB Company to go public at a future date. By researching current regulations regarding publicly traded firms we hope to prepare for a smooth transition into the trading market. The Sarbanes-Oxley Act of 2002 (SOX) has established the following guidelines for publicly traded corporations

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    Case Study 2 : Scotland

    NATIONAL QUALIFICATIONS CURRICULUM SUPPORT Business Management Extended Case Studies (Set 2) [INTERMEDIATE 2] [pic] The Scottish Qualifications Authority regularly reviews the arrangements for National Qualifications. Users of all NQ support materials, whether published by LT Scotland or others, are reminded that it is their responsibility to check that the support materials correspond to the requirements of the current arrangements.

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    Acct504 Case Study 2

    Accounting 504 Case Study 2 Keller Graduate School of Management Prepared by: Purvi Patel Prepared for: Professor Ganesh 3 Oct, 2013 To: LJB Company President From: Purvi Patel, Accounting firm Subject: Evaluation of LJB Company’s Internal Control Structures Date: 3 April 2013 Hello LJB Company President: First, I would like to thank you for hiring my accounting firm to evaluate LJB’s internal controls system. This report will inform you of any new internal control requirements

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    Acct Case Study 2

    LBJ: SOON TO BE A PUBLIC COMPANY A Guide To Internal Control   Table of Contents 1. Introduction 2. Internal Control Standards 3. LBJ’s Successes 4. LBJ’s Opportunities For Improvement 5. Conclusion Introduction This is a report for the LBJ Company to better assist with the needs of internal control. Our findings are based off of what has been shared with us by the company president on how LBJ Company operates on a day to day basis. It does seem

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    Acc 504 Case Study 2 Internal Controls

    access of petty cash to all employees and this violates the responsibility principle. The president of LJB Company needs to assign a specific person the responsibility of handling petty cash. Leaving the cash accessible to every one in drawer increases cases of theft and fraud; this is also in violation of Physical responsibility (Kimmel, pg.341, 342). The principle of physical, mechanical, and electronic controls requires that computer facilities be installed with passwords, fingerprint access or eyeball

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    Study Guide Acct 504

    ................................................................................  5   What  resources  are  available?   ....................................................................................................................  5     2       Why  a  success  guide?   Students  frequently  approach  accounting  with  a  certain  level  of  anxiety  about  the  difficulty  of  the   course,  the  amount  of  math  required  and  similar  concerns.  The  purpose  of

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    Acct 504 Case Studey

    Case Study 2 To the President of LJB Company, My colleague met with you to discuss the opportunity for your company to go public in the future and since your meeting, he has been promoted and the Internal Control review of your company has now been assigned to me. I would like to inform you about the current Internal Controls, how your company is performing, my recommendation on buying an Indelible Ink Machine, and Internal Control changes that I recommend you make. There are 5 main areas

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    Acct 504 Study Questions

    symbol. 1. Corporations generally receive more favorable tax treatment than sole proprietorships and corporations. A. True B. False Correct! Sole proprietorships and partnerships generally receive more favorable tax treatment than corporations. 2. Which is not one of the three forms of business organization? A. Sole proprietorship B. Creditorship C. Partnership D. Corporation This is one of three forms of business organization discussed in the chapter. 3. Which is an advantage of corporations

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    Acct 504 Case Study 2

    Case Study 2—Internal Control Due by Sunday of Week 5, 11:59 p.m., Mountain time LJB Company, a local distributor, has asked your accounting firm to evaluate their system of internal controls because they are planning to go public in the future. The president wants to be aware of any new regulations required of his company if they go public, so he met with a colleague of yours at a local restaurant. The president of the company explained the current system of internal controls to your colleague

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    Case Study 2

    Latonya Chin January 6th, 2011 BCS 300: Management Information Systems Module 2: Case Study Questions Case Study: Google’s New Search for the Best and the Brightest” Page 53: 1-6 1. Google’s traditional hiring practices did not create business problems because the method that they came up with to rate people in their positions was brilliant. Google created surveys to see what people

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    Acct. 504 Case Study 2 Internal Control

    Week 5: Case Study 2 Internal Control To: President of LJB Company, Thank you for selecting our firm to provide your company with an evaluation of your organizations internal control system. Internal control systems are vital in securing your organizations assets, it will limit the risk of fraud as well as misuse of your assets. Comprehending how to separate duties among your employees will aid in improving transparency as well as keep your company financially strong. Before the company

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    Acct 504 Case Study 2

    Prepared For ACCT405: Financial Accounting Instructor Tim Vantuyl 6/8/2014 Case Study 2: LBJ Company Internal Control Assessment By Brian Tucker Student ID D40318643 Table of Contents Preface …..3-5 Body of Report Page …..6 Objectives of Internal Control …..6 Components of Internal Control …..6 Strengths …..7-8 Weaknesses Summary and Conclusion Preface With its introduction in 2002 the Sarbanes Oxley Act was meant to slow and detour the accounting infractions and criminal

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    Acct 504 Case Study 2

    Devry University LJB Company Internal Controls Eddie Daniel Velez ACCT 504 Professor Ramiro Serrano August 10, 2014 Table of Contents Introduction………………………………………………………………………………………..3 Public Trading……………………………………………………………………………………..4 Internal Controls…………………………………………………………………………………..5 Current Concerns………………………………………………………………………………….6 Summary…………………………………………………………………………………………..8 Works Cited……………………………………………………………………………………….9 Introduction: This report is used for the purpose

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    Acct504 Case Study 2

    LJB Company: Evaluation and Development of Internal Controls Accounting 504 Managerial Use and Analysis Professor Abner 8/10/2014 Evaluation of LJB Company’s current system of internal controls, with recommendations for improvements and an explanation of federal regulations required for the company to go public. Contents Introduction 2 Overview 2 Summary and Conclusion 3 Works Cited 4 Introduction The asked for appraisal of LJB Company's interior controls has been

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    Acct 504 Case 3 Study - Cash Budget

    CASE STUDY 3 - Cash Budget Template SCHEDULE OF EXPECTED CASH COLLECTIONS FROM CUSTOMERS: Credit Sales July August September Total Cash Collections August 12,000 14,400 26,400 SCHEDULE FOR EXPECTED PAYMENTS FOR PURCHASE OF INVENTORY Inventory purchases July August September Total Payments for Inventory Purchases August 32,500 22,500 55,000 Oxford Company Cash Budget For the Two Months of August and September Cash balance Add: Receipts Collections from customers Sale of plant assets

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    Acct 504 Case 2

    Prepared for LJB Company President Evaluation of Internal Controls Prepared by XXXX XXXXX xxxx@msn.com ACCT 591 Acct Fin: Managerial Use,Anlys XXXXXXXXXXXXXX September 12, 20xx DeVry University Table of Contents Introduction of Evaluation 2 New Regulations – Public vs. Private 3 Current Internal Controls – Good 4 Current Internal Controls – Need Improvements 5 Reflection 7 References 8 Introduction of Evaluation My accounting firm was asked to evaluate the LJB Company

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    Case Study 2 Internal Controls

    Session 5 Case Study #2 ACCT 504 Michael J. Norton Keller Graduate School Professor Gabriel Hicks August 3, 2014 To be able to reflect on the internal controls for LJB Company that need to be in place prior to the company going public, I will ask and answer three questions. I will detail these in the following ways. First, is there a need for improved or new internal controls? Second, what actions are not in compliance? Lastly, what company practices are in compliance

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    Acct 504 Week 5 Case Study 2 Internal Control - Ljb Company/ Homework-Aid

    ACCT 504 Week 5 Case Study 2 Internal Control - LJB Company Click Link Below To Purchase or visit homework-aid.com : http://homework-aid.com/ACCT-504-Week-5-Case-Study-2-Internal-Control-LJB-Company-1804.htm?categoryId=-1 Case Study 2 - Internal Control- Due by Sunday of week 5 LJB Company, a local distributor, has asked your accounting firm to evaluate their system of internal controls because they are planning to go public in the future. The President wants to be aware of any

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    Acct 504 Case Study 2

    LJB Company’s Table of contents: Introduction………………………………………………………………………………3 New Internal Control Requirements……………………………………………………4 Positives & Negatives…………………………………………………………………….4 Recommendation on Ink Machine………………………………………………………5 Summery & Conclusion.………………………………………………………………….5 Work Cited………………………………………………………………………………..6 Introduction The purpose of this report is to show the importance of internal controls for LJB Company if it’s decided that the company will go public

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    Acct 504 Case Study 2

    statements or reports presented by the company are true and correct. The financial reporting needs to be in the accordance to GAAP or IFRS and should fulfill the SOX law. Informing the president of what the company is doing right: As per the case we can see that the turnover ratio of the employees in the organization is quite low, which depicts the employees are satisfied with the working environment of the company. As employees are the biggest asset for the company, this will help in strengthening

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    Acct 504 Case Study 2

    3 Internal Control 4 Internal Control Requirements 4 What the Company is Doing Right 5 What the Company Needs to Improve 6 Conclusion 7 References 9 Abstract The purpose of this case study is to analyze a company’s system of internal control. We will discuss if there are any new requirements in regards to internal control should the company decide to go public. The President of the company will be advised on what they are doing right

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    Case Study 3, Acct 504

    CASE STUDY 3—Cash Budget Template | | | | | | | | | | | | | | | | | | SCHEDULE OF EXPECTED CASH COLLECTIONS FROM CUSTOMERS May | June | 65,800 | | 26,850 | 62,650 | | 22,500 | 92,650 | 85,150 | | | | | | | May | June | 117,000 | | 54,000 | 81,000 | | 25,200 | 171,000 | 106,200 | | | | | | | | | | | May | June

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    Acct 504 Case Study 2

    LJB Company: Internal Control Evaluation Acct: 504 Case Study 2 Prepared by: Lennard Razor Prepared for: LJB Company 11/29/2014 LJB, 1 Table Of Contents Introduction: LJB Company Assessment 2 LJB Company: The Transition 3 Summary 5 Works Cited 6 LJB, 2 Introduction: LJB Company Assessment The overall purpose of this document is to assess the current state of the LJB Company. This assessment

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    Acct 504 Week 5 Case Study 2 Internal Control - Ljb Company

    ACCT 504 Week 5 Case Study 2 Internal Control - LJB Company Click Link Below To Purchase or visit homework-aid.com : http://homework-aid.com/ACCT-504-Week-5-Case-Study-2-Internal-Control-LJB-Company-1804.htm?categoryId=-1 Case Study 2 - Internal Control- Due by Sunday of week 5 LJB Company, a local distributor, has asked your accounting firm to evaluate their system of internal controls because they are planning to go public in the future. The President wants to be aware of any

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    Acct 504

    William Schall Case Study 2 Accounting 504 The five internal controls are: Smart Hiring Practices and Separation of Duties. In a business with good internal controls, no important duty is overlooked. Each person in the information chain is important. The chain should start with hiring. Background checks should be conducted on job applicants. Proper training and supervision, as well as paying competitive salaries, helps ensure that all employees are sufficiently competent for their jobs. Employee

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    Acct 504 Week 5 Case Study 2 Internal Control - Ljb Company

    ACCT 504 Week 5 Case Study 2 Internal Control - LJB Company Click Link Below To Purchase or visit homework-aid.com : http://homework-aid.com/ACCT-504-Week-5-Case-Study-2-Internal-Control-LJB-Company-1804.htm?categoryId=-1 Case Study 2 - Internal Control- Due by Sunday of week 5 LJB Company, a local distributor, has asked your accounting firm to evaluate their system of internal controls because they are planning to go public in the future. The President wants to be aware of any

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    Case 2-6 Acct 4305

    Jordan Jahr ACCT 4305 4/3/2015 Case 2-6 Supreme Designs, Inc. Ethical Issues This case deals with the basic issue of honesty. Janet Hoffman has engaged in a dishonest act by fraudulently writing checks that are payable to herself. Because Janet has written these checks to herself and breaks the trust between herself and Mr. Hoffman. Kevin Greenberg becomes involved because he tries to help out Janet by reconciling the April bank statement to the general ledger, so Janet will not have as much

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    Case Study 2

    Case Study 2 DeVry University Professor Cleary Acct. 504 28May14 Case Study 2 Table of Contents Introduction ……………………………………………………………………………………….3 Required changes ………………………………………………………………………....………3 Practices to keep …………………………………………………………………………....…….3 Practices to change ……………………………………………………………………………….4 Conclusion ………………………………………………………………………………………..5 References ………………………………………………………………………………………...6 Introduction This letter is to address some concerns that the president of LJB

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    Acct 504 Week 5 Case Study 2 Internal Control – Ljb Company

    A++PAPER;http://www.homeworkproviders.com/shop/acct-504-week-5-case-study-2-internal-control-ljb-company/ ACCT 504 WEEK 5 CASE STUDY 2 INTERNAL CONTROL – LJB COMPANY PRODUCT DESCRIPTION Case Study 2 – Internal Control- Due by Sunday of week 5 LJB Company, a local distributor, has asked your accounting firm to evaluate their system of internal controls because they are planning to go public in the future. The President wants to be aware of any new regulations required of his company

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    Acct-504 Week 5 Case Study 2 Internal Control – Ljb Company

    ACCT-504 Week 5 Case Study 2 Internal Control – LJB Company Click Link Below To Buy: http://hwcampus.com/shop/acct-504/acct-504-week-5-case-study-2-internal-control-ljb-company/ Or Visit www.hwcampus.com Case Study 2 – Internal Control- Due by Sunday of week 5 LJB Company, a local distributor, has asked your accounting firm to evaluate their system of internal controls because they are planning to go public in the future. The President wants to be aware of any new regulations required

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    Acct 504 Week 5 Case Study 2 Internal Control Ljb Company

    ACCT 504 Week 5 Case Study 2 Internal Control LJB Company Click Link Below To Buy: http://hwcampus.com/shop/acct-504/acct-504-week-5-case-study-2-internal-control-ljb-company/ Or Visit www.hwcampus.com Case Study 2 – Internal Control- Due by Sunday of week 5 LJB Company, a local distributor, has asked your accounting firm to evaluate their system of internal controls because they are planning to go public in the future. The President wants to be aware of any new regulations required

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    Acct 504 Week 5 Case Study 2 Internal Control Ljb Company

    ACCT 504 Week 5 Case Study 2 Internal Control LJB Company Click Link Below To Buy: http://hwcampus.com/shop/acct-504/acct-504-week-5-case-study-2-internal-control-ljb-company/ Or Visit www.hwcampus.com Case Study 2 – Internal Control- Due by Sunday of week 5 LJB Company, a local distributor, has asked your accounting firm to evaluate their system of internal controls because they are planning to go public in the future. The President wants to be aware of any new regulations required

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    Acct 504 Week 3 Case Study 1 Flower Landscaping Corporation

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    Acct 504 Week 6 Case Study 3 – Cash Budgeting – Lbj Company

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    Acct 504

    Week-2 Case Study ACCT504 Acct Fin: Managerial Use Analysis Callistus Wong Professor Saad November 27, 2015 Situation A. In evaluating the internal control over inventory for the Williams Oil Services Company, an auditor learns that the warehouse receiving clerk is responsible for ordering parts for supply inventory use in drilling services, counts the inventory when received at the dock, records the receipts into the inventory ledger, and takes the annual inventory, No supervisor reviews

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    Acct 504 Week 5 Case Study 2 Internal Control Ljb Company

    ACCT 504 Week 5 Case Study 2 Internal Control LJB Company Click Link Below To Buy: http://hwcampus.com/shop/acct-504/acct-504-week-5-case-study-2-internal-control-ljb-company/ Or Visit www.hwcampus.com Case Study 2 – Internal Control- Due by Sunday of week 5 LJB Company, a local distributor, has asked your accounting firm to evaluate their system of internal controls because they are planning to go public in the future. The President wants to be aware of any new regulations required

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    Acct 504 Case Study 2

    Y’Lonn James Yolanda Serrano ACCT504-10563 Case Study #2 02/05/2016 Situation a. Missing Internal Controls: Monitoring control is the missing internal control weakness. This monitoring provides “eyes and ears”, so that no one person or group of persons can process a transaction completely without being seen and checked by another person or group.  This control involves understanding how companies monitors its control and how effective the monitoring is. The clerk should not be the only

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    Acct 504 Week 5 Case Study 2 Internal Control Ljb Company

    ACCT 504 Week 5 Case Study 2 Internal Control LJB Company Click Link Below To Buy: http://hwcampus.com/shop/acct-504/acct-504-week-5-case-study-2-internal-control-ljb-company/ Or Visit www.hwcampus.com Case Study 2 – Internal Control- Due by Sunday of week 5 LJB Company, a local distributor, has asked your accounting firm to evaluate their system of internal controls because they are planning to go public in the future. The President wants to be aware of any new regulations required

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    Acct Case Study

    debt should be accounted for as a troubled debt restructuring based on the following: To determine if troubled debt restructuring applies, both of the following conditions must be present: 1. The company must be experiencing financial difficulty 2. Creditor must grant concessions ASC 470-60-55-8 provides relevant implementation guidance in determining whether or not debtor is experiencing financial difficulties. 55-8 All of the following factors are indicators that the debtor is experiencing

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    Acct 504 Week 5 Case Study 2 Internal Control Ljb Company

    ACCT 504 Week 5 Case Study 2 Internal Control LJB Company Click Link Below To Buy: http://hwcampus.com/shop/acct-504/acct-504-week-5-case-study-2-internal-control-ljb-company/ Or Visit www.hwcampus.com Case Study 2 – Internal Control- Due by Sunday of week 5 LJB Company, a local distributor, has asked your accounting firm to evaluate their system of internal controls because they are planning to go public in the future. The President wants to be aware of any new regulations required

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    Chp 2 Case Study

    CHAPTER 2 CASE STUDY Zara International: Fashion at the Speed of Light At the announcement of her engagement to Spain's Crown Prince Felipe, Letizia Ortiz Rocasolano wore a chic white trouser suit; within a few weeks, hundreds of European women sported the same look. Welcome to fast fashion, a trend that sees clothing retailers frequently purchasing small quantities of merchandise to stay on top of emerging trends. In this world of “hot today, gauche tomorrow,” no company does fast fashion better

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    Case Study 2 Acct 505

    Case Study 2 - Marcus Carter - Week 3 A: Average full passenger fare $160 Less: Average variable cost per passenger $(70) Contribution Margin per passenger $90 Contribution Margin = Per Passenger fare - Variable cost per passenger Contribution Margin ratio 56.25% Contribution Margin Ratio = Contribution Margin Per Passenger / Average full passenger fare x 100 Fixed operating cost per month $3,150,000 Breakeven point in passengers 35,000 Breakeven point in passengers

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    Acct 504 Case Study 2

    Internal Control Recommendations for the President of LJB Company Should your company decide to go public, it is important to know that all publicly traded U.S. corporations are required to maintain an adequate system of internal controls and procedures for financial reporting in accordance with the Sarbanes-Oxley Act Section 404. It is the responsibility of your executives to ensure there are reliable and effective controls in place, and auditors from outside the company must attest to the adequacy

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    Case Study I Acct-505

    Case Study I ACCT-505 Managerial Accounting Information Provided Materials Purchased $325,000 Direct Labor $220,000 Sales $1,350,000 Gross Margin 30% Cost of Goods Available for Sale $1,020,000 Prime Costs $545,000 Manufacturer Overhead 65% Conversion Direct Materials $325,000 Beginning Balances Raw Materials $41,000 Works in Progress $56,000 Finished Goods $35,000 Conversion Cost= Manufacturing Overhead + Direct Labor Manufacturing Overhead= 65% of Conversion

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