ACC 290 Week Five Exercises 1 PDF

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ACC 290 Week Five Physical exercises ACC/290 University or college of Phoenix, az

BE5-1 A. Sales: $181, 500 M. Cost of products sold: $41, 200 C. Gross income: $38, 000 D. Operating expenses: $17, 900 Electronic. Operating expenses: $8, 500 F. Net income: $63, four hundred BE5-2 Pocras Company Inventory 900 900 Wedell Organization Accounts Rec. 900 900 Cost of Products Sold 590 590 BE6-5

LIFO FIFO

Purchases: 6 X 75 6 By 100 7 X 200

7 By 200 eight X 140 8 By 140 Cost of goods available for purchase 3, 120 3, 120 Ending inventory 1, 160 1, four hundred COGS dollar 1, 960 $ 1, 720 Using FIFO, COGS would be $240 fewer under this process. The COGS being $240 less underneath the FIFO method would be the phantom profit as well.

BE6-7 Cost Market LCM Digital cameras 12, 500 13, four hundred 12, 500 Camcorders 9, 000 9, 500 9, 000 Dvd disks 13, 000 12, 200 12, 200 LCM benefit is $33, 700 $33, 700

BE7-4 A. Physical controls C. Human resource regulators C. Individual internal confirmation D. Segregation of obligations E. Store of responsibility BE7-5 Funds: 975. seventy four Cash (short/over): 12. 88 Sales Earnings: 988. sixty two BE7-6 A. Documentation strategies B. Individual internal confirmation

C. Physical controls Debbie. Establishment of responsibility Y. Segregation of duties Answer the following summation question: Precisely what is the purpose of the Sarbanes-Oxley Act of 2002 in terms of the types of inside controls employed by corporations just like those illustrated in Physical exercises 7-4, 7-5, and 7-6? The Sarbanes-Oxley (SOX) is certainly an conduct yourself passed by simply U. Beds. Congress in 2002 to defend investors from possibility of fake accounting actions by firms. The Sarbanes-Oxley Act of 2002 possesses a mandate that will need senior control to approve the excellence of the reported financial terms. Also, one of many requirements is that management and auditors build internal regulators and revealing methods on the adequacy of the controls. Yet , maintaining these kinds of requirements is designed for publicly traded corporations, which is costly to establish and observe after the required inside controls that happen to be sought out intentionally and needed by the SOX Act. Supposedly, the Sarbanes-Oxley Act features yielded stronger regulatory compliance, stricter corporate governance policies, more responsibility by a company to build up, enact, and actually enforce more potent internal control elements inside their organization. In addition, the Sox Act features helped businesses establish and strengthen past and present procedural procedures, eliminate redundancies, uncover deficiencies and discovering weaknesses, and so on....