Select one of the journal entry testing analytics from the following list and explain why it is useful in detecting journal entry fraud risk. Use the internet to find examples to support your answer. Round dollar entries Revenue reversals Unusual dates Management override General ledger close Dormant accounts

Q: Direct Materials Variances The following data relate to the direct materials cost for the production…

A: The variance is the difference between the actual and standard costs of production. The variance can…

Q: Early in 2022, Desert, Co. finalized plans to expand operations. The first stage was completed on…

A: The acquisition cost is defined as the net price paid by the acquirer to the trader to successfully…

Q: (c) Upon receipt of the budget, the team manager, Hilux James, has now informed you that, in keeping…

A: A cash budget is an accounting document that forecasts a person's or a business's flow of money for…

Q: Olympus, Inc., manufactures three models of mattresses: the Sleepeze, the Plushette, and the Ultima.…

A: Flexible budgets are budgets that can be altered based on income and expenditure changes during the…

Q: The following information has been taken from the ledger accounts of Yogi Corporation: Total net…

A: The percentage of a company's retained profits that has not been designated for a particular use by…

Q: Budgeted sales for the month of April are shown in the following table:   Sales April May June Cash…

A: The following basic information as follows:- Quarter means three  months 4 quarter in a year Company…

Q: Consider the following data collected for Albo's Rentals:                                  Direct…

A: Standard costs are estimates of the actual costs in a company’s production process Then, the…

Q: Using High-Low to Calculate Fixed Cost, Calculate the Variable Rate, and Construct a Cost Function…

A: Variable costs are costs that varies with the change in the level of output. Fixed costs are costs…

Q: Kristen Lu purchased a used automobile for $31,250 at the beginning of last year and incurred the…

A: Variable cost :— It is the cost that changes with change in activity of cost driver. Variable cost…

Q: Anti-avoidance provisions _________________. a. eliminate tax planning by taxpayers. b. are…

A: Lets understand the basics Anti-avoidance provisions are rules or measures put in place by…

Q: Shelby American Industries is considering the acquisition of a new machine that costs $420,000 and…

A: Time value of money :— According to this concept, value of money in present day is greater than the…

Q: an 80/20 coinsurance provision. The cap on Michael's coinsurance share is $1,910. Round your answers…

A: Bill will Michael pay = Annual deductible + Coinsurance cap Annual deductible = $450 Coinsurance cap…

Q: Clinic House uses client-visits as its measure of activity. During October, the clinic budgeted for…

A: A planning budget is a budget that outlines an organization's expected revenues, expenses, and…

Q: QUESTION 1A Johanna Stores produce and sell sunscreen powder called the 'Protect' in cases. Each…

A: Absorption costing is a technique of bookkeeping that allots to the product or service all costs…

Q: Ivanhoe Pet Supply Company issued $400,000 of 8 %, 10-year bonds at 102. Interest is paid annually,…

A: Bonds are debt securities issued by an entity to raise money. The bonds are the long-term debt. The…

Q: not receive credit. Lloyd and Harry, equal partners, form revenue, expenses, gains, losses, an

A: PARTNERSHIP is an agreement between two or more partners who agrees to carry out a business with…

Q: Eagis Lid uses process costing in its Fabricating Department. At the beginning of October, it had…

A: Beginning inventory = 12,000  units started in = 87,000  Units Completed and transferred out =…

Q: Complete the schedule of cash payments for S&A expenses by filling in the missing amounts. October…

A: Salary Payable - Salary Payable is the amount incurred but remain unpaid. These shall be recorded in…

Q: Mino Inc. manufactures chocolate syrup in three departments: Cooking, Mixing, and Bottling. Mino…

A: The equivalent units are calculated on the basis of the percentage of the work completed during the…

Q: Under  PFRS9, reclassification of investment in equity securities: A. Is allowed as long as it is…

A: Introduction:- This question is related to the accounting treatment of investments in equity…

Q: On December 31, 2023, the following information was available from ORANGE Company's accounting…

A: Under the average cost method, the cost-to-retail percentage is determined for all goods available…

Q: Netflix signs a contract with NBC granting Netflix the right to stream The Office. The contract…

A: Revenue recognition is a generally accepted accounting standard (GAAP) that establishes and accounts…

Q: ABC Company has prepared a unit sales budget for the upcoming months as follows: Units Month Units…

A: Budgeting is the process of preparing the forecasted statements to determine the revenues, expenses,…

Q: Required information [The following information applies to the questions displayed below.] On…

A: Answer:-  Journal entry:- Recording a transaction when it occurs in the books of account is known as…

Q: The production manager of Rordan Corporation has submitted the following quarterly production…

A: The direct labor budget is prepared to know the expected number of labor hours required to produce…

Q: The budget director of Heather’s Florist has prepared the following sales budget. The company had…

A: Cash receipts means the amount of cash received by the entity during a particular period whether the…

Q: Rundle Manufacturing Company established the following standard price and cost data.…

A: Income statement as per contribution margin is the one wherein the contribution is shown first and…

Q: Determine the cost of goods sold and ending inventory under a perpetual inventory system using (1)…

A: FIFO is first in first out inventory valuation method under which inventories which are purchased…

Q: Budgeted sales for the month of April are shown in the following table:   Sales April May June Cash…

A: Balance sheet is the financial statement that records all the assets, liabilities and stockholders'…

Q: DD Co. established a P90 million liability at the end of 2020 for the estimated litigation…

A: Answer:-  Deferred tax liability: - When a tax obligation is accrued in one fiscal year but is due…

Q: Return on investment = O Average operating assets ÷ Net operating income O Net operating income…

A: RETURN ON INVESTMENT Return on Investment is the Ratio between Net Operating Income & Average…

Q: Man City Enterprises commenced operations on 1 January 2022, and produces a single product that…

A: Income statement :— It is one of the financial statement that shows profitability, total revenue and…

Q: Toyota & Sons is a family-owned auto-parts store. You are the management accountant of the concern…

A: A cash budget is an estimate of a company's cash inflows and expenditures over a specified time…

Q: QUESTION 30 Sales revenues of a utility for a certain fiscal period Are equivalent to total debits…

A: Sales revenues for a utility are the amounts charged to customers for the services provided by the…

Q: atin Away Company has three employees-a consultant, a computer programmer, and an administrator. The…

A: Gross pay = Regular payment + overtime payment  Consultant:  Gross pay = Regular payment + overtime…

Q: Calculate ending inventory at October 31 and cost of goods sold for the month assuming that DL used…

A: Solution   FIFO Method This is a first in first out method. In this method the materials are sold…

Q: Refer the following table. Focus Metals Inc. Comparative Balance Sheet Information November 30…

A: Ratio analysis is defined as a method of analyzing the financial statements where different ratios…

Q: Analyzing Income under Absorption and Variable Costing Variable manufacturing costs are $107 per…

A: Fixed manufacturing overhead costs are outlays incurred by the facility that are constant…

Q: Jasper Company has 61% of its sales on credit and 39% for cash. All credit sales are collected in…

A: Cash receipts are those which are collected by the entity from the sales of previous or current…

Q: Benjamin and Ester file a joint return and have AGI of $165,000. Both are active participants in…

A: “Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: Nicole's employer, Poe Corporation, provides her with an automobile allowance of $30,000 every other…

A: Fringe Benefit means an additional benefit paid by the employer to an employee other than salary.…

Q: AA Company began operations at the beginning of 2020. The following information pertains to this…

A: It is important for individuals to understand the tax implications of any benefits they receive, as…

Q: cash flow will (circle

A: Total relevant revenues = selling price per unit * number of units sold. equals 425 * 4,000 =…

Q: The following information has been taken from the ledger accounts of Yogi Corporation: Total net…

A: Retained earnings are an important component of a company's financial health and can be an…

Q: devin and merri sign the loan documents on March 23 and are required to deposit 324 into the escrow…

A: A temporary account kept by a third party, often an escrow agency or an attorney, is known as an…

Q: Matisse Industries is planning on purchasing a new piece of equipment that will increase the quality…

A: The break even sales are calculated as fixed costs divided by contribution margin ratio. The…

Q: Sims Company began operations on January 1. Its cost and sales information for this year follow. $…

A: ABSORPTION COSTING Absorption Costing is a Cost managerial Accounting method in which All Cost…

Q: lop executive officers of Jordan Company, a merchandising firm, are preparing the next year's…

A: Lets understand the basics. A pro forma income statement is a document that displays a company's…

Q: At the beginning of the year, a company estimates total overhead costs of $300,000. The company…

A: Overhead is the amount of cost incurred on the making of the goods. The manufacturing overhead…

Q: Required: post entries to the relevant accounts in the general ledger and balance the accounts:…

A: journal entries are modern method of accounting in which all business transactions are recorded in…

Management Information Systems

While undertaking any business decisions, data is the most important aspect. An information system (IS) is a set of data, computing devices and management methods that support routine company operations. A management information system (MIS) is a specific subset of IS.