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Financial Accounting

14th Edition
Carl Warren + 2 others
Publisher: Cengage Learning
ISBN: 9781305088436

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BuyFindarrow_forward

Financial Accounting

14th Edition
Carl Warren + 2 others
Publisher: Cengage Learning
ISBN: 9781305088436
Chapter 8, Problem 4DQ
Textbook Problem
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Why should the responsibility for maintaining the accounting records be separated from the responsibility for operations? Explain.

To determine

Determine the reason for maintaining accounting records to be separated from the responsibility of operations.

Explanation of Solution

Internal Control: Internal control is a process which ensures continuous reliability of accomplishment of a company’s objectives, related to operations, financial reporting, and in conformity with laws and regulations. The following are the some of the internal control procedures:

  • • Competent personnel, rotating duties, and mandatory vacations
  • • Separating responsibilities for related operations
  • • Separ...

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Chapter 8 Solutions

Financial Accounting
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Ch. 8 - Identify each of the following as relating to (a)...Ch. 8 - Identify each of the following as relating to (a)...Ch. 8 - The following items may appear on a bank...Ch. 8 - The following items may appear on a bank...Ch. 8 - The following data were gathered to use in...Ch. 8 - The following data were gathered to use in...Ch. 8 - Prepare journal entries for each of the following:...Ch. 8 - Prepare journal entries for each of the following:...Ch. 8 - Financial data for Otto Company follow: a....Ch. 8 - Financial data for Bonita Company follow: a....Ch. 8 - Using Wikipedia (www.wikipedia.com), look up the...Ch. 8 - Faith Cassen has recently been hired as the...Ch. 8 - Ramonas Clothing is a retail store specializing in...Ch. 8 - Pacific Bank provides loans to businesses in the...Ch. 8 - One of the largest losses in history from...Ch. 8 - An employee of JHT Holdings, Inc., a trucking...Ch. 8 - All-Around Sound Co. discovered a fraud whereby...Ch. 8 - A former chairman, CFO, and controller of...Ch. 8 - The procedures used for over-the-counter receipts...Ch. 8 - Sergio Flores works at the drive-through window of...Ch. 8 - The mailroom employees send all remittances and...Ch. 8 - The actual cash received from cash sales was...Ch. 8 - The actual cash received from cash sales was...Ch. 8 - Abbe Co. is a small merchandising company with a...Ch. 8 - Paragon Tech Company, a communications equipment...Ch. 8 - Identify each of the following reconciling items...Ch. 8 - Which of the reconciling items listed in Exercise...Ch. 8 - The following data were accumulated for use in...Ch. 8 - Using the data presented in Exercise 8-18,...Ch. 8 - Accompanying a bank statement for Santee Company...Ch. 8 - An accounting clerk for Chesner Co. prepared the...Ch. 8 - The following June 30 bank reconciliation was...Ch. 8 - Alaska Impressions Co. records all cash receipts...Ch. 8 - Journalize the entries to record the following: a....Ch. 8 - Mattel, Inc., designs, manufactures, and markets...Ch. 8 - El Dorado Inc. has monthly cash expenses of...Ch. 8 - Capstone Turbine Corporation produces and sells...Ch. 8 - Amicus Therapeutics, Inc., is a biopharmaceutical...Ch. 8 - The following procedures were recently installed...Ch. 8 - Cactus Restoration Company completed the following...Ch. 8 - The cash account for Capstone Medical Co. at...Ch. 8 - The cash account for Brentwood Bike Co. at May 1...Ch. 8 - Beeler Furniture Company deposits all cash...Ch. 8 - The following procedures were recently installed...Ch. 8 - Cedar Springs Company completed the following...Ch. 8 - The cash account for Stone Systems at July 31...Ch. 8 - The cash account for Collegiate Sports Co. on...Ch. 8 - Sunshine Interiors deposits all cash receipts each...Ch. 8 - During the preparation of the bank reconciliation...Ch. 8 - The following is an excerpt from a conversation...Ch. 8 - The following is an excerpt from a conversation...Ch. 8 - Doris Tidwell and Jo Yost are both cash register...Ch. 8 - The records of Parker Company indicate a July 31...Ch. 8 - TearLab Corp. is a health care company that...

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