Explain the importance of separation of duties
*How does the accounting write-off of design and development costs as current period expenses affect managers' incentives to incur these costs?
*Explain the importance of separation of duties to a system of internal controls.
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Waterford Industries is ocnsidering the purchsase of a new machine. It will replace an existing but obsolete machine that will be sold for $50,000.
Take a look at the financial statements. What is your opinion on how Starbucks is performing? Are they doing better this year than last year? Is there anything surprising to you in their financial statements?
The chief executive of a clothes manufacturer charged with committing financial fraud was dismayed that the controller and other employees had committed fraud.
If the new plant is built, how many skateboards will have to be sold next year to earn the same net operating income, $154,000, as last year?
How does the accounting write-off of design and development costs as current period expenses affect managers' incentives to incur these costs?
Equipment acquired on January 2, 2011 at a cost of $273,500 has an estimated useful life of eight years and an estimated residual value of $35,500.
Lichty uses the total-cost approach and a discount rate of 12% in making capital budgeting decisions. Regardless of which option is chosen, rebuild or replace, at the end of four years Mr. Lichty plans to close the car wash and retire.
E&K Company has a net book value of $220,000. The company has a 10% cost of capital. The firm expects to have profits of $45,000, $40,000, and $35,000 for the next three years (respectively).
One business customer, with purchases in 2014 of $20,000, always paid Quarter Foods within 15 days of the purchase. Another business customer, with $5,000 of unpaid purchases, declared bankruptcy and did not have any means to pay any of the bill.
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