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(Solved) Prepare the bank reconciliation. Journalize any required entries from the bank reconciliation. Surf


Prepare the bank reconciliation. Journalize any required entries from the bank reconciliation. Surf around for information on internal control, write a report of your findings, and pre- sent it to your class (if required by your instructor). Q85. Describe in detail the main internal control weakness in this situation. Specify what nega- tive result(s) could occur because of the internal control weakness. Describe what you would do to correct the internal control weakness. Perform your own bank reconciliation using the format illustrated in the chapter. There are no bank or book errors. Q88. Explain how Johnson can improve his internal controls. Identify who, other than O’Conner, could be harmed by this theft. In what ways could they be harmed? Discuss the role accounting plays in this situation. Q91. What was the key control weakness in this case? Many small businesses cannot afford to hire enough people for adequate separation of duties. What can they do to compensate for this? Q93. What is the name of Amazon ’s outside auditing firm (independent registered public accounting firm)? What office of this firm signed the audit report? How long after the Amazon year-end did the auditors issue their opinion? Who bears primary responsibility for the financial statements? How can you tell? Q95. Does it appear that the Amazon internal controls are adequate? How can you tell? What standard of auditing did the outside auditors use in examining the Amazon financial statements? By what accounting standards were the statements evaluated? Q97. By how much did Amazon ’s cash balance (including cash equivalents) change during 2009? What were the beginning and ending cash balances? Write an internal control manual that will help safeguard the assets of the business. The starting point of the manual is to assign responsibilities among the group members.

 


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