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# ACC 290 Week 5 Individual Assignment Week Five Exercises

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ACC 290 Week 5 Individual Assignment Week Five Exercises
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ACC 290 Week 5 Individual Assignment Week Five Exercises
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Date Created: 01/08/16
ACC/290 Week 5 Week Five Exercises ACC/290 University of Phoenix ACC/290 Week 5 BE5­1 A. Sales: \$181,500 B. Cost of goods sold: \$41,200 C. Gross profit: \$38,000 D. Operating expenses: \$17,900 E. Operating expenses: \$8,500 F. Net income: \$63,400 BE5­2 Pocras Company Inventory             900                                     900 Wedell Company Accounts Rec.             900             900 Cost of Goods Sold 590             590 BE6­5 LIFO FIFO Purchases: 6 X 100   6 X 100    7 X 200   7 X 200    8 X 140   8 X 140    Cost of goods available for sale     3,120      3,120    Ending inventory     1,160       1,400 COGS \$    1,960   \$    1,720    ACC/290 Week 5 Using FIFO, COGS would be \$240 less under this method. The COGS being \$240 less  under the FIFO method would be the phantom profit as well. BE6­7                                                  Cost              Market LCM     Cameras 12,500 13,400 12,500 Camcorders 9,000 9,500 9,000 DVDs   13,000   12,200 12,200 LCM value is \$33,700 \$33,700 BE7­4 A. Physical controls B. Human resource controls C. Independent internal verification D. Segregation of duties E. Establishment of responsibility BE7­5 Cash:                                   975.74 Cash (short/over):             12.88 Sales Revenue:       988.62 BE7­6 A. Documentation procedures B. Independent internal verification ACC/290 Week 5 C. Physical controls D. Establishment of responsibility E. Segregation of duties Answer the following summary question: What is the role of the Sarbanes­Oxley Act of  2002 in relation to the types of internal controls used by corporations such as those  illustrated in Exercises 7­4, 7­5, and 7­6? The Sarbanes­Oxley (SOX) is an act passed by U.S. Congress in 2002 to protect investors from the possibility of fraudulent accounting activities by corporations.  The Sarbanes­Oxley Act of 2002 has a mandate that requires senior management to  certify the accuracy of the reported financial statements. Also, one of the requirements  is that management and auditors establish internal controls and reporting methods on the  adequacy of those controls. However, maintaining these requirements is for publicly  traded companies, which is very expensive to establish and maintain the required internal  controls that are sought out intentionally and required by the SOX Act. Supposedly, the Sarbanes­Oxley Act has yielded tighter regulatory compliance, stricter  corporate governance policies, more responsibility by a company to develop, enact, and  actually enforce more potent internal control elements within their organization. Plus, the  Sox Act has helped companies establish and strengthen past and present procedural  policies, eliminate redundancies, uncover deficiencies and detecting weaknesses, and so  on.

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