“IT Controls” Please respond to the following:

• Discuss at least three to five advantages and disadvantages of implementing an IT-based system. Identify at least four inherent operational and financial risks in using computerized reports. Propose at least two mitigation risk strategies, and justify your recommendation.
• Identify at least three risks that auditors need to consider for companies that process Web-based sales transactions, including credit card payments. For each risk identified, develop a mitigation risk strategy. Provide specific examples.

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Liquid methanol is pumped from a large storage tank through a 1-in.ID pipe at a rate of 3.00gal/mm.
(a) At what rate in (i) ft · lbf/s and (ii) hp is kinetic energy being transported by the methanol in the pipe?
(b) The electrical power input to the pump transporting the methanol must be greater than the amount you calculated in part (a). What would you guess becomes of the additional energy?

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Hugo Reyes Company had the following account balances at year-end: Cost of Goods Sold $61,010; Inventory $17,220; Operating Expenses $29,650; Sales Revenue $122,470; Sales Discounts $1,210; and Sales Returns and Allowances $2,030. A physical count of inventory determines that merchandise inventory on hand is $12,870.

(a) Prepare the adjusting entry necessary as a result of the physical count.(Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Account Titles and Explanation

Debit

Credit

(b) Prepare closing entries.(Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Account Titles and Explanation

Debit

Credit

(To close accounts with credit balances.)

(To close accounts with debit balances.)

(To close net income / (loss).)

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In a regression analysis, the error term ε is a randomvariable with a mean or expected value ofa) Zerob) Onec) any positive valued) any value

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Granite Bay Jet Ski, Incorporated Level II 5th Edition Introduction Granite Bay Jet Ski, Inc., Level II – Introduction 5th Edition, Copyright © 2010 PKL Software, Incorporated. All rights reserved. Last Revised: April 1, 2010 Page 2 An Introduction To Granite Bay Jet Ski, Incorporated Level Two Granite Bay Jet Ski®, Incorporated, is a small corporation, locally owned by several stockholders interested in promoting the growth of personal watercraft recreation in the Granite Bay area. Kevin Atwater and Bryant Cobb are major stockholders in the company, with full responsibility for its operation. They are salaried employees of the corporation and receive their salaries after the close of the fiscal year. The business, located on the shore of Folsom Lake, is the number one dealer in California for Kawasaki Jet Ski personal watercraft. The business also sells several other brands of personal watercraft and accessories, provides excellent service for all watercraft, including parts and labor, and rents storage space to customers who prefer to keep their watercraft equipment at the lake. Both Kevin and Bryant are former jet ski racing champions and are now involved extensively in jet ski safety and recreational riding. To complete the on-the-job training requirement for your accounting course, you have been placed in a four-week internship program with Granite Bay Jet Ski, Incorporated. You will be responsible for all of the accounting activities from June 3 through June 30, including recording the transactions, auditing your work, and correcting all errors. Your internship will also require the printing and preparation of the financial statements, analysis of Document Preview:

Granite Bay Jet Ski, Incorporated Level II th5 Edition Introduction Pag e 1 Granite Bay Jet Ski, Inc., Level II – Introduction th5 Edition, Copyright © 2010 PKL Software, Incorporated. All rights reserved. Last Revised: April 1, 2010An Introduction To Granite Bay Jet Ski, Incorporated Level Two Granite Bay Jet Ski®, Incorporated, is a small corporation, locally owned by several stockholders interested in promoting the growth of personal watercraft recreation in the Granite Bay area. Kevin Atwater and Bryant Cobb are major stockholders in the company, with full responsibility for its operation. They are salaried employees of the corporation and receive their salaries after the close of the fiscal year. The business, located on the shore of Folsom Lake, is the number one dealer in California for Kawasaki Jet Ski personal watercraft. The business also sells several other brands of personal watercraft and accessories, provides excellent service for all watercraft, including parts and labor, and rents storage space to customers who prefer to keep their watercraft equipment at the lake. Both Kevin and Bryant are former jet ski racing champions and are now involved extensively in jet ski safety and recreational riding. To complete the on-the-job training requirement for your accounting course, you have been placed in a four-week internship program with Granite Bay Jet Ski, Incorporated. You will be responsible for all of the accounting activities from June 3 through June 30, including recording the transactions, auditing your work, and correcting all errors. Your internship will also require the printing and preparation of the financial statements, analysis of the statements and business operations, and the closing of the books at the end of the second quarter, June 30. Since Granite Bay Jet Ski uses a computerized accounting system, this opportunity to obtain hands on experience and practice your accounting skills…

Attachments:

GB2-Introduct….pdfGB2-Module-2.PDFGB2-Module-3.PDFGB2-Module-4.PDF

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