Pam is a receptionist for Dunderhead Paper Co., which has strict corporate policies on appropriate use of corporate resources. The first week of August, Pam saw Michael, the branch manager, putting pencils, pens, erasers, paper and other supplies into his briefcase on his way out the door. This situation best reflects a weakness in which aspect of internal environment, as discussed in the COSO Enterprise Risk Management Framework?
A) Integrity and ethical values
B) Risk management philosophy
C) Restrict access to assets
D) Methods of assigning authority and responsibility
Answer: A) Integrity and ethical values
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A(n) ____-based system is made up of units of information, such as online documents, database records, or the solution to a common incident, and a set of question and answer pairs that can be used to confirm the solution to an incident.
Fill in the blank(s) with the appropriate word(s).
Carrie Ann works at Paper Products, Inc She considers taking home a few sheets of stationery so she can write letters to her ailing grandmother. Since Paper Products produces thousands of sheets of stationery every day no one will miss the few sheets she takes and company profits will not be affected. Carrie Ann then considers what would happen if every employee took some stationery home and
decides not to take any. Carrie Ann is being influenced by a. the categorical imperative. b. the principle of rights. c. a cost-benefit analysis. d. outcome-based ethics.
The Clayton Act is concerned with
A. tying contracts. B. buying competitors. C. product warranties. D. buying producers or distributors. E. deceptive pricing.
Clarion Company, a new firm, manufactures two products, J and K, in a common process. The joint costs amount to $80,000 per batch of finished goods. Each batch results in 20,000 liters of output, of which 80% are J and 20% are K.The two products are processed beyond the split-off point, with Clarion incurring the following separable costs: J, $2 per liter; K, $5 per liter. After the additional processing, the selling price of J is $12 per liter, and the selling price of K is $15 per liter.Required:A. Determine the proper allocation of joint costs if the company uses the net-realizable-value method.B. Assume that Clarion sold all of its production of K during the current accounting period. Compute K's sales revenue, cost of goods sold, and gross margin.C. Is the firm's cost-of-goods-sold
figure influenced by the choice of a joint-cost allocation method? Briefly explain. What will be an ideal response?