ACC* - Accounting ACC* M115 Lecture Notes - Lecture 27: Public Company Accounting Oversight Board, Internal Control, Child Custody

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Lifo last in first out - assumes that the latest goods purchased are the first to be sold. Only for goods in piles such as coal or produce. Step 1 find the cost of the ei by taking the unit cost of the oldest goods and working forward until all units of inventory are costed. Step 2 deduct ei calculated in step 1 from cost of goods available. Under periodic system all goods purchased during period are assumed to be available for the first sale regardless of the date of purchase. Fraud, internal control, and cash: fraud and internal control is a dishonest act by an employee that results in personal benefit to the employee at a cost to the employer. Examples would include: company bookkeeper diverts ,000 of bill payments to a personal bank account. The fraud triangle explains the three main factors that contribute to fraudulent activity.

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