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2 years ago

Compliance is the responsibility of the Compliance Officer, Compliance Committee, and Upper Management only.

1 answer:

6 0

Compliance is not the sole responsibility of compliance officer or the upper management or the compliance committee. Compliance is the responsibility of all individuals of the company.

<h3>What is Compliance?</h3>

Compliance is the act of ensuring that all the protocols mentioned in the policy are followed effectively, all the controls are in process and in working condition with complete effectiveness.

It is the duty of all the individuals to comply with the policies and ensure that the procedures are performed as per the standard operating guidelines. The compliance is not only the duty for the compliance individuals.

It is duty for all the individuals however those charged with governance are more likely to take actions against any procedure failure, but if there is any mishap and if there is a miss in the procedures being not correctly performed, it should be reported.

Learn more about Compliance at brainly.com/question/27046365

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You might be interested in

What costs are considered “relevant” and which are considered “irrelevant “to a business

Klio2033 [76]

Answer:

Relevant costs are costs that will be affected by a managerial decision. Irrelevant costs are those that will not change in the future when you make one decision versus another.

Explanation:Examples of irrelevant costs are sunk costs, committed costs, or overheads as these cannot be avoided.

4 0

3 years ago

Nordstrom, Inc. operates department stores in numerous states. Suppose selected financial statement data (in millions) for 2020

ivann1987 [24]

Answer:

a. Current ratio = Total current assets/Total current liabilities

Current ratio = $6,840/$3,420

Current ratio = 2 : 1

b. Accounts receivable turnover = Net credit sales / [Net beginning accounts receivables + Net ending accounts receivables / 2]

Accounts receivable turnover = $13,940 / [$3,300+$3,500/2]

Accounts receivable turnover = $13,940 / $3,400

Accounts receivable turnover = 4.1 times

c. Average collection period = 365 / Accounts receivables turnover

Average collection period = 365 / 4.1

Average collection period = 89.0244

Average collection period = 89 days

d. Inventory turnover = Cost of goods sold / [Beginning inventory+Ending inventory/2]

Inventory turnover = $9,000 / [$1,500+$1,500/2]

Inventory turnover = $9,000 / $1,500

Inventory turnover = 6 times

e. Days in inventory at the end of the current year = 365 / Inventory turnover

Days in inventory at the end of the current year = 365 / 6

Days in inventory at the end of the current year = 60.8333

Days in inventory at the end of the current year = 61 days

3 0

2 years ago

From the information given below construct a cash budget for five months period starting form May 20X1 till September. MONTH AND

Alenkinab [10]

Answer:

Cash Surplus May $83,300 June $ 61,600 July $33,000

Aug $25,500 Sept $ 3650

Explanation:

MONTH AND YEAR PROJECTED SALES FIRST MONTH

COLLECTIONS (80%)

April 20X1 $ 140,000 112,000

May 20X1 130,000 104,000

June 20X1 90,000 72,000

July 20X1 65,000 52,000

August 20X1 84,000 67,200

September 20X1 95,000 76,000

October 20X1 160,000 128,000

November 20X1 200,000 160,000

December 20X1 240,000 192,000

January 20X2 190,000 152,000

First we find the monthly cash collections 80 % in the month of sales , 10% in the second month , 5% in the third and 5 % in the fourth . We have summed them up in the following table.

Sales Collections

MAY JUNE JULY AUGUST SEPT

Particulars

1st Month 104,000 72,000 52,000 67,000 76,000

Collections

2nd Month 14,000 13,000 9000 6500 8400

3rd Month 7000 6500 4500 3250

4th Month 7000 6500 4500

Total

Collections 118,000 92,000 74,500 84,500 92,150

Now we prepare the cash budget deducting payments from collections and maintaining beginning and ending balance.

Cash Budget

MAY JUNE JULY AUGUST SEPT

Particulars

Opening 10,000 10,000 10,000 10,000 10,000

Add Total

Collections 118,000 92,000 74,500 84,500 92,150

Less Closing 10,000 10,000 10,000 10,000 10,000

Less Payments34,700 30,400 41,500 59,000 88,500

 Cash Surplus 83,300 61,600 33,000 25,500 3650

4 0

2 years ago

Crich Corporation uses direct labor-hours in its predetermined overhead rate. At the beginning of the year, the estimated direct

Rama09 [41]

Answer:

$1,524 underapplied

Explanation:

Predetermined overhead rate = Estimated Manufacturing Overhead ÷ Estimated Activity.

= $560,324 ÷ 22,060

= $25.40

Applied Overheads = Predetermined overhead rate × Actual Activity

= $25.40 × 22,000

= $558,800

Where,

Actual Overheads are $560,324 (given)

Conditions :

If Actual Overheads > Applied Overheads, we say overheads are under-applied and if Actual Overheads < Applied Overheads, we say that overheads are over-applied.

Therefore ,

In our case, Actual Overheads : $560,324 > Applied Overheads : $558,800. Overheads have been under-applied by $1,524 ($560,324 - $558,800).

8 0

3 years ago

When nations increase production in their area of _________________ and trade with each other, both sides can benefit.

Elenna [48]

Answer:

comparative advantage

Explanation:

Comparative advantage in finance is crucial for production because it helps nation to manufacture their goods with low opportunity cost compare to their co- partner in that production line.

Production which is an essential aspect in economics is a process of turning raw materials into finished goods are very crucial in each nation of the world and for economic process to be completed.

It should be noted that When nations increase production in their area of comparative advantage and trade with each other, both sides can benefit from it.

7 0

3 years ago