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Alik [6]
1 year ago
7

The five elements of internal control include all of the following except risk assessment. control procedures. information and c

ommunication. None of these choices are correct.
Business
1 answer:
Paul [167]1 year ago
8 0

Here, the five elements include all of the following except- None of these choices are correct

<h3><u>What are the five elements of internal control ?</u></h3>

Different internal control systems function with varying degrees of efficacy. A judgment on an internal control system's effectiveness is made after evaluating if each of the five components -

  • Control Environment-The tone of an institution is defined by the control environment created by the organization's management, which also has an impact on the individuals who work there.
  • Risk Assessment-Every entity must evaluate the many risks it confronts from both internal and external sources. Setting up objectives that are internally consistent and related at various levels is a prerequisite for risk assessment.
  • Control Activities-The rules and practices that guarantee management directions are followed are known as control activities. They aid in ensuring that the required steps are made to address risks preventing the entity from achieving its goals.
  • Information and Communication-Relevant information must be located, recorded, and disseminated in a way and at a pace that makes it possible for recipients to fulfill their duties. Effective communication must flow up, down, and throughout the company in a wide sense.
  • Monitoring-Regular management and supervision tasks, as well as other actions staff members do while carrying out their jobs, constitute ongoing monitoring, which evaluates the effectiveness of internal control system performance.

To know more about the concept of internal control, refer to: brainly.com/question/15318839

#SPJ4

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1. Capital budgeting decisions are used to determine how to raise the cash necessary for investments. a.True b. False 2. A firm
AlekseyPX

Answer:

1. False

2. A. financing decision

Explanation:

The capital budgeting refers to the investment in long term assets like machinery, new process, plants, machine replacement that can increase productivity and create a better return in the near future. There are various processes to determine it. It can be by net present value, internal rate of return, etc

The financial decision belongs to a certain decision that illustrates the allocation of financing and funding. It also helps in paying the investment and keeping expenses that can increase the wealth of the shareholder.  

It is made up of decisions related to capital budgeting, working capital management. The working capital displays the current assets and current liabilities According to the case, as the small investment project is paid through a $1 million that results in an increase in a short term bank loan

5 0
3 years ago
Since Al's Auto Parts has had trouble with its windshield wiper manufacturer inthe past, it is requesting a guarantee from the c
mixer [17]

Answer:

The correct answer is (B)

Explanation:

Assurance refers to financial inclusion that gives compensation for goods and service. Assurance is partially different than insurance, assurance is partially implemented for an unlimited period. The company wants assurance because of the lack of confidence due to bad past experience. Assurance or insurance is usually provided to the customers to regain their confidence. In this scenario it is feasible to request a guarantee before placing next order.

4 0
2 years ago
Stylist Services Co. offers its services to individuals desiring to improve their personal images. After the accounts have been
docker41 [41]

Answer:

Date General Journal            Debit ($)    Credit ($)

July 31 Fees Earned                    520,400    

               Wages Expense                          488,000  

               Rent Expense                                    65,000  

               Supplies Expense                              11,200  

               Miscellaneous Expense             13,900  

               Marlena Fenton, Capital            (57,700)

(To close Revenue and Expense accounts)    

July 31 Marlena Fenton, Capital 11,000  

               Marlena Fenton, Drawing             11,000

Explanation:

Marlena Fenton, Capital = $880,000

Marlena Fenton, Drawing = $11,000

Fees Earned = $520,400

Wages Expense = $488,000

Rent Expense = $65,000

Supplies Expense = $11,200

Miscellaneous Expense = $13,900

Marlena Fenton, Capital =  $520,400  -($488,000 + $65,000 + $11,200 + $13,900) = ($ 57,700)

7 0
3 years ago
Todd can afford to pay $390 per month for the next 7 years in order to purchase a new car. The interest rate is 6.8 percent comp
zvonat [6]

Answer:

$26,036.74

Explanation:

Tom is able to pay $390 per month for 7 years. The interest rate is 6.8 %. Tom will pay an equivalent of the present value of a $390 annuity for & years 6.8 per cent

The applicable formula is

PV = P ×  1 − (1+r)−n

                      r

Where PV is the present value

P is 390

r is 6.8% per year or 0.005666

n is 7 year or 84 months

PV = $390 x 1-(1+0.005666)84

   0.00566

PV = $390  x 1- 0. 622133410)

   0.00566

PV =390  x  (0.37786659/0.00566)

PV = $390 x 66.760

PV = $26,036.74

4 0
3 years ago
Orlando Company, which applies overhead to production on the basis of machine hours, reported the following data for the period
astraxan [27]

Answer:

$37,600 favorable

Explanation:

Variable overhead spending variance can be computed as;

= (Actual hours worked × Actual variable overhead rate) - ( Actual hours worked - Standard variable overhead rate)

= ( 18,800 hours × $77,700/12,000) - (18,800 hours × $4.5)

= [(18,800 × $6.5) - (18,800 × $4.5)]

= $122,200 - $84,600

= $37,600 favorable

6 0
2 years ago
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