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kondor19780726 [428]
1 year ago
8

Summarize the primary characteristics of an effective internal control system for cash.

Business
1 answer:
Archy [21]1 year ago
3 0

Internal controls shield your business from fraud, theft, and mistakes. Effective internal controls preserve your assets, cut down on loss, and maintain the accuracy of your financial reporting, among other traits.

Internal control is a procedure implemented by a company's management, board of directors, and other staff members and is intended to give reasonable assurance that the information is accurate, timely, and reliable. of adherence to relevant laws, rules, agreements, policies, and procedures.

Internal control is a procedure for ensuring that an organization's objectives in operational effectiveness and efficiency, accurate financial reporting, and compliance with laws, rules, and policies are met, according to the definitions of accounting and auditing.

Learn more about Internal control here

brainly.com/question/26398073

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The following merchandise transactions occurred during December for two different companies: Rippen
kondaur [170]

The accounting entries for Rippen Corporation is recorded as follows:

December 3,

DR Accounts Receivable (Burnen Corp.) $480,000

CR Sales $480,000

DR Cost of Goods Sold $320,000
CR Inventory $320,000

December 8,

DR Sales Return $30,000

CR Accounts Receivable $30,000

DR Inventory $20,000

CR Cost of Goods Sold $20,000

December 12,

DR Cash $441,000

DR Credit Discount $9,000

CR Accounts Receivable $450,000

<h3>What is Journal Entry?</h3>

A journal entry is recorded for the transactions of a company in the relevant period, the entry that is recorded is also known as the double entry. These journal entries are then used to prepare T-Accounts, an then trial balance is made and ultimately income statement and balance sheet are made.

The transaction includes a discount of 2% as credit discount for the payment being made within 10 days.

Learn more about Journal Entries at brainly.com/question/27076717

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5 0
1 year ago
Luck is what happens when preparation meets opportunity.
elena-s [515]

Answer:

Roman philosopher Seneca once said, “Luck is what happens when preparation meets opportunity.”

Explanation:

4 0
2 years ago
Frederick Taylor, the founder of scientific management, examined labor efficiency and effectiveness. His goal was to change: Gro
weqwewe [10]

Answer:

the relationship between management and labor from one of conflict to one of cooperation.

Explanation:

The goal of Frederick Taylor and scientific management is to increase labor efficiency. He proposed specialization and training in order to have more efficient workers that can produce more per hour. At the same time, Taylor advocated for higher pay if efficiency and productivity increased. For example, if a worker produces 100 units, he/she should be paid twice than a worker that produces only 50 units.

8 0
3 years ago
The Vitamin Shoppe sells natural vitamins and supplements. Product prices are adjusted frequently to meet the needs of individua
Anna11 [10]

Answer:

Dynamic Pricing

Explanation:

Dynamic pricing is the price set to reflect the changes in environment factors and factors that are included in the company's corporate policies. In the above scenario, the company has set a different price in different scenario. The normal customer who visits the store fewer times are not given any discounts however the permanent customer is given discount. This is because of the changes in customer loyalty factor. The company is charging different in different scenarios which means it is pursuing Dynamic Pricing strategy.

6 0
3 years ago
In the joint planning process, ____________ saves times by allowing planning activities to begin in advance of a formal decision
Novosadov [1.4K]

In the joint planning process, A Planning Order (PLANORD) <span>is a planning directive providing essential planning guidance and directs the initiation of plan development before the directing authority approves a military COA. It saves times by allowing planning activities to begin in advance of a formal decision.</span>

 

 

 






6 0
3 years ago
Read 2 more answers
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