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1 year ago

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

1 answer:

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.

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Direct labor and indirect labor are recorded, respectively, to:

torisob [31]

Answer:

d. Work in Process Inventory and Factory Overhead.

Explanation:

Direct labor is labor that is directly involved in the production process, for example a machine operator in a factory is supplying direct labor. So when recording direct labor we do so under work in process inventory as that is where the labour is applied.

Indirect labour is one that is not directly involved in the production process, for example office cleaners, building maintenance. Since their contribution is not directly impacting production, indirect labor is recorded under factory overhead.

8 0

3 years ago

Read 2 more answers

Silver fire electric inc. , a u. s. -based company, has productive activities in more than two countries. Silver fire electric i

telo118 [61]

Silver Fire Electric Inc is a multinational enterprise.

A multinational enterprise, abbreviated as MNE and every so often also known as multinational corporation (MNC), just multinational or international corporation, is an employer generating items or delivering offerings in more than one country.

A multinational business enterprise is a corporate employer that owns and controls the manufacturing of goods or offerings in as a minimum one united states apart from its domestic united states.

Multinational corporations assist to create employment possibilities and international. Inward investments with the aid of MNCs construct a great deal-needed overseas currency for developing and growing economies. they also generate employment possibilities and assist enhance the expectation of what's possible in lesser advanced countries.

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6 0

2 years ago

Beth sells candles from her website. She can get a candle from her suppliers at a cost of $3 to her. The candles have been selli

statuscvo [17]

Answer:

$10.67

Explanation:

Data provided in the question:

Initial cost = $3

Initial selling cost = $5

Initial sales = 4000

with $1 increase in price she loses 300 sales per month

Now,

Let the increase in price which maximizes the profit be '$x'

Therefore,

Final selling price = $5 + x

Final sales = 4000 - 300x

Thus,

Revenue = Final selling price × Final sales

= ( 5 + x)( 4000 - 300x)

= 20,000 - 1500x + 4000x - 300x²

= 20,000 + 2500x - 300x²

Total Cost = Initial cost × Final sales

= 3(4000 - 300x )

= 12,000 - 900x

Now,

Profit = Total revenue - Total cost

P = [ 20,000 + 2500x - 300x² ] - [ 12,000 - 900x ]

P = 8,000 + 3400x - 300x²

for point of maxima $\frac{dP}{dx}=0$

Thus,

0 = 0 + 3400 - 300(2x)

0 = 3400 - 600x

600x = 3400

x = $\frac{17}{3}$

Hence,

The price will be = $5 + x = $5 + \frac{17}{3}$

= $10.67

7 0

3 years ago

What does earning potential mean

Elena L [17]

I dont know!!!!!!!!!!!!!!!!!!!!!!!!!!

3 0

3 years ago

What should you do if you start having a hard time paying your mortgage? Select all that apply. Use your credit cards for everyt

Black_prince [1.1K]

Answer:

-Notify your mortgage servicer

-Contact a Homeownership Advisor

-Cut other expenses where you can

Explanation:

If you start having a hard time paying your mortgage, you should:

-Notify your mortgage servicer that is the company to which you make the payments of your loan and it can offer you an option that can help you with the payments like a deferral.

-Contact a Homeownership Advisor as this is a professional that provides financial advise before and after you purchase a house and can help you with options to fix the problem.

-Cut other expenses where you can because you may be having expenses that are not necessary and if you decrease them, you can be able to pay your mortgage.

The other options are not correct because using your credit cards is worst because you will be paying a loan with a different loan that will probably have a higher interest rate and wait a few months and see if things turn around can result in you missing payments which will affect your credit score and you may end up losing your home.

6 0

3 years ago