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2 years 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.

Learn more about Internal control here

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Retailers play a role in making distribution simpler by reducing the number of transactions required by consumers to make a purc

Solnce55 [7]

Selling directly to the consumers.

When retailers sell directly to consumers, they are cutting out steps in the transaction process. It allows all items to be more direct with their consumers and allows the consumer to find a various amount of items one place.

4 0

3 years ago

Sherry Garcia begins her first job after graduating from college and starts putting money away in a savings account. She believe

Monica [59]

Answer:

No sherry is not correct.

Explanation:

The circular flow of income is the movement of money and other resources in an economy.

Savings and investments are one of the factors that affects circular flow in an economy.

savings is the part of income which is not spent immediately but reserved for future purposes.

when savings are made in the bank, they are later returned into the economy by the bank. The bank turns the savings to investment, that will yield interest for the bank in form of loans.

Therefore Sherry's decision is incorrect because even though she has saved this money, the bank will in turn invest the money back into the circular flow.

5 0

3 years ago

Opera Corp uses the periodic inventory system. For the current month, the beginning inventory consisted of 7,200 units that cost

Kryger [21]

Answer:

$159,057

Explanation:

The computation of cost of goods sold is shown below:-

Total cost of goods available for sale = (7,200 × $10) + (4,000 × $13) + (12,000 × $13.50)

= $72,000 + $52,000 + $162,000

= $286,000

Total units = 7,200 + 4,000 + 12,000

= 23,200

Average cost per unit = Total cost of goods available for sale ÷ Total units

= $286,000 ÷ 23,200

= $12.33

So,

Cost of Goods sold = Sold units during the month × Average cost per unit

= 12,900 × $12.33

= $159,057

Therefore for computing the cost of goods sold for the month we simply applied the above formula.

3 0

3 years ago

Electronic monitoring includes ______ systems.

butalik [34]

Closed circuit television systems

4 0

4 years ago

MCO Leather Goods manufactures leather purses. Each purse requires 2 pounds of direct materials at a cost of $4 per pound and 0.

ruslelena [56]

Answer:

Direct Materials Purchases Budget Sept 51680 October 60160

Direct labor Budget September 54600 October 66150

Overhead Budget Sept $ 20920 October $23,230

Explanation:

The budgets are calculated in the following ways.

We multiply the required material , direct labor hour or variable overhead rate with the given number of units and then with the cost per unit to get the total costs.

MCO Leather Goods Manufacturers

Direct Materials

Purchases Budget

September October November

Production 5200 6300 6100

Pounds per units * 2 *2 *2

Total Pounds 10400 12600 12200

Cost per pound * $4 * $4 *$4

Total cost 41600 50400 48800

On hand

Inventory + 10080 + 9760 ---

Direct Materials

Purchases Budget 51680 60160

MCO Leather Goods Manufacturers

Direct Labor Budget

September October

Production 5200 6300

Hours required per unit * 0.7 *0.7

Total hours 3640 4410

Rate per hour * $15 *$15

Total labor Cost 54600 66150

MCO Leather Goods Manufacturers

Factory Overhead Budget

September October

Production 5200 6300

Hours required per unit * 0.7 * 0.7

Labor Hours 3640 4410

Variable OH * $3 *$3

Variable Costs $10920 $13230

Fixed OH + $10,000 +$10,000

Total OH $ 20920 $23,230

8 0

3 years ago