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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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A firm is producing 24 units of output. At the 24th unit of output, marginal revenue is $5, and marginal cost is $4; at the 25th

agasfer [191]

Answer:

False.

Explanation:

(1) Units produced = 24 units of output

At the 24th unit of output,

Marginal revenue = $5

Marginal cost = $4

MR ≠ MC

At the 25th unit of output,

Marginal revenue = $4.50

Marginal cost = $4.50

MR = MC

At the 26th unit of output,

Marginal revenue = $4

Marginal cost = $5

MR ≠ MC

A firm maximizes its profit at a point where the marginal revenue is equal to the marginal cost i.e. MR = MC.

It is clear from the above scenario that this firm doesn't stop at 24 units of output because at this point of production profit maximizing condition is not fulfilled which means MR ≠ MC.

This firm should stopped at 25 units of output where marginal revenue is equal to the marginal cost from the 25th unit of output.

6 0

3 years ago

Which examples would a student of macroeconomics study? check all that apply. the impact of competition on a bakery the effects

antiseptic1488 [7]

The answer is 2,3,5 hope this helps :)

3 0

3 years ago

Read 2 more answers

You are planning your retirement in 15 years. You plan to retire with $3,000,000 and your retirement account earns 4.8% compound

Maslowich

Answer:

The retirement fund will last for 33 years and 7 months

Explanation:

We need to solve for time in an ordinary annuity

$C \times \frac{1-(1+r)^{-time} }{rate} = PV\\$

C $15,000.00

rate 0.004 (4.8% divide by 12 month)

PV $3,000,000

time n

$15,000 \times \frac{1-(1+0.004)^{-n} }{0.004} = 3,000,000\\$

we clear for n as much as we can and solve

$(1+0.004)^{-n}= 1-\frac{3,000,000\times0.004}{15,000}$

$(1+0.004)^{-n}= 0.20$

now we use logarithmic properties to solve for n:

$-n= \frac{log0.2}{log(1+0.004)$

-403.16

this will be a value in months so we divide by 12 to get it annually

403/12 = 33,5833

we convert the residual to months:

0.5833 x 12 = 6.996 = 7 months

6 0

4 years ago

At 7:50 pm the lights flashed red indicating that a train was approaching. David Harris walked past the yellow line telling peop

pashok25 [27]

Answer with Explanation:

The negligence act would be used here and for a plaintiff to prove to win the suit following four factors must have to be proved which are:

Duty of care
Breach
Cause
Harm

Part 1. Duty of Care

The railroad company owed a duty of care to every person rail station and the way they had exercised this duty of care was in the form of red light that David Harris saw, which means they exercised reasonable duty of care to avoid the misshapen. This means the duty of care that David Harris owes to himself was not crossing the yellow line.

Part 2. Breach

In fact David Harris was the one to avoid the red light signal and was out of the yellow line. So the breach of duty of care was of David Harris not of the railroad company.

Part 3. Cause

The cause of the breach of duty of care by David Harris was negligence because neither was the railroad signals were allowing him nor he was saving somebody else's life.

Part 4. Harm

Yes, the negligence of David Harris resulted in his death which is the most harm a person can suffer.

Conclusion:

As only harm was satisfactory not the other 3 factors were in the favor of plaintiff, so the widow's argument is incorrect and David Harris was negligent not the railroad company. Hence railroad company owes nothing in compensation to the David Harris's widow.

8 0

3 years ago

Gainville Inc. manufactures Android phones. Each new Gainville phone launch advances the cause of democratizing technology. Gai

alina1380 [7]

Answer:

Strong belief and values.

Explanation:

Marketers need to position their brands clearly in the minds of consumers.

Brand strategy decision incluedes:

-product attributes.

-product benefits

-product belive and values. Strongest brands go beyond attribute or benefit position. These brands pack an emotional wallop. They focus on creating surprise, passion and excitement surrounding a brand.

8 0

3 years ago