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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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Marginal revenue__________.

nalin [4]

Answer:

a. Is the additional revenue earned by selling one more unit

Explanation:

Marginal revenue is not equal to total cost.

Net profit is the difference between total revenue and total costs.

I hope my answer helps you

5 0

3 years ago

On November 10 of the current year, Cherokee Industries sold materials to a customer for $8,000 with credit terms 2/10, n/30. Ch

irga5000 [103]

Answer:

C.Accounts receivable 7,840 Cash discounts 160 Sales 8,000

Explanation:

I think your question is missed of key information, allow me to add in and hope it will fit the original one.

a. Accounts receivable 8,000 Sales 8,000

b. Accounts receivable 7,840 Sales 7,840

c. Accounts receivable 7,840 Cash discounts 160 Sales 8,000

d. Accounts receivable 8,000 Cash discounts 160 Sales 7,840

My answer:

Given:

Materials sold = $8,000

Credit terms = 2/10, n/30

Journal Entry for record sale on 10th November

Date Account Debit Credit

Nov 10 Cash $8000

Account receivable $7840

(8000 × 98%)

Sales discount $160

So Accounts receivable 7,840 Cash discounts 160 Sales 8,000 we choose C

6 0

4 years ago

Read 2 more answers

You must evaluate the purchase of a proposed spectrometer for the R&D department. The base price is $160,000, and it would c

KatRina [158]

Answer:

$207,000

Year 1: $57,600

Year 2: $67,200

Year 3: $30,000

Explanation:

Calculate the initial outlay of the project at year 0 as follow

Initial Outlay = Base Price + Modification cost + Working Capital requirement

Initial Outlay = $160,000 + $40,000 + $7,000

Initial Outlay = $207,000

The working for the calculation of the cash flow is attached with this answer, please refer to the attached file.

5 0

3 years ago

Sarah and Bill were recently hired at the local manufacturing plant. Before being hired, they were interviewed by the team membe

Karolina [17]

Answer:SELF-MANAGED

Explanation: A self managed team is a team where only the members of the team or Organisation plans,organises and cordinate the Activities of the team or Organisation. This type of team is also known as a self-organised or self-controlled team or Organisation,as all management functions are rotated among the members of the team or organisation.

Self managed teams or Organisation is semi-autonomous of external parties, they depend on the personnel inside the Organisation.

4 0

3 years ago

During the fourth quarter of 20--, there were seven biweekly paydays on Friday (October 4, 18; November 1, 15, 29; December 13,

horrorfan [7]

Answer:

The missing figures for Worksheets are;

Type of Tax (Form) - 941

This is used by Employers to report the taxes they withheld from Employee .

Amount of Deposit - $1,355.36

The Federal Deposit Liability per pay was $677,68. There was biweekly payments meaning 2 payments were made in the month so this figure must be multiplied by 2.

= 677.78 * 2

= $1,355.36

Tax Period - 4th Quarter (stated in question)

To be deposited on or before - November 15, 2019

This is because when paying monthly, the due date is always on the 15th of the following month.

5 0

3 years ago