<span>The Great Depression affected economists' beliefs about the macroeconomy because it made them realize that the U.S. economy actually depends on the economies of countries around the world. Prior to this, the thought was that our economy was solely dependent on actions within the U.S.</span>
Answer:
1. Several individuals operate the cash register using the same register drawer. Weak Internal Control. <u>Establishment of Responsibility Internal control violated. </u>
Having many individuals have access to the cash register can lead to theft. Establishment of Responsibility is an internal control that calls for the minimal amount of people being able to do one task. This way issues can be traced faster.
2 .A monthly bank reconciliation is prepared by someone who has no other cash responsibilities. Good Internal Control. <u>Independent Internal Verification control followed. </u>
Independent Verification occurs when a person who is an employee of a company but not related to a task, audits that task to find out if any irregularities are present. It ensures unbiased review.
3. Joe Cockrell writes checks and also records cash payment journal entries. Weak Internal Control. <u>Segregation of Duties Internal control violated. </u>
Segregation of duty calls for the division of a job process into tasks that different people are to accomplish especially in relation to cash. It can help avoid fraud because people will not be able to approve payments for themselves which is what Joe Cockrell can do in this scenario. Joe can withdraw and decide not to record it.
4 .One individual orders inventory, while a different individual authorizes payments. Good Internal Control. <u>Segregation of Duties Internal control followed. </u>
Segregation of duty calls for the division of a job process into tasks that different people are to accomplish especially in relation to cash. By having one individual order inventory and the other authorizing payments, fraud can be better avoided.
5 .Unnumbered sales invoices from credit sales are forwarded to the accounting department every four weeks for recording. Weak Internal Control. <u>Documentation Procedures Internal control violated. </u>
Documentation procedures in a company ensure that the paper trail is efficiently recorded so that transactions can be followed up speedily. By sending unnumbered sales invoices to the Accounting department as well as taking so long to do so, the company is running an inefficient documentation process that will make tracking transactions more difficult.
Answer:
Dr Salaries expense 60,000
CrIncome tax payable 12,000
CrFICA tax payable 4,590
Cr Salaries payable 43,410
Explanation:
Preparation for the journal entry that Yams should record for the payroll
Dr Salaries expense 60,000
Cr Income tax payable 12,000
Cr FICA tax payable 4,590
Cr Salaries payable 43,410
[60,000-(12,000+4,590)]
(60,000-16,590)
=43,410
(Being to record the payroll amount)
Answer:
the cost per overhead rate and the inspection cost allocation is $0.08 per page and $190 respectively
Explanation:
The computation is shown below;
The cost per overhead rate is
= $840,000 ÷ 10,000,000
= $0.08 per page
The inspection cost allocated to Money Managers is
= $80,000 ÷ 16,000 × $38
= $190
hence, the cost per overhead rate and the inspection cost allocation is $0.08 per page and $190 respectively
The same would be considered and relevant too
