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1 year ago

Which one of the following is not a primary component of an internal control system?

Business

1 answer:

Bond [772]1 year ago

5 0

The following is not a primary component of an internal control system Control environment .

The primary cause of inner controls is to assist safeguard an corporation and further its objectives. internal controls characteristic to limit risks and shield property, make certain accuracy of facts, sell operational efficiency, and inspire adherence to policies, rules, regulations, and legal guidelines.

Internal controls are techniques designed to help guard an enterprise and limit danger to its objectives. inner controls decrease risks and guard belongings, ensure accuracy of statistics, sell operational performance, and encourage adherence to policies, policies, policies, and laws.

Determining whether a specific internal manage machine is effective is a judgement because of an assessment of whether the five additives - manage surroundings, risk assessment, manage sports, information and communique, and tracking - are present and functioning.

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GavelCo Insurance sells an insurance policy to Barry in the state of Colorado. GavelCo violates a Colorado state statute when do

dimulka [17.4K]

Answer:

enforceable by Barry, the purchaser, and he can recover from the insurer if applicable.

Explanation:

GavelCo has violated a statute when it sold the insurance policy to Barry in Colorado. If due to this failing on the part of GavelCo Barry has an issue with the insurance coverage, he has a right to enforce the insurance contract on GavelCo.

If there is a coverage he is entitled to he can recover it from GavelCo.

Even when an insurer violates a statute when issuing insurance, the purchaser can still recover from the insurer.

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3 years ago

Accounts payable $ 30,000 Accounts receivable 35,000 Accrued liabilities 7,000 Cash 25,000 Intangible assets 40,000 Inventory 72

KIM [24]

Answer:

The amount of quick assets is $98,000

Explanation:

All the current assets which can be quickly converted into cash are the quick assets. Inventory is not the p[art of this because it take much longer time to convert into cash than other current assets.

Cash $25,000

Accounts receivable $35,000

Prepaid expenses $2,000

Marketable securities $36,000

Quick Assets $98,000

Inventory 72,000 (excluded)

Following account are other than Current Accounts

Fixed Assets

Intangible assets 40,000

Long-term investments 100,000

Property, plant, and equipment 400,000

Liabilities

Long-term liabilities 75,000

Accrued liabilities 7,000

Accounts payable $ 30,000

Notes payable (short-term) 20,000

5 0

3 years ago

An) _____ is a simple project management planning tool used to break the project plan into smaller and smaller steps.

GrogVix [38]

Answer:

WBS

Explanation:

Work breakdown structure

6 0

2 years ago

Ivanhoe Company reports the following operating results for the month of August: sales $392,000 (units 4,900), variable costs $2

Norma-Jean [14]

Answer:

The best course of action is to increase the selling price by 10%.

Explanation:

Giving the following information:

sales $392,000 (units 4,900)

variable costs (247,000)

fixed costs (96,000)

Current net income= 49,000

First, we need to calculate the unitary selling price and variable cost:

Selling price= 392,000 / 4,900= $80

Unitary variable cost= 247,000 / 4,900= $50.41

Now, we will calculate the impact on net income of each variation:

Increasing selling price by 10%:

Selling price= 80*1.1= $88

Effect on income= 8*4,900= $39,200 increase

Reduce variable costs to 57% of sales.

Unitary variable cost= 80*0.57= $45.6

Effect on income= (50.41 - 45.6)*4,900= $23,569 increase

Reduce fixed costs by $22,000.

Effect on income= $22,000 increase

6 0

3 years ago

Consider the case of a good with external benefits. If you plant trees in front of your house, the neighborhood is more attracti

Veronika [31]

Answer:

1. b. Tax homeowners who plant trees.

2. Win - society and consumer

Loose - tax payers and producers.

Explanation:

1. a). If the good creates a positive externalities, then the $\text{private benefits from the good are less than the social benefits}$ from the good.

In the context, the following would not help to correct the problem :

Taxing the homeowners who plant the trees.

If the government taxes or takes some money form the people or the house owners who plant trees in their neighborhood will discourage the people to plant the trees and would not help in correcting the problem.

2. If the government pays for the program that helps to increase the planting the trees, then,

the one who will win from this program is : society and the consumers

the one who will loose : tax payers and the producers as the government would impose more tax in order to fuel the project.

6 0

2 years ago