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Rainbow [258]
3 years ago
9

The objectives of internal control are to

Business
1 answer:
maw [93]3 years ago
5 0

Answer:

a. Provide reasonable assurance that assets are safeguarded and used for business purposes, financial reports are accurate, and laws and regulations are complied with.

Explanation:

"In an “effective” internal control system, the following five components work to support the achievement of an entity’s mission, strategies and related business objectives. 1. Control Environment 2. Risk Assessment 3. Control Activities 4. Information and Communication 5. Monitoring"

Reference: Cruz, Sharise. “What Are the Five Components of the COSO Framework?” What Are the Five Components of the COSO Framework?, 2016

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Explanation:

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In this case we are asked to use direct labor cost:

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overhead rate = 270,300 / 219,800 = 1,229754 = 1.23

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