The conductivity of the object
Answer:
d.provide reasonable assurance that assets are safeguarded and used for business purposes, financial reports are accurate, and laws and regulations are complied with.
Explanation:
The purpose of internal controls is to provide reasonable assurance that assets are safeguarded and used for business purposes, financial reports are accurate, and laws and regulations are complied with.
By definition: An internal control is a procedure or policy put in place by management <u>to safeguard assets, promote accountability, increase efficiency, and stop fraudulent behavior.</u>
Summarily, internal controls are put in place as a process to prevent employees from stealing assets or committing fraud.
Explanation:
The Journal entry is shown below:-
On Jan 31
Allowance for doubtful accounts $2,800
To Accounts receivable - C. Green $2,800
(Being the uncollectible amount is recorded)
Mar 09
Accounts receivable - C. Green $2,300
To Allowance for doubtful accounts $2,300
(Being the written off amount is recorded
Mar 09
Cash $2,300
To Accounts receivable - C. Green $2,300
(Being the payment is received is recorded)
