A ______ is a firm that produces the entire market supply of a particular good or service

The objectives of internal control are to a.prevent fraud and promote the social interest of the company b.provide control over

Marina86 [1]

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 to safeguard assets, promote accountability, increase efficiency, and stop fraudulent behavior.

Summarily, internal controls are put in place as a process to prevent employees from stealing assets or committing fraud.

4 0

3 years ago

Joe Santos owns the only pizza parlor in a small town that is also home to a McDonald's, a Taco Bell, and a Kentucky Fried Chick

astra-53 [7]

Answer:

True

Explanation:

A more precise way to describe the situation is that Joe's pizza parlor is a monopolistic competition. But that definition considers that all 'food' items have some degree of close substitute relation.

But yes, if you consider this two conditions:

a broad definition of monopoly
other restaurants are not considered close substitutes for the food sold at the pizza parlor

Then yes, Joe has monopoly

5 0

3 years ago

Importance of span of control

RideAnS [48]

Answer:

determines the level of interactions and responsibilities associated with employees and managers.

Explanation:

7 0

3 years ago

A Qdoba and a Baja Fresh both close down. They were both very near by a Chipotle. Now that Qdoba and Baja Fresh are gone, what d

Kitty [74]

Answer:

They were not allowed in advance of this investigation

7 0

3 years ago

Hi-Test Company uses the weighted-average method of process costing to assign production costs to its products. Information for

LenaWriter [7]

Answer and Explanation:

The computation of given question is shown below:-

Hi-Test Company

Weighted-average method

Equivalent units

Particulars Physical units Material Conversion costs

Units to be accounted for

Beginning work-in-progress 2,000

Production started 28,000

Total units 30,000

Units accounted for:

1. Completed and transferred

out 23,000 23,000 23,000

(23,000 × 100%)

Ending work-in-progress 7,000 7,000 2,800

(7,000 × 100%) (7,000 × 40%)

2. Total units 30,000 30,000 25,800

Materials Conversion costs Total costs

Costs to account for:

Beginning work in

progress $45,000 $56,320 $101,320

($25,600 + $30,720)

Costs added during

period $375,000 $341,000 $716,000

Total costs $420,000 $397,320 $817,320

÷

Total equivalent unit

of production $30,000 $25,800

3. Cost per equivalent unit $14.00 $15.40

Cost accounted for

4. Completed and transferred

out $322,000 $354,200 $676,200

(23,000 × $14.00) (2,800 × $15.40)

7. Ending work in progress $98,000 $43,120 $141,120

(30,000 × $14.00) (25,800 × $15.40)

Total cost $420,000 $397,320 $817,320

4 0

3 years ago