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3 years ago

What name is given to the principal means of controlling the availability and cost of financial resources?

Business

1 answer:

Alexxx [7]3 years ago

4 0

Answer: BUDGETS

Explanation: A budget can be defined as a written plan for financial purpose of the entity usually made for a definite period of one year. A budget can be fixed or variable.

A budget is made on the planned amount of sales and revenues and takes into consideration various types of cost and expenses to be incurred.

Thus, from the above we can say that budget is that principal mean that is used for controlling of financial resources in an entity.

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BabaBlast [244]

Answer:

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3 years ago

For each of the following cash activities, choose the appropriate letter to match the activity with the internal control princip

Helen [10]

Answer:

A. Restrict access

C. Establish responsibility

D. Document procedures

B. Independently verify

Explanation:

A. Restrict access, as the password is set to address the cash register, that is a security is being provided, and this is because, there is a restricted access, for the safety purpose.

C. Establish responsibility - As the treasurer is held liable of making and receiving any checks, and that he is the person who shall monitor such things, related to transactions in checks.

D. Document procedures - since a list is prepared for the checks received in mail, it is mere preparation of records and documentation of what checks are received and what not.

B. Independently verify - Bank Reconciliation Statement is prepared to verify the transactions and match the balance in books with that of the bank pass book.

6 0

3 years ago

Bad Debt Expense info:Allowance for Doubtful Accounts has a credit balance of $1,000. Credit sales are $500,000. Cash sales are

kow [346]

Answer:

Bad Debt Expense $24,000 Dr

Allowance for Doubtful Accounts $24,000 Cr

Explanation:

Data:

BB = Beginning Balance = $1,000

CS = Credit Sales = $500,000

CH = Cash Sales = $500,000

SM = Percentage Sales Method = 5% = 0.05

U = Uncollectible = $25,000

AR = Accounts Receivable = $200,000

ADA = Allowance for Doubtful Accounts = ?

Calculations:

ADA = U - BB = $25,000 - $1,000 = $24,000

Net Realizable Cash Value = AR - ADA = $200,000 - $24,000 = $176,000

Balance in the Allowance Account after the adjusting entry = BB + ADA = $1,000 + $24,000 = $25,000

Journal entry:

Bad Debt Expense $24,000 Dr

Allowance for Doubtful Accounts $24,000 Cr

Hope this helps!

8 0

3 years ago

The title company charges a fee to effect the closing on behalf of the buyer and seller. who bears the cost of this?

horrorfan [7]

To have a fundamental and legal basis, there should always be a purchase contract between the buyer and the seller. This contract contains the agreement and requirements for the purchase to proceed. So in this case, it is always agreed in the contract who pays the cost.

4 0

3 years ago

Stephanie is 60 years old and is in the 30% tax bracket. Fifteen years ago, she established a Roth IRA that now has a balance of

Vika [28.1K]

Answer:

b. not have to pay taxes on her withdrawal

Explanation:

Options are "a. pay $6,000 in taxes b. not have to pay taxes on her withdrawal, c. have to pay payroll taxes. d. have to pay a 10% penalty on her withdrawal."

For the year 2020, if the age of the person making the withdrawal is more than 59 1/2 years and the balance in Roth IRA account is kept for more than 5 years then, the funds in such account can be withdrew without any taxes and penalties and that too without any conditional requirements.

6 0

3 years ago