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guajiro [1.7K]
2 years ago
10

Having one person responsible for the related activities of ordering merchandise, receiving goods, and paying for them decreases

the potential for errors and fraud. is a good example of safeguarding the company's assets. is an example of good internal control. increases the potential for errors and fraud.
Business
1 answer:
rusak2 [61]2 years ago
5 0

Answer:

Increases the potential for fraud and error

Explanation:

Internal controls refer to control mechanism implemented by management so as to ensure efficient operations and to detect and check material misstatements and frauds on timely basis.

Internal check refer to one of the means of implementing internal controls wherein duties and responsibilities are segregated in such a manner that no individual has the authority to process a transaction from it's beginning to it's end and whereby, work performed by an individual automatically comes into the scrutiny of another.

In the given case, the principle of internal check as a means to implement internal controls is violated since one person is assigned the responsibility to order, receive , pay for the goods.

This increases the possibility of a potential fraud and error since the individual possesses full authority to effect the transaction and may manipulate records since no other individual can watch on him.

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Archie Co. purchased a framing machine for $45,000 on January 1, 2021. The machine is expected to have a four-year life, with a
k0ka [10]

Answer: $10,000 and $25,000

Explanation:

DEPRECIATION FOR 2022.

Straight line method of depreciation means it depreciates by the same amount every year. You can calculate by

(Cost - Residual Value) / useful life.

=($45,000 - $5,000) / 4

= $10,000.

Each year the framing machine reduces by $10,000 meaning in 2022 the depreciation will be $10,000.

BOOK VALUE AT DECEMBER 31, 2022

We've established that every year the value drops by $10,000.

On December 31, 2021, it dropped by $10,000.

On December 31, 2022, it dropped by another $10,000.

Adding that together gives you 10,000 + 10,000 = $20,000.

$20,000 is the total depreciation at the end of 2022.

Subtract that figure from the cost,

=$45,000-$20,000

=$25,000.

BOOK VALUE ON DECEMBER 31, 2022 is $25,000.

8 0
3 years ago
"Ethan (single) purchased his home on July 1, 2009. He lived in the home as his principal residence until July 1, 2016, when he
melisa1 [442]

168,000 is amount of the gain is Ethan allowed to exclude from his gross income

Solution:

Ethan's post 2009 non-qualified use is 2 years.

He owned the property for 10 years so he is not allowed to exclude 20% of the gain

= $210,000 × 20% = $42,000

He is allowed to exclude = ($210,000 - $42,000)

                                          = $168,000

7 0
3 years ago
I want to start my own brand & build a fashion empire. Should I go to a fashion college or to a business school?
Iteru [2.4K]

Answer:

Honestly, business would be much better for you. Learning business will give you many more opportunities and learn how to sell your products. Business will help you with marketing, pricing, discounting, and know how to "not get effed over." I believe that would be much better for you THEN go to fashion college.

8 0
2 years ago
When a company expands by entering new business areas, it is called growth through __________?
garri49 [273]
When a company expands by entering a new business area, it is called growth through diversification. 

Diversity is the means of being different, new, exciting.. something not like another. When a business enters something new, it's called diversification because it's not like what they've done before. With this comes risk but huge growth potential.
7 0
2 years ago
Three Guys Burgers, Inc., has offered $18 million for all of the common stock in Two Guys Fries, Corp. The current market capita
Pavlova-9 [17]

Answer:

Annual synergy gain = $ 178,500

Explanation:

Value of synergy gain from acquisition = 18 - 15.9 = 2.1 million

Annual synergy gain = 2.1 *.085 = .1785 million or $ 178,500

Annual synergy gain = $ 178,500

3 0
3 years ago
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