1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
guajiro [1.7K]
3 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]3 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.

You might be interested in
The operating and maintenance expenses for a mining machine are expected to be $11,880 in the first year and increase by $864 pe
nalin [4]

Answer:

The answer is "\$16,441".

Explanation:

First-year operational and maintenance costs = \$11,880.

Operating and repair costs increase inwards=\$864 for the first year

N =15 years machine life

Interest I = 10\%annually combined

Please find the image file.

Its single payment sequence is now provided by:

Amount=(\text{15-year system quantity})\times (\frac{\text{Rate of interest}}{(1-(1+ \text{Rate of interest})- n))}

             = \$522,371.3236 \times (\frac{0.1}{(1-(1+0.1)-15)})\\\\

Uniform payment sequence =\$16441.2477 \approx\$16,441

5 0
3 years ago
Jane Smith lives at home with her parents at 5678 Main Street in Anytown, Missouri, but she has just put in an application for a
WITCHER [35]

Answer: 1, 3 & 4

Explanation: Edg 2020 :)

8 0
3 years ago
The town of Conway opened a solid waste landfill several years ago that is now filled to capacity. The city initially anticipate
natulia [17]

Answer:

Option D

Landfill Closure Liability  2,000,000

Cash  2 ,000,000

Explanation:

You will find the procedures, formulas or necessary explanations in the archive attached below. If you have any question ask and I will aclare your doubts kindly.  

Download xlsx
4 0
3 years ago
Describe some bad news anne is concerned about at the end of the scene
QveST [7]
There needs to be more information in this question because it is impossible for anyone to correctly answer it. Try telling us which story its from and the answer choices if there are any.
7 0
3 years ago
Ttttthhhhheeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeee accounf is not working
frez [133]

Answer:

Step by step explanation

8 0
3 years ago
Other questions:
  • A monopolist makes self‑cleaning jackets. At a price of $100 each, it can sell 20 jackets. At a price of $98 each, it can sell 2
    10·1 answer
  • You purchased 1,000 shares of the New Fund at a price of $20 per share at the beginning of the year. You paid a front-end load o
    9·1 answer
  • Consider the following simplified balance sheet of a commercial bank: ASSETS LIABILITIES Vault cash $200 $3500 Deposits Deposits
    11·1 answer
  • Consider the following information: State of Economy Probability of State of Economy Portfolio Return If State Occurs Recession
    11·1 answer
  • Which of the following is the proper sequence of events in an activity-based costing system? a. Calculation of pool rates, ident
    9·1 answer
  • Prepare the journal entry to record Regis’s employer payroll taxes resulting from the January 8 payroll. Regis’s state unemploym
    10·1 answer
  • Maybepay Life Insurance Co. is selling a perpetual contract that pays $4,990/year. The contract currently sells for $143,012. Wh
    14·1 answer
  • Check out my channel it called It'z Jennie AMV! Thanks! If you like the video make sure to Subscribe and click the bell so that
    12·2 answers
  • Garcia is currently spending his entire lunch budget on 3 sodas and 4 hot dogs. At his current level of consumption, Garcia's ma
    6·1 answer
  • What does reconciling an account mean?
    10·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!