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nlexa [21]
3 years ago
5

An effective Financial Management Process is dependent on a number of factors. Crucial is the establishment of a sound system of

Internal Control to minimise risk and maximise effectiveness. Outline your understanding of Internal Control and why it is important to have a system in place as part of the Financial Management process. What are the key areas that need to be considered when implementing internal controls? Give an example of three (3) key controls that will assist in achieving these objectives
Business
1 answer:
Margaret [11]3 years ago
8 0

Answer:

<u><em>Internal control area</em></u>: it is responsible to stablish monitoring process in all the areas of the organization that prevent unlawful practices that are not in compliance with the regulations, laws or any external norm applicable to the company.

<u><em>Key areas:</em></u>  below find 3 areas as subjects important to control and 3 areas as departments within the company

  • prevention of reputational risk, prevention of credit risk, prevention of operational risk.
  • Internal audit area, Compliance area, Legal area.

<u><em>Key controls:</em></u>

  1. dual controls in the manufacturing of products prevent operational errors
  2. due dilligences of the commercial area regarding the customers that stablish a relationship with the company
  3. setting manuals that contain how the procedures must be done.
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In the context of enterprise resource planning (ERP) systems, the most efficient and effective ways to complete a business proce
Ivenika [448]

Answer: best practices

Explanation: In context of Enterprise resource planning, the most efficient ways to conduct business activities are termed as best practices.

Best practices are those alternatives of doing an activity which are superior to other alternatives as they results in better conclusions than other options. These are generally seen as a techniques or a standard method of performing an activity.

3 0
3 years ago
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How can you know if it’s a good time to start your business A. If you feel excited about it B. There’s never a bad time to start
joja [24]

Answer: A is not the correct answer

Explanation: i took the test the correct answer is D

4 0
3 years ago
Skidmore Music Company had the following transactions in March: Sold instruments to customers for $16,300; received $11,200 in c
stiks02 [169]

Answer:

1. a) Dr Account receivable  16300

           Cr  Sales revenue            16300

  b) Dr Cash    11200

          Cr   Account receivable  11200

2. Dr Inventory   4300

       Cr Cash                      1600

       Cr Accounts payable   2700

3. Dr Wages expense   610

      Cr  Cash                       610

4. Dr Cash   4200

     Cr  Advance from customer  4200

5. Dr utilities expense   270

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5 0
3 years ago
Which piece of information in the sales contract does not help the parties specify exactly which property is being purchased?
Kisachek [45]

The contract piece of information in the sales contract does not help the parties specify exactly which property is being purchased.

As explained above, the sales contract should include buyer and seller information, legal description of the property, closing date, down payment amount, contingencies, and other important information about the sale. The essential elements of a sales contract are: (b) identify the subject; (c) prize money or its equivalent;

As a general rule, the full sales contract clause should state that the written contract constitutes the entire agreement between the parties. The clause must also state that the contract supersedes any previous agreements between the parties.

Learn more about sales contracts at

brainly.com/question/984979

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5 0
1 year ago
The following information is available for Felix Company: Net income $300 Decrease in plant and equip. $40 Depreciation expense
zmey [24]

Answer:

$240

Explanation:

The computation of cash flow from operating activities of Felix company is seen below;

= Net income - Decrease in plant and machinery + decrease in expense - increase in deferred assets + gain on sale of assets

= $300 - $40 + $20 - $5 + $35

= $240

Therefore, cash flow from operating income of Felix company is $240

7 0
2 years ago
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