To satisfy demands for withdrawals, banks keep:

Internal control is a process designed to ensure

Sauron [17]

Answer:

Internal Control is designed to ensure all of the items described in the answer.

Explanation:

Internal control refers to the control measures adopted by an entity so as to ensure compliance with legal framework, check frauds and errors and for reliable financial reporting.

Compliance procedures are the processes designed to check whether internal controls exist in an organization and if they do, whether such controls are operating effectively.

For e.g biometric authentication with regard to attendance keeps a check on the number of employees actually working during a period and eliminates the possibility of dummy names in the attendance records. This is an example of internal control i.e control measures created by organization itself.

8 0

3 years ago

Paris operates a talent agency as a sole proprietorship, and this year she incurred the following expenses in operating her tale

Afina-wow [57]

Answer:

correct option is A. $450

Explanation:

we know that half the cost of the business meeting or the business meeting lunch or the dinner that is deductible even

and if the meal are associate with the active businessman or the sole proprietor then half the amount that is here $900 tickets to the opera with client for meeting is deducted

so that is deducted = $\frac{900}{2}$

deducted amount = $450

so correct option is A. $450

5 0

3 years ago

The following differences enter into the reconciliation of financial income and taxable income of Abbott Company for the year en

adoni [48]

Answer:

Abbot makes a savings of $74,000 in the current year.

Review full presentation of answers in the attaches

Explanation:

4 0

3 years ago

Read 2 more answers

Scarbrough Corp. factored $600,000 of accounts receivable to Duff Corp. on October 1, year 2. Control was surrendered by Scarbro

Virty [35]

Answer:

Scarbrough will receive and record cash of $538,685

The journal entry to record this transaction would be:

Debit Credit

Cash $2,900,300

Interest Expense $89,700

Notes Payable $2,990,000

Debit Cash for $2900300, debit Interest Expense for $89700, and credit Notes Payable for $2990000

Explanation:

In order to calculate the amount Scarbrough will receive and record cash we would have to make the following calculation:

Scarbrough will receive and record cash=Receivables-Amount of the hold back-Withheld as fee income-Less: Withheld as interest expense

Receivables= $600,000

Amount of the hold back=$600,000 x 5%=$30,000

Withheld as fee income=$600,000 x 3%=$18,000

Withheld as interest expense=$600,000 × 15% × 54/365=$13,315

Therefore, Scarbrough will receive and record cash=$600,000- $30,000-$18,000-$13,315=$538,685

Scarbrough will receive and record cash of $538,685

According to the given data to journal entry to record this transaction would be the following:

Debit Credit

Cash $2,900,300

Interest Expense $89,700

Notes Payable $2,990,000

Interest Expense=$2,990,000 x 3%=$89,700

5 0

3 years ago

The foreign exchange market is a market for converting the currency of one country into that of another country.

3241004551 [841]

Answer:

a. True

Explanation:

The foreign exchange market is a market for converting the currency of one country into that of another country.

For example, the conversion of dollars of the United States of America can be converted into naira (Nigeria) at the foreign exchange market.

Efficient market school is the market school which argues that forward exchange rates do the best possible job for forecasting future spot exchange rates, so investing in exchange rate forecasting services would be a waste of time because it is impossible to have a consistent alpha generation on a risk adjusted excess returns basis as market prices are only affected by new informations.

The efficient market school also known as the efficient market hypothesis (EMH) is a hypothesis that states that asset (share) prices reflect all information and it is very much impossible to consistently beat the market.

Also, forward exchange rates are exchange rates controlling foreign exchange transactions at a specific future date or time.

4 0

3 years ago