The True statement about internal controls is <em>B. A system of internal controls is designed to prevent or detect errors and fraud.</em>
- Internal Controls are the techniques that an entity institutes to ensure the integrity of financial and accounting information, promote accountability of its employees, and prevent fraudulent activities.
- Strong internal controls can still be circumvented. Internal controls are not limited to company policies and procedures against fraud. The employment of a husband and wife or close relations in the same company is not prohibited by control procedures or separation of duties.
Thus, the true statement about internal controls is B.
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Available Options:
a) The budget helps motivate employees to achieve sales growth and cost-reduction goals.
b) The budget provides managers with a benchmark against which to compare actual results for performance evaluation.
c) The planning required to develop the budget helps managers foresee and avoid potential problems before they occur.
d) All of the above.
Answer:
Option D. All of the above.
Explanation:
The reason is that when budgets are set every personnel in the organization is given a task along with the restriction on the use of excessive resources of the company by generating a standard number of output, which is benefitial to the company and the managers as well.
Furthermore, standard costs are used in budgeting to estimate the costs of the operations of the company which means that the standard cost would be used for actual units to compare the actual results to make meaningful conclusions.
At the end, the main benefit of the budgeting is that it highlights the potential issues in the operating systems of the organization which must be corrected to avoid the same advers outcome in the future.
So all of the statements are correct.
The government began to print more money. The increase in the ‘money supply’ which happens faster than the economic growth leads to inflation. When the government prints more money then it brings down the value of the money in the market.
Answer:
Direct materials and direct labor.
Explanation:
A variable cost is the one that vary depending on the level of production or sales. The cost increase or decrease according to the level of volume change.
The variable costing charges only direct costs (material, labour and variable overhead costs) into the cost of a product. It is lower than the cost calculated under absorption costing, that also include fixed manufacturing overhead.
Fixed manufacturing overhead is considered as a periodic cost and charged from the periodic gross profits.
Answer:
Depending on your income I recond 15% of every paycheck but put it to the emergency funds.
Explanation:
