Answer:
2. Have both the buyer and seller sign required disclosures describing the designated sales agency relationship and stating that each the buyer and seller have assets of $1 million or more.
The option included in the M2 definition of money supply and not in the M1 definition is money market mutual fund shares.
<h3>What is M2?</h3>
M2 definition of money supply that includes cash, checking deposits, and near money. M2 is a broader measure of the money supply when compared with M1. It also less liquid than M1. M1 includes includes cash and checking deposits.
Here are the options:
a. Checkable deposits.
b. Currency held in banks.
c. Currency in circulation.
d. Money market mutual fund shares.
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In this scenario, the communication between Brandon and his subordinates is at an interpersonal level. Interpersonal communication includes giving individual feedback and communication of future organizational goals or ethical guidelines to employees at company meetings
The interpersonal role is particularly critical for middle managers.
The correct answer is false
Answer:
Identification of the Internal Control Weaknesses:
A. There is no segregation of duties and there is lack of access control. Jerry Miller as a security guard is not expected to have a master key to the cash box. With this he can pilfer the cash. If he prepares the report that shows the number of cars that parked on the lot, he is not supposed to also prepare the day's cash receipts. Otherwise, he can state any number of cars as parked that he likes, and which corresponds to the cash he might leave in the Cash box since he also has a master key.
B. There is no segregation of duties and there is lack of supervision, proper reconciliations, and assets audit. Sharon Fisher handles purchase transactions from the beginning to the close all alone with a third party. This exposes the company to procurement frauds and collusion with suppliers. She can purchase assets for the company at prices that would enrich her personally.
C. Forming an audit opinion on the basis of ratio analysis of last year's comparative financial statements exposes the company to audit risks. While ratio analysis is part of the basis for forming audit opinions, it is surely not the first audit procedure to obtain audit evidence to support his audit opinion on the financial statements. An auditor is expected to obtain sufficient audit evidence and perform audit substantive tests of financial statement assertions. He or she is also expected to review the internal control system to ensure that it is operating effectively after establishing its existence and reviewing changes in internal controls.
Explanation:
Internal Controls are controls established by management in order to help it achieve business goals. There are many internal controls, including Separation of Duties, Access Controls
, Authorization and Approvals, Asset Audits, Reconciliations, and Data Backups. The purposes of internal controls are to establish the reliability of financial reporting, ensure timely feedback on the achievement of operational or strategic goals, and achieve compliance with financial management laws, and accounting regulations.
