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3 years ago

Internal control does not consist of policies and procedures that

Business

1 answer:

kotegsom [21]3 years ago

4 0

Answer:

d.guarantee the company will earn a profit

Explanation:

Internal controls are controls put in place by management to mitigate against identified risk. Risk basically refers to what could go wring in a process. Controls are put in place to mitigate against the risk of error or fraud and do not necessarily prevent the company from making a loss.

Companies make profit or loss based on management's decisions such as where to invest, what time to invest, introduction of a new product, management of cost of sales and operating expenses etc

Internal controls basically consist of policies and procedures that ensure that the company's asset are not misused (fraud), no misrepresentation of revenue (fraud), employees and managers comply with laws and regulations, business information is accurate ( no misrepresentation of records due to error) etc.

Hence Internal control does not consist of policies and procedures that guarantee the company will earn a profit.

The right option is d.

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Explanation:

The journal entry is shown below:

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To Salaries and Wages Payable $24,000

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The computation is shown below:

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3 years ago

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3 years ago

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Answer:

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3 years ago

The adjusting entry for a prepaid expense includes a debit to a(n) ______ account

ziro4ka [17]

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<h3>What is adjusting entry ?</h3>

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