<u>Answer: </u>Option 2
<u>Explanation:</u>
Total quality management is a strategy that is used by the business to reduce the errors by identifying them. The main aim of the strategy is to maintain the quality of the business. The efforts that is taken to improve customer satisfaction, increasing employee participation, improving supplier partnerships, and facilitating an organizational atmosphere of continuous quality improvement is called as Total quality management.
The overall final product or service delivered quality has to be perfect in this strategy. It is one of the success strategy that many organisations use.
Answer and Explanation:
The journal entries are shown below;
a. Accounts Payable $91,000
To Note Payable $91,000
(being the issuance of the note payable is recorded0
b Note Payable $91,000
Interest Expense $3,412.50 ($91,000 × 15% × 90 days ÷ 360 days)
To Cash $94,412.50
(Being the payment of the note is recorded)
These two entries should be recorded
Answer:
The options for answering this question are the following:
A) Physical controls
B) Separation of duties
C) Use of prenumbered documents
D) Fidelity bonding
The correct answer is B) Separation of duties
.
Explanation:
Separation of duties is a key concept of internal controls. Greater protection against fraud and errors must be balanced with the increasing cost and effort required.
Separation of duty, as a security principle, has as its primary objective the prevention of fraud and errors. This objective is achieved by disseminating the tasks and privileges associated with a specific business process among multiple users. This principle is demonstrated in the traditional example of separation of duty in the requirement of two signatures on a check.