Answer: A. To stay focused on your goals
A mission statement is a short statement about what the company intends to achieve through its operations.
Great mission statements constantly remind the staff of the company's goals and inspire them to act in a synchronized manner to achieve the company's goals. They set the direction for all action plans within the company and become a part of its corporate culture.
Hence it is important to keep the mission statement in a prominent place so that every member in the organization can stay focused on the company's goals.
Luxury items and entertainments are usually purchase with discretionaty income
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.
Answer:
52%
Explanation:
(3800-2500)÷2500×100 = 52% as your growth rate
The use of teams in the workplace has increased so dramatically because using team work will enable a company to take on additional works without having to employ more staff. This will result in more revenue and profits for the company.