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Paladinen [302]
3 years ago
14

In a good system of internal control, the person who initiates a transaction should be allowed to effectively control the proces

sing of the transaction through its final inclusion in the accounting records.
a) True
b) False
Business
1 answer:
amm18123 years ago
7 0

Answer:

b) False

Explanation:

One of the key features of a good internal control system is the segregation of duties (SoD).

The principle of the segregation of duties entails that an individual is not allowed to initiate a transaction, review and approve the same transaction. In other words, a good internal control system would not allow an individual carry out all processes for a transaction from initiation, to authorization to approval to recording.

A system in which these responsibilities are shared mitigates against the risk of fraud and error.

Hence, in a good system of internal control, the person who initiates a transaction should be NOT be allowed to effectively control the processing of the transaction through its final inclusion in the accounting records

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Hamasaki Company owns 30% of CDW Corp. stock and has significant influence. Hamasaki received $6,500 in cash dividends from its
Anuta_ua [19.1K]

Answer:

A. True

Explanation:

Account Title Debit Credit

Cash 6500

Investment in CDW Corp. 6500

4 0
3 years ago
What style of leadership is grounded in the exchange relationship between the leader and the follower
Annette [7]

Answer: Transactional leadership

Explanation:

Transactional leadership a style of leadership that grounded in the exchange relationship between the leader and the follower.

For transactional Leadership, promotion of compliance is done through both rewards and punishment.

7 0
3 years ago
Addison Co. budgets production of 2,790 units during the second quarter. Other information is as follows: Direct labor Each fini
Doss [256]

Answer and Explanation:

1. The preparation of direct labor budget is given below:-

Direct labor budget

Units to be produced              2,790

Hours required per unit          5

Total labor hours needed 13,950

(2,790 × 5)

Labor rate per hour                $10

Direct labor budget               $139,500

(13,950 × $10)

2. The preparation of factory overhead budget is given below:-

Total labor hours needed                 13,950

Variable overhead rate per hour       $12

Budgeted variable overheads           $167,400

(13,950 × $12)

Budgeted Fixed overheads              $580,000

Budgeted total overheads                $747,400

8 0
3 years ago
The concept which refers to the idea that individuals rise to their lowest level of incompetence is the?
Ne4ueva [31]

The Peter Principle is an observation in most organizational hierarchies such as: That of the company is that each employee works his way up the hierarchy through promotions until he reaches the appropriate level of incompetence.

1. Lack of legal capacity, especially to testify or bring to trial. Also called "impossible". It can be caused by various kinds of disqualification, incapacity or incompetence. A court may appoint a guardian for a person found to be unsound by a formal hearing.

The definition of incompetent is a person or something that is unqualified, inadequate, or inadequate for a particular purpose. An example of incompetence is someone who is behind the wheel of a manual transmission car and does not know how to operate a stick shift. Lack of qualities necessary for effective action or action.

Learn more about incompetence at

brainly.com/question/20877550

#SPJ4

7 0
1 year ago
Western Company is preparing a cash budget for June. The company has $12,000 cash at the beginning of June and anticipates $30,0
topjm [15]

Answer:

$2,500

Explanation:

Opening balance                             $12,000

Cash receipts                                   $30,000

Cash disbursement                        ($34,500)

Closing balance                                $7,500

Minimum cash balance                    $10,000

Borrowing amount(1$0,000-$7,500)     $2,500

To maintain $10,000 cash balance western company need to borrow $2,500($10,000-$7500)

7 0
3 years ago
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