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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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The Garden Shoppe has adopted a policy of increasing the annual dividend on its common stock at a constant rate of 1.65 percent
Andru [333]

Answer:

In order to find the dividend 8 years from now we will use the formula D*(1+R)^N

Right now

D= 1.84

R=1.65%

N= 8

1.84*(1.0165)^8

=2.097

The dividend 8 years from now will be $2.097.

Explanation:

3 0
3 years ago
Revenue and expense data for the current calendar year for Tannenhill Company and for the electronics industry are as follows. T
Dmitry_Shevchenko [17]

Answer:

Explanation:

A common sized income statement is a method of financial statement that express every line item on a financial statement as a percentage of sale for the ease of financial analysis

                             Tannenhill's              %        Industry average

Revenue               2,480,000             100                  100%

Cost of Goods      1,587,200                64                    70

Gross profit           892,800                  36                  30

Selling expenses    545600                 22                    17

Admin expenses     198400                  8                       7

Total ope. Expe.       744000                30                    24

Ope. Income             148600                 6                      6

Other Revenue          49600                  2                      2

                                   198400                 8                      8

Other Expenses         24800                  1                        1

PBIT                             173600                7                       7

Income Tax                  74400                 3                       5

Net Income                  99200                4                       2

7 0
3 years ago
Georgia's gross pay was 35,600 this year she is to pay a federal income tax of 16% how much should georgia pay in federal income
OverLord2011 [107]

To determine the tax amount you multiply the gross pay and the tax percentage. In this case, you would multiply $35,600 by .16 which equals $5,696 for the federal tax year. Remember: to convert a percentage to a decimal number, move the decimal place 2 places to the left.

6 0
4 years ago
Read 2 more answers
David, an Alabama resident, files suit in an Alabama court against QuickAds, an internet company based in Georgia that provides
Wewaii [24]

Answer:

B) not likely to have jurisdiction over the case because QuickAds is based in Georgia.

Explanation:

US laws do not recognize the legal existence of foreign or out of state companies, a company only exists in the state at which it was chartered. Although the internet has complicated things, since boundaries have faded, but some conditions must be met before a state court can serve a foreign company.  

For a foreign company to be served by a state court, it must carry on “continuous and systematic” affiliations with residents of the state which makes them “essentially at home”. The company's operations must be substantial enough to make the company at home, i.e. it must carry a significant amount of business within the states boundaries.

Apparently this is not the case with QuickAds, so Alabama state courts will not have jurisdiction over it.

4 0
3 years ago
George gets paid on fridays for a week's work, mai ling gets paid for every five wedding veils she sews and completes. george is
asambeis [7]

Answer:

George is on a<u> fixed interval</u>

Mai Ling is on a <u>fixed ratio</u>

Explanation:

A schedule is the delivery rate or frequency of a booster.

A fixed interval refers to the amount of time the reinforcement delivery rate has occurred over a predictable period of time, such as George, who is paid weekly for his work.

A fixed ratio occurs when rewards are delivered on a consistent schedule basis. As in the case of Mai Ling who gets paid after certain completed tasks, which corresponds to the number of tasks she performs to receive certain reinforcement.

6 0
3 years ago
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