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4 years ago

In a properly designed internal accounting control system, the same employee should not be permitted to:

1 answer:

8 0

In a business world, segregation of duties is important to have a sound internal control. The employee handing cash/check collection is prohibited from updating its customer's subsidiary ledger and recording of transactions in the books. This will eliminate fraud and misappropriation of funds.

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The traditional income statement for Pace Company shows sales $900,000, cost of goods sold $600,000, and operating expenses $200

Olin [163]

Answer:

net income = $100000

Explanation:

given data

sales = $900,000

cost of goods = $600,000

operating expenses = $200,000

variable = 70%

fixed = 30%

solution

CVP income statement

sales = $900,000

total variable cost = sales - ( cost of good sold ) - (operating expenses )

total variable cost = $900,000 - ( $600,000 × 70% ) - ($200,000 × 70% )

total variable cost = $560000

and

contribution is $340000

fixed cost = ( cost of good sold ) - (operating expenses )

fixed cost = ( $600,000 × 30% ) - ($200,000 × 30% )

fixed cost = $240000

so net income is = contribution - fixed cost

net income is = $340000 - $240000

net income = $100000

3 0

3 years ago

What is the different between book-keeping and accounting

nalin [4]

Answer:

Bookkeeping is a transactional and administrative function that records financial transactions such as orders, refunds, sales, and transfers on a daily basis. Accounting is more subjective, offering accounting insights to company managers based on facts gleaned from their bookkeeping records.

Explanation:

4 0

3 years ago

There is an inverse relationship between bonds' quality ratings and their required rates of return. Thus, the required return is

iragen [17]

Answer:

True

Explanation:

Investors are risk adverse, that means that under normal conditions if they have to choose between two securities that yield the same rate of return, they will always choose the less risky.

That means that riskier securities must yield higher rates of return to compensate for the higher risk.

3 0

4 years ago

Alyssa is opening a bicycle shop, and her monthly expenditures to get the shop up and running exceed her monthly income. Alyssa

harina [27]

Answer: as a borrower or as a demander of funds

Explanation:

From the question, we are informed that Alyssa is opening a bicycle shop, and her monthly expenditures to get the shop up and running exceed her monthly income.

Since Alyssa's expenditure is more than the income generated every month, it shows that she's a demanded of funds as she borrows more than what she earns.

6 0

3 years ago

In which situation would a banker's draft be used?

MrMuchimi

Banker's draft can be used when the person making the payment wants money to be

available in the receiving bank's account.

<h3>What is bank draft?</h3>

Banker's draft is a a form of cheque that is given to a customer at the bank either for a purchase payment.

It can also be brought to another bank for remittance, it serves as evidence for transactions.

Therefore, a banker draft can be used when the person making the payment wants money to be

available in the receiving bank's account.

Learn more on bank's draft here,

https://brainly.com/question/6906511

6 0

2 years ago