All categories

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.

You might be interested in

How can exchange rates change to reduce the wage differential between countries

andrey2020 [161]

Answer:

The exchange rate is the value for which one currency can be exchanged for another. Thus, for example, 20 Mexican pesos are needed to acquire an American dollar.

Technically, it could happen that a country changes its exchange rate with respect to a hard currency (such as the Dollar or the Euro) through fixed exchange rates, in order to increase the value of the salaries of its citizens, measured in international currencies. For example, if the Mexican government fixed a parity between the dollar and the peso of value 1 to 1, the minimum wage of Mexicans would go from being worth $ 215 to multiplying by 20, that is, to $ 4,300.

Now, in practice, this situation is practically impossible, since it would imply a monetary modification in the country that makes the adjustment, since otherwise it would imply an unprecedented inflationary peak.

4 0

3 years ago

The following balances were taken from the books of Splish Corp. on December 31, 2017.Interest revenue $87,550 Accumulated depre

Karolina [17]

Answer:

Sales revenue 1,381,550

Sales discounts (46,550)

Sales returns and allowances (151,550)

net sales 1,183,450

Cost of goods sold <u> (622,550) </u>

gross profit 560,900

Admin and general expenses (98,550)

Selling expenses (195,550)

Operating Income: 266.800‬

Non-operating income:

Interest revenue 87,550

Interest expense (61,550)

Loss from earthquake

damage (151,550)

non-operating loss (125,550)

Income before taxes 141.250‬

income tax expense (34%) (48,025)

Net income 93,225‬

Explanation:

First, we calcualte net sales,

then the gross profit.

Then, the interest and earthquake will be disclosure separately as they are not operational result. Do not arise from the normal business operations.

Finally, the net income is determined after reducing the income tax expense

5 0

3 years ago

Crystal Glassware Company issues $1,042,000 of its 14%, 10-year bonds at 97 on February 28,2019. The bonds pay interest on Febru

galben [10]

Answer:

The correct option is B. $1,012,303

Explanation:

For computing the net amount, the following calculations are need to be done which is shown below:

1. Calculation the total value of bond which equals to

= Issue amount × price

= $1,042,000 × (97 ÷ 100)

= $1,010,740

2. Now compute the discount which shown below:

= Issue amount - total value

= $1,042,000 - $1,010,740

= $31,260

3. Then, compute the semiannual discount amount by applying the straight line method

= Discount value ÷ number of years

where,

number of year would be multiply by 2 = 2 × 10 = 20 years

So, the value would be equal to

= $31,260 ÷ 20 years

= $1,563

4. So, the net amount would be

= Total value of bond + semiannual discount

= $1,010,740 + $1,563

= $1,012,303

Hence, the net amount will be reported for the bonds on the August 31, 2019 balance sheet is $1,012,303

Therefore, the correct option is B. $1,012,303

8 0

3 years ago

ABC, Incorporated desires to have the most qualified people in every position throughout its organization. This is an example of

Mashutka [201]

Answer:

The correct answer is letter "A": Developing human capital.

Explanation:

Developing human capital implies training existing employees of the company so they can specialize in their every-day duties which is likely to be positively reflected in their efficiency at work, increasing at the same time the productivity of the organization.

4 0

4 years ago

Osmectes Corp. has included a feature in its website that enables its employees to receive help from other employees. This suppo

PtichkaEL [24]

Answer:

Enterprise 2.0

Explanation:

Osmectes corp. is using enterprise 2.0 - integration software to integrate their employees to help each other. The software will help employees to perform towards achieving a common goal. It is an integration software that can be used for multiple different aspects. In the current scenario, Osmectes has used it to create software, which allows employees to assist each other.

7 0

3 years ago