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3 years ago

Company policy for internal control should include all of the following except

1 answer:

maks197457 [2]3 years ago

6 0

The policy that shouldn't been included for company's internal control is: Monthly bank statements should be sent to and reconciled by the same employees who authorize payments and write checks.
Bank statements should always be handled by A DIFFERENT EMPLOYEES from the one that handles payment and writes checks. If two of them handled by one person, we shouldn't be able to detect if that employee is conducting a fraud

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Avalos Corporation is preparing its annual financial statements at December 31 of the current year. Listed here are the items on

QveST [7]

Solution and Explanation:

From Operating activities

Net income 36452

Add: Decrease in inventory 15552

Less: Increase in accounts receivable 389

Less: Decrease in accounts payable 4989

From Operating activities 46626

From Investing actvities

Land purchased -36389

Delivery truck purchased -9989

From Investing actvities -46378

From FInancing activites

Add: Stock issued for cash 40452

From FInancing activites 40452

Net change in cash 40700

Opening cash balance 30000

Clsoing cash balance 70700

7 0

2 years ago

What will happen to the equilibrium price and quantity of airline fares as a result of the following two simultaneous changes (a

marin [14]

Answer:

Equilibrium quantity would increase. there would be an indeterminate effect on equilibrium price

Explanation:

If fewer people go on vacation fewer people would board planes. As a result, the demand curve for planes would shift inwards. This would lead to a decrease in equilibrium price and quantity.

As a result of the higher cost of providing services, fewer planes would be in operation. This would lead to an inward shift of the supply curve. Equilibrium price would increase and equilibrium quantity would decrease.

Taking this two effects together, equilibrium quantity would increase. there would be an indeterminate effect on equilibrium price.

3 0

3 years ago

Suppose you have a machine which executes a program consisting of 60% floating point multiply, 20% floating point divide, and th

Aliun [14]

Answer:

Given that Program instructions consists of:

60% floating point multiply
20% floating point divide
20% other instructions

Amdahl's law states that:

Execution time affected by improvement = (Execution time after improvement/ Amount of improvement) + (Execution time unaffected)

Assuming initially that floating point multiply, divide and other instructions have same clocks per instruction (CPI).

Part (a)

New execution time after improvement with multiply = (60) / 8 + (20 + 20) = 47.5

New execution time after improvement with Divide = (20) / 3 + (60 + 20) = 86.67

New system should be 4x faster which means new execution time should be below = 100/ 4 = 25.

Therefore, Management's goal can NOT be achieved by making the improvement with multiply or divide alone.

Part (b)

New execution time after improvement with multiply and divide = (60 / 8) + (20 / 3) + 20 = 34.17

Speed up = execution time of original machine / Execution time of new machine = (100 / 34.17) = 2.93

Therefore, new machine is 2.93 times faster than original machine.

4 0

2 years ago

Again, consider Sharon, a single mother with two children under 18 who earns an annual income of $16,000. Suppose that Sharon qu

Mrac [35]

Sharon and two kids makes 3 people total with both kids being under 18, the poverty level from the table is $20,231

She gets $1000 a month for her kids. 1000 x 12 months = $12,000 per year

12,000 + her annual salary = 12,000 + 16,000 = $28,000 per year.

28,000 is greater than 20,231 so she is not living in poverty.

The answer is no

7 0

3 years ago

Jumpin Corporation uses the percent-of-sales method to estimate uncollectibles. Net credit sales for the current year amount to

Zinaida [17]

Answer:

$101,500

Explanation:

Net Sales $2,030,000

Allowance for uncollectible Accounts ($2,030,000*5%)=$101,500

The amount of uncollectible accounts to be reported in income statement shall be $101,500

7 0

3 years ago