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3 years ago

The upper-right number on a check that helps you keep track of checks written is called a(n).

Business

1 answer:

Annette [7]3 years ago

5 0

Answer:

The Check Number

Explanation:

The check number is the sequential numbering of the number of checks which the bank has issued to its customer, so that both the bank and the issuer can keep track of the checks. It is also helpful in recording of the checks in the books of accounts and in bank reconciliation to reconcile the bank balance as per the books of accounts with the balance as per the bank statement.

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If you purchase Swiss Frac (CHF) 50,000 of supplies from Switzerland how much will this cost in US$ today:_________

Elina [12.6K]

Answer: $45647.45

Explanation:

To solve the question above, first we need to note that:

1 USD = 0.912949 Swiss Francs(CHF)

Therefore, we then convert 50,000 Swiss France to United States Dollars and this will be:

= 50000 × 0.912949

= $45647.45

7 0

3 years ago

Effective internal control activities over the payroll function may include Reconciliation of totals on job time tickets with jo

Svet_ta [14]

Answer:

Verification of agreement of job time tickets with employee clock card hours by a payroll department employee.

Explanation:

An effective internal control system

This simply aim to give adequate hope that the policies, processes, tasks, behaviours etc, of an organisation, when complied, helps its effective and efficient operation of the organisation etc.

It is very essential in the payroll and personnel cycle to prevent over payments and payments to nonexistent employees. Proper authorization by the human resources department should add and delete employees from the payroll or change pay rates and deductions. The number of hours, overtime, must be approved by employees supervisor.

Payroll computations should be separately verified. A member of management should review the payroll output for any obvious errors or unusual amounts.

7 0

3 years ago

Techno Company sells mobile phones worldwide. The company expects to sell 4100 comma 100 mobile phones for $ 185 each in January

Serggg [28]

Answer:

See the explanation below.

Explanation:

Note: The 4,100 correct units for January is used instead of the mistakenly written one in the question.

1. Prepare the sales budget for January and February.

January sales revenue budget = 4,100 * $220 = $902,000

February sales revenue budget = 3.800 * $220 = $836,000

2. Prepare the company's cost of goods sold

Cost of good sold

January cost of good sold budget = $902,000 * 50% = $451,000

February cost of good sold budget = $836,000 * 50% = $418,000

Inventory

March sales revenue budget = 4.600 * $280 = $1,288,000

March cost of good sold budget = $1,288,000 * 50% = $644,000

January ending inventory = $9,000 + (50% * $418,000) = $218,000

February ending inventory = $9,000 + (50% * $644,000) = $331,000

Purchase

Beginning inventory + Purchases - ending inventory = cost of good sold

Purchases = Cost of good - Beginning inventory + Ending inventory

January purchases budget = $451,000 - 0 + $218,000 = $699,000

February purchases budget = $418,000 - $218,000 + $331,000 = $531,000

3 0

3 years ago

1. The interest rate that the Federal Reserve Bank (the Fed) charges member banks for loans is known as the____________ .

horsena [70]

Answer:

1. Discount rate.

2. Increase.

Explanation:

A Federal Reserve Bank is one of the twelve regional banks of the Federal Reserve System in the United States of America. The Federal Reserve Banks are saddled with the responsibility of implementing the monetary policy designed and provided by the Federal Open Market Committee (FOMC).

Federal Reserve System also known as the Fed, was created under the Federal Reserve Act which was passed by US Congress in 1913. The Fed began its operations in the year 1914. It's a financial institution which was founded by President Woodrow Wilson and was primarily aimed at backing each banks in order to put a definitive end to the bank panics of the 1800s.

Furthermore, just like all central banks, the Fed is a government financial institution which is saddled with these responsibilities;

1. Controlling the issuance of currency in United States of America: the Fed promotes public goals such as economic growth, low inflation, and the smooth operation of financial markets.

2. Providing banking services to all the commercial banks in the country: the Fed is the "lender of last resort.

3. Regulating banking activities: it has the power to supervise and regulate banks.

The Federal Reserve Board is the governing body which essentially manages the Federal Reserve System and performs an oversight function on domestic monetary policies.

<em>Additionally, the interest rate that the Federal Reserve Bank (the Fed) charges member banks for loans is known as the discount rate. Also, the Fed can increase the money supply by lowering this rate (discount rate) and thus, empowering the member banks to lend more money.</em>

5 0

3 years ago

"Jane wins $100,000 in the lottery and immediately uses her winnings to open a donut shop. Her direct costs for the first year a

shutvik [7]

Answer:

Jane's total cost is $60,000.

Explanation:

This is because of the phenomenon called Opportunity Cost.

Simply put, opportunity cost is the cost of the next best alternative use of resources when a choice is made at the detriment of another.

We can also define it by saying, Opportunity Cost is the forgone alternative.

So we know she spent $50,000 to start her business, but would have made 10% of $100,000 which is $10,000 which is the opportunity cost, she has incurred a total cost of $60,000.

3 0

3 years ago