Answer:
Option (D) is correct.
Explanation:
Given that,
Revenue on account = $54,000
Cash collections of accounts receivable = $2,300
Expenses for the period = $52,100
company paid dividends = $450
Net income for the period:
= Revenue on account - Expenses for the period
= $54,000 - $52,100
= $1,900
Therefore, the net income for the period is $1,900.
Answer
The answer and procedures of the exercise are attached in the following images.
Explanation
Please consider the data provided by the exercise. If you have any question please write me back. All the exercises are solved in 2 sheets with the formulas indications.
Answer:
The correct answer is letter "A": An inherent limitation to internal control is the fact that controls can be circumvented by management override.
Explanation:
Internal controls limit fraud and other internal activities of the organizations. The organization put it in place to ensure the integrity of its finance and accounting. The main disadvantage of internal control is that it is driven by top executives, who can override internal controls for efficiency purposes but actually it could be being circumvented by collusion.