The element of internal accounting controls known as control environment includes the culture within a business organization.
<h3><u>
Explanation:</u></h3>
The control environment fixes the base and culture of a company. The control environment is the collection of criteria, rules, and formations that present the foundation for leading out internal control over the company. The committee of executives and superior management practice the tone at the top concerning the value of internal control including familiar standards of control.
Management strengthens expectations at the different levels of the organization. The resulting control environment has a pervasive influence on the entire system of internal control.
Answer: one year; longer
Explanation:
<em>Current liabilities are those obligations that are payable within </em><em><u>one year </u></em><em>or the operating cycle whichever is </em><em><u>longer</u></em><em>.</em>
Current Liabilities are debt that a company owes that are due usually within a year but if the operating cycle of the business is longer then current liabilities will be those owed for the operating cycle.
Examples include; Accounts Payable, Interest payable, Income taxes payable and bank overdrafts.
Answer:
$0
Explanation:
According to US GAAP the reduction in the value of the asset due to a decrease in the fair value. It means when fair value of the asset is reduced than the book value of the asset.
Amortized Cost / Book value = $50,000
Market Value = $53,000
Discounted Value = $51,000
There is no Impairment loss on this asset as the fair market value is more than the book value of the asset.
Answer:
270,000
Explanation:
10% reduction in demand means he will only need 90%
10% of 300,000 is 30,000
300,000 - 30,000 = 270,000