Internal control objectives remain essentially the same although technology, risks, and control methods change. Thus, many concepts of control (management's responsibility, the role of the control environment, reasonable assurance, monitoring, and cost-benefit analysis) are relevant regardless of IT changes.
<h3>What is
technology?</h3>
- The use of skills, methods, and processes utilized in industrial production and scientific study combined with collected knowledge to create technology.
- All equipment and electronic devices operate using technology, whether or not the user is fully aware of how they work for the organization's goals.
- Systems make up the technologies used in modern life.
<h3>Why is technology so important in today's world?</h3>
- Information sharing, meal preparation, clothing cleaning, and transportation are all things we do with the help of technology.
- However, even commonplace technologies like door locks, floor tiles, and furniture are things we now take for granted and that we consider to be less spectacular than 3D printing or self-driving automobiles.
Learn more about technology here:
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Answer:
Cost of goods manufactured= $228,700
Explanation:
<u>To calculate the cost of goods manufactured, we need to use the following formula:</u>
cost of goods manufactured= beginning WIP + direct materials + direct labor + allocated manufacturing overhead - Ending WIP
cost of goods manufactured= 25,500 + (46,000 + 75,500 - 39,500) + 100,500 + (68,500 - 11,800) - 36,000
cost of goods manufactured= $228,700
We deduct the indirect material from overhead because it is already incorporated into direct materials.
Answer:
Effect on income= $4,500 increase
Explanation:
Giving the following information:
Special offer: 9,000 units of product S51 for $20.50 a unit.
Direct materials $ 3.10
Direct labor 1.50
Variable overhead 6.40
The customer would like modifications made to product S51 that would increase the variable costs by $5.00 per unit and that would require an investment of $36,000 in special molds that would have no salvage value.
<u>Because it is a special offer, we will not have into account the fixed costs.</u>
Unitary variable cost= 3.1 + 1.5 + 6.4 + 5= $16
Investment= 36,000
Effect on income= 9,000* (20.5 - 16) - 36,000
Effect on income= 40,500 - 36,000
Effect on income= $4,500 increase
Answer: (b) -3.08
Explanation:
The relationship between the demand(q), price per unit product(p) and the disposable income,yd is given by the expression below;
q= 20ln(7yd-2p).
From the expression above, the marginal demand,
∂ q/∂ p is the differential of the equation of relationship between the demand, price and disposable income.
This involves considering the demand,q as the dependent variable and the price per unit product,p as the independent variable and the disposable income,yd is considered constant.
Therefore ,
∂ q/∂ p= (-40)÷(7yd-2p)
By substitution of
yd =$3000÷1000= $3
and p= $4
∂ q/∂ p= (-40)÷((7×$3)-(2×$4))
∂ q/∂ p= -40÷13= 3.08
Please see the attachment for knowledge on how ∂ q/∂ p was obtained.
