Answer:
The correct answer is Option D.
Explanation:
Internal control comprises the whole system of financial and other controls established and operating within a business, including internal check, internal audit and all other forms of control.
Based on Committee of Sponsoring Organizations (COSO) framework, there are 5 interrelated components of internal control, which are: Control environment, Risk assessment, Control activities, Information and communication and Monitoring.
It is necessary to stress that internal control relates to all forms of controls within an organization and not necessarily limited to only accounting matters e.g., a security check on vehicles exiting business premises to be sure they are not carrying stolen items from the organization is an internal control but not an accounting-related.
Answer:
a. Fixed overhead budget variance = Budgeted fixed overhead - Actual fixed overhead
= $8,000,000 - $8,750,000
= $750,000 Unfavorable
b. Predetermined overhead rate per barrel = $8,000,000 / 5,000,000
= $1.60 per barrel
Fixed overhead applied = 5,100,000 * $1.60
= $8,160,000
Fixed overhead volume variance = Fixed overhead applied - Budgeted fixed overhead
= $8,160,000 - $8,000,000
= $160,000 Favorable
c. Fixed overhead budget variance = Budgeted fixed overhead - Actual fixed overhead
Predetermined overhead rate per barrel = Budgeted fixed overhead / Planned outputs
Fixed overhead volume variance = Fixed overhead applied - Budgeted fixed overhead
Answer:
To insure bank deposits.
Explanation:
After the great depression the FDIC was created to insurance bank deposits and to give stability and security to the financial system
-Individuals involved in the conflict is encouraged to come together.
-Every individual involved in the conflict expresses his or her opinion in an open manner.
-Every individual involved in the conflict is encouraged to offer a solution.
-Discuss all the solutions and decide on the one that satisfies everyone.
Answer:
Please refer explanation
Explanation:
A. Many small shops sell different styles of sweaters. Some stores sell higher-quality and more expensive sweaters then other stores.
1. many
2. differentiated
3. easy
4. price-searcher
Monopolistic competition is whereby there are many firms selling similar products and services but are not perfect substitutes. They may be different in quality, design or style. Barriers to entry are low and any one firm’s decision does not necessary affect all others. These firms tend to have limited price setting powers and they make use of heavy adverting and brand differentiation.
B. Hundreds of high school students who require tutoring in algebra choose among dozens of tutoring companies offering similar services.
1. many
2. standard
3. easy
4. price-taker
Perfect competition is a market structure where there are many firms selling homogenous or commodity products, such as a fruit or vegetable vendor. They do not have the ability to influence the price and they take the price that they receive. There is free flow of information between sellers and buyers regarding the goods sold as well as the prices of goods and services sold. Firms can easily enter and exit the market.
C. Four Internet providers offer similar services to almost everyone in the city. Any new company would have to engage in a price war with the existing companies.
1. few
2. standard
3. challenging
4. oligopoly
Oligopoly is an imperfect market structure with a small number of firms who are impacted by each other’s actions. Oligopolies may collide either explicitly or tacitly in order to restrict output or fix prices and achieve above normal market returns. Government policies and regulations are placed to encourage or discourage oligopolistic behavior and ensure that consumers are not exploited.
D. Only one pharmaceutical company has a government patent to sell an experimental drug.
1. one
2. unique
3. impossible
4. monopoly
A monopoly refers to a single company dominating the market in an industry. It has a proportionately large market share. This can be due to an absence of proper restraints. They have control of the price in the market for that product. There are very large batters to entry and exit, they exploit economies of scale and are able to make abnormal profits in the industry.
