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3 years ago

What is the rationale for the internal control principle, segregation of duties? select one:

1 answer:

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The rationale for internal control principle, segregation of duties is that the work of one employee should, without duplication of effort, provide a reliable basis for evaluating the work of another employee. Segregation of Duties is a basic building block of sustainable risk management and internal controls for business. It is based on shared responsibilities of a key process that disperses the critical functions of that process to more than one person or department.

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• A student planning a career in business management wondered why it was important to learn cost and management accounting. How

ch4aika [34]

Explanation:

Let us understand what a cost accounting and management accounting deals with and how both are related to business management.

Cost accounting:

It deals with expenses and cost assessment in terms for producing or buying products.
Gives an idea of how to measure profit.
To determine the selling price and this would be challenging and profitable to the business and to the market.

Management accounting:

This helps the business people to make decisions, assess performance, and it is one step ahead of cost accounting.

Any business management people has to deal with money, take decision, assess the market, measure profit. So it is important to get a knowledge on Cost and management accounting.

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3 years ago

On December 31, Fighting Okra Cooking Services reports the following revenues and expenses. Service revenue $ 84,000 Postage exp

WITCHER [35]

Answer:

Fighting Okra Cooking Services

Income Statement for the years ended December 31, xxxx

Service revenue $84,000

Less: Supplies expense ($19,000)

Gross Income $65,000

Less: Operating Expenses

Postage expense $1,950

Legal fees expense $2,850

Rent expense $11,500

Salaries expense $33,000

($49,300)

Operating Income $15,700

Explanation:

The interest and Tax expenses has not been given, so the income statement is ended up on Operating income.

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3 years ago

Which of the following statements is correct regarding expenses.

Marina CMI [18]

Answer:

b. Expenses are increased on the left side of their T-account because they decrease equity.

Explanation:

Expenses arise during operation. The conceptual framework defines expenses as decrease in economic benefits as a result of increase in liabilities and decreases in assets. The result being a decrease in equity attributable to shareholders. Examples of expenses include depreciation, interest, utilities and wages expenses.

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3 years ago

I WILL GIVE BRAINLIEST!!!! How might a mixed economy guard against the risks and disadvantages associated with market and comman

natita [175]

Answer:

A mixed economy minimizes the disadvantages of a market economy.

Explanation:

A market economy could neglect areas like defense, technology, and aerospace. A larger governmental role allows fast mobilization to these priority areas. The expanded government role also makes sure less competitive members receive care.

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2 years ago

Read 2 more answers

Assuming beginning work in process is zero, the equivalent units of production computed using fifo versus weighted average will

Sloan [31]

Answer:

4. Weighted-average equivalent units will be equal to FIFO equivalent units.

Explanation:

Equivalent units of production is been applied to the work-in-process inventory when an accounting period comes to an end. It can be regarded as expression that gives amount of work done which was recorded by a manufacturer over a units of output which was partially completed after an accounting period. For instance, if there are 100 units that are in process, then 40% of processing cost is expended , then we can say there are 40 equivalent units of production. It should be noted that the if beginning work in process is zero, the equivalent units of production computed using fifo versus weighted average will have a relationship in such a way that Weighted-average equivalent units will be equal to FIFO equivalent units.

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2 years ago