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andrew11 [14]
3 years ago
13

Looking at your Personal Fact Sheet, do you see any areas that may need improvement? In which areas do you have the most room fo

r growth? How could you bolster those areas?
(Careers Class)
Business
1 answer:
adell [148]3 years ago
4 0

Answer:

In the classroom and in the grocery store and house.

Explanation:

Hope this helps!

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Why is the separating of recordkeeping from the custody of assets a limitation of an internal control system?
yanalaym [24]

The separating of recordkeeping from the custody of assets a limitation of an internal control system because:

  • In example above, fraud could occur only if the two employees collude (agree to work together to commit fraud)
  • Employee maintaining accounting records has no incentive to falsify records.
  • Employee controlling asset will know if another person is maintaining records or not.
  • The employee who controls/has access to an asset should not maintain that asset's accounting records.
<h3>What is meant by Internal Control?</h3>
  • Internal controls are the mechanisms, rules, and procedures implemented by a corporation to ensure the integrity of financial and accounting information, promote accountability, and stop fraud.
  • Internal controls can help improve operational efficiency by improving the accuracy and timeliness of financial reporting, besides complying with laws and regulations and preventing employees from stealing assets or committing fraud.

To learn more about asset's accounting records: brainly.com/question/24012821

#SPJ4

6 0
2 years ago
Chu Company provided the following information related to its inventory sales and purchases for December Year 1 and the first qu
rosijanka [135]

Answer:

Option (a) is correct.

Explanation:

For February,

Opening inventory would have been:

= 25% of February

= (25% × $89,000)

= $22,250

Ending inventory would have been:

= 25% of March

= (25% × $59,000)

= $14,750

Hence,

Cost of goods sold = Opening inventory + Purchases - Ending inventory

$89,000 = $22,250 + Purchases - $14,750

Purchases = $89,000 + $14,750 - $22,250

                  = $81,500

Therefore, the budgeted purchases of inventory in February Year 2 would be $81,500.

4 0
3 years ago
On December 1, 20X1, Money Co. gave Home Co. a $200,000, 11% loan. Money paid proceeds of $194,000 after the deduction of a $6,0
zysi [14]

Answer: <em>(C.) $2,005</em>

Explanation:

Given :

Money Co. made a cash outflow of $194,000 for the $200,000 loan Money gave to Home Co.  

The book value of the loan is $194,000.

The stated rate is 11%.

Hence they will receive an effective interest rate of 12.4% on cash outflow.  

∴

Income from the loan = Book value × Effective interest rate × No. of months of the year

= $194,000 × 0.124 × \frac{1}{2}

= $2,004.67

3 0
3 years ago
Accounting information systems integration
Arlecino [84]
Accounting information system integration is the process of standardizing the procedure for recording transactions and disseminating financial information.  <span />
4 0
3 years ago
Lax LLC purchased only one asset during the current year (a full 12-month tax year). On August 26 Lax placed in service computer
Elena-2011 [213]

Answer:

$4,000

Explanation:

The asset's recovery period is 5 years and the half-year convention applies.

Therefore :

$20,000 ×0.20 = $4,000.

6 0
3 years ago
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