I think d is the answer
Explanation:
all stakeholders must not be independent all must work together
Answer:
Amount of Check = $784
so correct option is a. $784
Explanation:
given data
Merchandise on account = $1,000
Long Company returns = $200
credit terms = 2/10
n/30
to find out
What is the amount of the check
solution
we know here that Total Merchandise will be
Total Merchandise = Merchandise on account - returns ....................1
Total Merchandise = $1000 - $200
Total Merchandise = $800
and
discount will be here
Discount = 0.02 × 800
returns = $16
so
Amount of Check will be as
Amount of Check = Total Merchandise - Discount ...................2
put here value
Amount of Check = Total Merchandise - Discount
Amount of Check = $800 - $16
Amount of Check = $784
so correct option is a. $784
Answer:
Date Account title Debit Credit
December 1 Office Supplies Expense $790
Office Supplies $790
Explanation:
Office supplies is an asset but when it is used it should be debited to the office supplies expense account because it becomes an expense that should be catered for in the Income statement.
The office expense that is used for the year is:
= Book balance - Physical inventory
= 1,300 - 510
= $790
Answer:
Identification of the Internal Control Weaknesses:
A. There is no segregation of duties and there is lack of access control. Jerry Miller as a security guard is not expected to have a master key to the cash box. With this he can pilfer the cash. If he prepares the report that shows the number of cars that parked on the lot, he is not supposed to also prepare the day's cash receipts. Otherwise, he can state any number of cars as parked that he likes, and which corresponds to the cash he might leave in the Cash box since he also has a master key.
B. There is no segregation of duties and there is lack of supervision, proper reconciliations, and assets audit. Sharon Fisher handles purchase transactions from the beginning to the close all alone with a third party. This exposes the company to procurement frauds and collusion with suppliers. She can purchase assets for the company at prices that would enrich her personally.
C. Forming an audit opinion on the basis of ratio analysis of last year's comparative financial statements exposes the company to audit risks. While ratio analysis is part of the basis for forming audit opinions, it is surely not the first audit procedure to obtain audit evidence to support his audit opinion on the financial statements. An auditor is expected to obtain sufficient audit evidence and perform audit substantive tests of financial statement assertions. He or she is also expected to review the internal control system to ensure that it is operating effectively after establishing its existence and reviewing changes in internal controls.
Explanation:
Internal Controls are controls established by management in order to help it achieve business goals. There are many internal controls, including Separation of Duties, Access Controls
, Authorization and Approvals, Asset Audits, Reconciliations, and Data Backups. The purposes of internal controls are to establish the reliability of financial reporting, ensure timely feedback on the achievement of operational or strategic goals, and achieve compliance with financial management laws, and accounting regulations.
Answer:
The degree of wealth and material comfort available to a person or community.
Explanation:
How nice the way they live their life is
