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Nastasia [14]
3 years ago
5

Internal controls are crucial to companies that convert from U.S. GAAP to IFRS because of all of the following risks except: Mul

tiple Choice Possible misstatement of financial information. Controls are significantly different across the globe. Possible fraud. Ineffective communication of the change to investors, creditors, and others. Management's inability to certify the effectiveness of the controls.
Business
2 answers:
ella [17]3 years ago
7 0

Answer:

Controls are significantly different across the globe.

Explanation:

An internal control refers to the policy or procedure set up by the management of an organisation to foster accountability, protect assets, enhance efficiency, eradicate fraud, and ensure policies of the organisation are adhered with.

Put simply, internal control is put in place to with the aim of prohibiting the employees from stealing assets and perpetrating fraud.  

It is therefore important for companies that convert from U.S. GAAP to IFRS to put in place internal control due risks of misstatement of financial information, fraud, and lack of effective communication of the effect of the conversion to investors, creditors and other users of the financial information.

Therefore, the fact that controls are significantly different across the globe is not a risk associated with conversion from U.S. GAAP to IFRS.

11111nata11111 [884]3 years ago
6 0

Answer:

Controls are significantly different across the globe.

Explanation:

     Risk include misstatement of financial information, fraud, ineffective communication of the impact of this change for investors, creditors and others users of the financial information and management inability to certify the effectiveness of the control.

     Risk management can be defined as the process that allows individual risk event and overall risk to be understood and managed proactively, optimising success by minimising threats and maximising opportunities.

     Controls are significantly different across the globe does not impact to fact that an organisation are at risk, as risk has to be managed from the top corporate level. these threats or risk could stem from a wide variety of source.

This control is part of internal control which only focuses on the the procedure or policy put in place by management to safeguard assets, promote accountability, increase efficiency, and stop fraudulent behavior.

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On January 1, 2020, the balance sheet of Naperville Company (a sole proprietorship) was as follows.
guapka [62]

Answer:

Explanation:

From the information povided:

(a) To compute the amount of goodwill paid by Chicago Corporation

Particulars                                            Amount ($)

Accounts Receivable                           100000

Inventory                                               170000

Plant & Equipment                               400000

Land                                                        90000

Customer List                                            4000

Trade Names                                          <u> 16000</u>

     NET ASSETS  (A)                             <u>780000</u>

<u />

Current liabilities                                     76000

Non-current liabilities                            <u>160000 </u>

      NET LIABILITIES (B)                        <u> 236000</u>

∴

PURCHASE  CONSIDERATION (A -B)   544000

<u>Less:</u>  Cash Paid                                    <u>  580000</u>

          GODWILL                                    <u>    36000 </u>

<u />

b)

In the books of Chicago Corporation, the Journal Entry to record the purchase of Naperville Company.

Account Name                                       Dr.                      Cr.

Accounts Receivable A/C                  100000

Inventory A/C                                       170000

Plant Equipment  A/C                          400000

Land A/C                                                 90000

Customer List A/C                                    4000

Trade Names A/C                                   16000

Goodwill A/C                                           36000

Current liabilities A/C                                                       76000

Non-Current Liabilities A/C                                             160000

Cash A/C                                                                          580000

c)

The minimum required amount of goodwill that Chicago can amortize by the end of 2020 is $3600.This is because the amortization can take place for a period of 10 years.

<u />

8 0
3 years ago
Maddie enjoys viewing the website for her favorite clothing store because part of the space lets customers post pictures wearing
Anika [276]

Answer:

Content.

Explanation:

Internet branding or marketiing is the process of advertising your business and services over the internet. This marketing strategy helps to attract customers, sales, etc.

The model of online marketing suggests 7C's of internet branding.

The one that is exemplified in the given instance is content.

Content is one of the 7C's of online marketing which helps to pace with the modernity of society. There are, now, many new ways of creating a creative content which helps to attract the customers. This may include to create content that consists of videos, infographics, images, etc.

<u>In the given instance, Maddie is viewing the website of her favorite clothing store. The pictures posted on that website helps Maddie to style her own clothing. This suggests that her favorite clothing store has created a creative content that helps it's customer to visualize the clothings as well.</u>

Thus the correct answer is content.

3 0
3 years ago
Dana writes a check to Becky on Dana’s account at Community Bank. The bank dishonors the check even though Dana has sufficient f
iren [92.7K]

Answer:

Dana

Explanation:

According to my research on different bank responsibilities, I can say that based on the information provided within the question the bank is completely liable to Dana. This is because the bank has a responsibility to Dana since she is the one who signed to open the account, which in term is her. They must now let her know why they dishonored the check and provide a solution.

I hope this answered your question. If you have any more questions feel free to ask away at Brainly.

3 0
3 years ago
Which of the following is an example of the effective use of email communications?​ When sending an email, Jake avoids using a d
hichkok12 [17]

Answer:

When sending an email, Ellis restates the subject in the body of the message.

Explanation:

Email has some standard guidelines for preparing the email.

It includes that the subject shall also be defined again in the descriptive area, where entire content of email is discussed.

There must be a descriptive line showing the purpose of email.

There shall be supportive subject for the description of email.

If the email has some quantitative data then it shall be summarized using graphs, pictures etc:

In a single email, least topics shall be discussed as that will not confuse the reader, and will be logical, towards the response for such email.

4 0
3 years ago
Larned Corporation recorded the following transactions for the just completed month.
lara [203]

Answer:

1. Dr Raw materials $80,000

Cr Account payable $80,000

2. Dr Work-in-Process $62,000

Dr Manufacturing overhead $9,000

Cr Raw materials $71,000

3. Dr Work-in-Process $101,000

Dr Manufacturing overhead $11,000

Cr Cash $112,000

4. Dr Manufacturing overhead $175,000

Cr Accumulated depreciation $175,000

Explanation:

Preparation of Journal entries

1. Based on the information given we were told that the amount of$80,000 in raw materials were been purchased on account which means that the Journal entry will be :

Dr Raw materials $80,000

Cr Account payable $80,000

(Raw materials purchased on account)

2. Based on the information given we were told that the amount of $71,000 in raw materials were been used in production in which the amount of $62,000 was for used for direct materials while the remaining was for indirect materials which means that the Journal entry will be:

Dr Work-in-Process $62,000

Dr Manufacturing overhead $9,000

(71,000-62,000)

Cr Raw materials $71,000

(raw material charged to production)

3. Based on the information given we were told that the Total labor wages amount of $112,000 were been paid in cash in which the amount of $101,000 was for direct labor while the remaining was for indirect labor which means that the Journal entry will be :

Dr Work-in-Process $101,000

Dr Manufacturing overhead $11,000

(112,000-101,000)

Cr Cash $112,000

(Wages charged to production)

4. Based on the information given we were told that the Depreciation of the amount of $175,000 was incurred on factory equipment which means that the Journal entry will be :

Dr Manufacturing overhead $175,000

Cr Accumulated depreciation $175,000

(Depreciation charged)

4 0
3 years ago
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