Answer:
Internal Control is designed to ensure all of the items described in the answer.
Explanation:
Internal control refers to the control measures adopted by an entity so as to ensure compliance with legal framework, check frauds and errors and for reliable financial reporting.
Compliance procedures are the processes designed to check whether internal controls exist in an organization and if they do, whether such controls are operating effectively.
For e.g biometric authentication with regard to attendance keeps a check on the number of employees actually working during a period and eliminates the possibility of dummy names in the attendance records. This is an example of internal control i.e control measures created by organization itself.
Answer:
You will earn $52.96 in interest
You have $1,052.96 in total.
Answer / Explanation:
First, we need to understand what variance analysis is. Variance analysis is the qualitative and quantitative measure of the difference between actual financial value and the budgeted financial value.
This helps us to properly monitor our rate of spending against our profit or loss margin. it also assist in proper fund management.
Now talking about how the company will utilize variance analysis, the company will utilize variance analysis in the aspect of fixed over head spending. In the sense that it will be used to measure manpower productivity against overhead spending. This will help us to proper affirm if the rate of manpower productivity equal fixed overhead spending. In the case where fixed overhead spending is more than man hour productivity ratio, then the company will be running at a loss. This is basically a way of measuring productivity performance of man power and also assets.
Answer:
d) relative to others instead of against performance standards.
Explanation:
Contrast error is one that occurs during performance rating where a person is not rated objectively, but against previous people who performed good or badly.
The person's ratings is affected negatively or positively.
A person that performs well subconsciously sets a benchmark in the mind of the rater, and he now rates future participants based on this benchmark and not on performance standards that have been set.
Answer:
The amount left for consumption spending is $32,932.95
Explanation:
The amount left for consumption spending is known as disposable income or take-home pay less savings .The disposable income is the income left after taxes have been paid to relevant tax authority.The computation of amount left for consumption is done below:
Gross income $40,221
Tax at 11%(11%*$40,221) ($4424.31
)
Disposable income $35,796.69
Savings at 8% of disposable income
($35,796.69*8%) ($2,863.74)
Amount left for consumption spending $32,932.95
This is not mean that I have to spend this $32,932.95 during the month, there might some investments I want to my money on to yield more returns.
