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3 years ago

Are responsible for verifying accuracy of their organization''s internal records and validating the accounting procedures.

1 answer:

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INTERNAL AUDITORS are responsible for verifying accuracy ..........................
The activities performed by the internal auditors help a company to achieve its goals by employing a systematic and disciplined approach to evaluate and improve the effectiveness of risk management, control and governance.

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What would happen if three more restaurants opened in a small town where only four restaurants were open for business originally

Tanya [424]

If three more restaurants opened in a small town where only four restaurants were open for business originally then The Restaurants would form a cartel in the town.

Explanation:

In such a situation the restaurant would preferably form a cartel. A Cartel is an association of various firms. This association is formed to keep the prices at a higher level. When a cartel is formed it restricts competition.

Cartel is formed with the mutual understanding of all the firms. The existence of cartels negatively affects the consumers, as they have to pay higher prices and cannot afford to bargain as the price will be determined by all the concerns collectively. It might result in limited supply and more demand which will result in price to increase.

3 0

3 years ago

On June 10, Pais Company purchased $9,000 of merchandise from McGiver Company, terms 3/10, n/30. Pais Company pays the freight c

elena-s [515]

Answer:

A. Books of Pais Company

June 10

Dr Merchandise inventory $9,000

Cr Accounts payable $9,000

June 11

Dr Merchandise inventory $400

Cr Cash $400

June 12

Dr Accounts payable $600

Cr Merchandise inventory $600

On June 19

Dr Account payable 8,400

Cr Cash 8,148

Cr Merchandise inventory 252

B. Books of McGiver Company

June 10

Dr Accounts receivable $9,000

Cr Sales $9,000

Dr Cost of Goods Sold $5,000

Cr Merchandise inventory $5,000

On June 11

No entry

On June 12

Dr Sales returns & allowances $600

Cr Accounts receivable $600

Dr Merchandise inventory $310

Cr Cost of Goods Sold $310

On June 19

Dr Cash 8,148

Dr Sales discounts 252

Cr Accounts receivable 8,400

Explanation:

A. Preparation of the entries on the books of Pais Company.

June 10

Dr Merchandise inventory $9,000

Cr Accounts payable $9,000

June 11

Dr Merchandise inventory $400

Cr Cash $400

June 12

Dr Accounts payable $600

Cr Merchandise inventory $600

On June 19

Dr Account payable 8,400

($9,000 - $600)

Cr Cash 8,148

(8,400 x 97%)

Cr Merchandise inventory 252

(8,400 x 3%)

B. Preparation of the entries on the books of McGiver Company

June 10

Dr Accounts receivable $9,000

Cr Sales $9,000

Dr Cost of Goods Sold $5,000

Cr Merchandise inventory $5,000

On June 11

No entry is needed in McGiver Company books

On June 12

Dr Sales returns & allowances $600

Cr Accounts receivable$600

Dr Merchandise inventory$310

Cr Cost of Goods Sold$310

On June 19

Dr Cash 8,148

(8,400 x 97%)

Dr Sales discounts 252

(8,400 x 3%)

Cr Accounts receivable 8,400

(8,148+252)

5 0

2 years ago

Revising for Conciseness - Eliminating Flabby Expressions,Limiting Long Lead-Ins, and Dropping Unnecessary Fillers

Mama L [17]

Answer: 2. 2. We have identified a problem with our expense sheet, but we will solve it.

3. 2. The user should contact the help center.

4. 1. In the future, we should be more careful about scheduling.

Explanation:

2. By choosing Option 2, the writing is more concise and but still has all the necessary details unlike the other options that are unnecessarily long.

3. Option 2 does not make assumptions like option 1 did which is wrong. Option 3 would be better but the text did not include the bit about the problem this making Option 2 best.

4. Option 1 is the best option because it is clear and concise and eliminates the long lead-in.

5 0

4 years ago

Who receives the good or service from first come, first served. for econmics

Jlenok [28]

Answer:

This method of allocation, called first come, first served, is often used to distribute cheap tickets to rock concerts, sporting events, movies, and many other events. The first come, first served method does a fairly good job of allocating tickets to the people who want to see the show the most.

7 0

3 years ago

Whiteside Corporation issues $500,000 of 9% bonds, due in 10 years, with interest payable semiannually. At the time of issue, th

umka2103 [35]

Answer:

$468,844 approx.

Explanation:

Assumption: Since the question is incomplete, with the available information it has been construed that calculation of bond price is required and the question has been solved accordingly.

The price of a bond is the present value of future cash receipts it generates to the investor in the form of interest stream and principal stream.

$B_{0} = \frac{i}{(1\ +\ ytm)^{1} }\ +\ \frac{i}{(1\ +\ ytm)^{2} }\ +.....+\frac{i}{(1\ +\ ytm)^{n} } \ + \frac{RV}{(1\ +\ ytm)^{n} }$

wherein,

$B_{0}$ = price of bond as on today

i = annual coupon payments

ytm= investor's expectation of interest or market rate of interest on similar bonds

RV = Redemption value of such bonds assumed to be the face value

n = term to maturity

$B_{0} = \frac{22500}{(1\ +\ .05)^{1} }\ +\ \frac{22500}{(1\ +\ .05)^{2} }\ +.....+\frac{22500}{(1\ +\ .05)^{20} } \ + \frac{500000}{(1\ +\ .05)^{20} }$

$B_{0}=$ 12.46221 × 22,500 + 0.376889 × 22,500 = 280,399.725 + 188444.5

$B_{0} =$ $468,844 approx

This is the present value of the bond which is lower than it's face value because market rate of return of similar bonds is higher than the coupon rate of payment by Westside Corporation.

6 0

3 years ago