According to the circular flow model, which of the following is notprovided by consumers?

A reason to establish internal control is to A. Provide reasonable assurance that the objectives of the organization are achieve

sweet [91]

Answer: D. Safeguard the resources of the organization.

Explanation:

The functions of internal controls are

to minimize risks
to protect assets
to ensure accuracy of records
to promote operational efficiency
to encourage adherence to policies, rules, regulations, and laws.c

The reason to establish internal control is to assist safeguard an organization and its objectives.

Hence, the correct option is D.

7 0

3 years ago

Knowledge Check 01 The standard quantity per unit defines the ________. multiple choice price that should be paid for each unit

cricket20 [7]

Answer:

amount of direct materials that should be used for each unit of finished product including an allowance for normal inefficiencies, such as scrap and spoilage.

Explanation:

Standard quantity per unit is defined as materials that the manufacturer needs to complete a unit of a product. It also allows for inefficiencies such as spoilage and scrap.

It is used by managers to reduce wastage that exists during production by allocation of only the required amount of direct materials in the production process.

5 0

3 years ago

During the year, the following selected transactions affecting stockholders' equity occurred for Navajo Corporation: a. Feb. 1 R

Advocard [28]

Answer:

Feb. 1

Common Stock $4,600 (debit)

Cash $4,600 (credit)

Jul. 15

Cash $3,120 (debit)

Common Stock $3,120 (credit)

Sept. 1

Cash $2,860 (debit)

Common Stock $2,860 (credit)

Explanation:

Feb. 1

Common Stock $4,600 (debit)

Cash $4,600 (credit)

200 shares × $23 = $4,600

Jul. 15

Cash $3,120 (debit)

Common Stock $3,120 (credit)

130 shares × $24 = $3,120

Sept. 1

Cash $2,860 (debit)

Common Stock $2,860 (credit)

130 shares × $22 = $2,860

9 0

3 years ago

Global businesses with a narrow product line or a highly integrated product mix, such as aircraft manufacturers or oil and gas f

blagie [28]

Answer:

functional organizational structure

Explanation:

A functional organizational structure organizes employees by grouping them according to their skills, specialties and knowledge (e.g. marketing, finance, engineering departments). They are usually vertical organizations, where each department is semi-independent from the rest, and the heads of the departments report directly to upper management (CEO, CFO, COO).

8 0

4 years ago

For the year ended December 31, 2019, Davidson Mart had sales of $800,000 and cost of goods sold of $600,000. Davidson estima

Anit [1.1K]

Answer:

800,000/600,000=1.33

Profit percentage = 1.33-1=0.33=33%

0.02*800,000=16,000 worth of goods returned

Profit= 0.33*16,000=5280

COGS= 16,000-5280=10,720

Adjusting Entry

Debit Credit

Goods returned 10,720

Profit 5,280

Cash 16,000

Explanation:

3 0

3 years ago