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VARVARA [1.3K]
2 years ago
9

Which of the following statements is false regarding the risk assessment component of internal control? a. Risk assessment inclu

des assessing fraud risk. b. Risk assessment includes assessing internal and external sources of risk. c. Risk assessment includes the identification and analysis of significant changes. d. Economic changes would not be considered a risk that needs to be analyzed as part of the risk assessment process.
Business
1 answer:
natali 33 [55]2 years ago
7 0

Answer:

Economic changes would not be considered a risk that needs to be analyzed as part of the risk assessment process.

Explanation:

Risk assessment is the process of identifying events that could potentially cause harm, to an individual, business or the environment and analysing them to get an acceptable tolerance level.

Risk assessment determines the likelihood of an event happening, it's impact, and tolerability the entity can take.

The environment is a major consideration of risk assessment, as risk is always inherent as business interacts with its environment.

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The correct option is B. Libraries and the registrar/bursar are examples of resources that may be accessible online.

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The best choice is B. Online resources include the registrar/bursar and libraries, for instance.

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7 0
1 year ago
Jamarcus's employer pays 80 percent of his medical insurance. If the insurance costs Jamarcus $20 a week, how much is his employ
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2 years ago
Kathleen has two investment opportunities. She can invest in The Sunglasses Company or the Umbrella Company. She estimates there
zubka84 [21]

Answer:

Explanation:

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5 0
3 years ago
Read 2 more answers
Which of the following is a nonmanufacturing business where process costing would most likely be used? An auto body shop. A furn
solmaris [256]

All of them are the non-manufacturing business where process costing would most likely be used.

Explanation:

  • All are non-manufacturing business which are as follows,
  • An auto body shop.
  • A furniture repair shop.
  • A laboratory that tests water samples for lead A tailoring shop.
  • A beauty shop.
  • Non-manufacturing business costs refers to those business where it is incurred outside the factory or production unit
  • Non-manufacturing costs includes,
  • selling expenses
  • general expenses
  • Selling Expenses
  • It is also called as selling and distribution expenses.
  • Non-manufacturing expenses have no impact on the production cost of the company due to their period costs.
7 0
3 years ago
SafeRide, Inc. produces air bag systems that it sells to North American automobile manufacturers. Although the company has a cap
iogann1982 [59]

Answer:

SafeRide, Inc.

a. The financial implications of accepting the order are that total production cost will increase by $315,000 with a corresponding increase in sales revenue of $540,000, and an increase in net income by $225,000.

b. Under full capacity, the total production cost will increase by $1,485,000 for adding additional facilities while the sales revenue would increase by $540,000, resulting to a loss of $945,000.

c. Under full-capacity circumstances, there is a financing disadvantage of accepting the order because the order will entail additional capacity and facilities, resulting to a loss of $945,000.

Explanation:

Annual production capacity = 300,000 units

Current production capacity = 180,000 units

Special order from a German manufacturer = 60,000 units

Special order price per unit = $9.00

Budgeted Costs For      180,000 Units  240,000 Units  Difference 60,000

Manufacturing costs

Direct materials                 $450,000           $600,000       $150,000

Direct labor                           315,000             420,000          105,000

Factory overhead              1,215,000           1,260,000           45,000

Total                                  1,980,000          2,280,000       $300,000

Selling and administrative 765,000              780,000            15,000

Total                              $2,745,000        $3,060,000        $315,000

Costs per unit

Manufacturing                       $11.00                  $9.50

Selling and administrative       4.25                     3.25

Total                                     $15.25                  $12.75

Selling price to North American manufacturers = $20 per unit

Financial implications of accepting the order:

Manufacturing costs

Direct materials                  $150,000

Direct labor                           105,000

Factory overhead                  45,000

Total                                  $300,000

Selling and administrative    15,000

Total                                  $315,000

Total cost per unit = $5.25 ($315,000/60,000)

Total manufacturing cost per unit = $5 ($300,000/60,000)

Increase in net income from accepting the order = $225,000 ($9.00 - $5.25) * 60,000

Manufacturing costs

Direct materials                  $150,000 (variable)

Direct labor                           105,000 (variable)

Factory overhead              1,215,000

Total                                $1,470,000

Selling and administrative    15,000 (assumed to be variable)

Total                               $1,485,000

Unit cost per additional unit = $24.75

4 0
3 years ago
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