The cash surrender value<span> is the sum of money an insurance company pays to the policyholder or annuity holder in the event his </span>policy<span> is voluntarily terminated before</span>its<span> maturity or the insured event occurs.</span>
Answer:
1.) The internal controls which were missing are from the separation of responsibilities. There must have been in place an inner regulator were an individual works with advisers while alternative individual or unit take-care of the expense procedure, then somebody else allow expenses and then office should distribute the expenditures. There is an absence of inner controls as you can realize that the corporation amalgamated with a larger corporation and no one measured other accounts such as Jackson and company any longer.
2.) With the lack of control, this offered Helen the chance to effect the fraud. With this presence said, she was talented to emulate sign receipts and spend the retailer’s expenditures. She were also the one in responsibility of office the initial and final of accounts. In short, she had several accountabilities that should have remained separated up better and had diverse individuals for the separations of the job. In addition, she needed a bank description from the corporation where she was capable to put the expenditures and pay individual expenditures.
3.) The method this fraud might be noticed is the inspection squad can ask the bank for reports. They might also conference sellers. The accounting section should have ended sure they were doing the due diligence in dealers and corresponding the receipts with statements and expenditures.
Answer:
The answer is D, Execution System.
Explanation:
Supply chain Execution system is a system that ensures the delivery of materials or orders to the concerned departments. So in this example, when a company is having difficulty with timely delivery of parts to its manufacturing plants, the company should implement the Supply Chain Execution System in order to ensure the timely delivery of the material to the manufacturing plant of the company.
Answer:
There is not gain in this operation so the answer is $0
Explanation:
There are some journal entries that needs to be done to have a full picture of the statement
* Purchase
Fixed Assets 690.000
Cash 690.000
* Monthly depreciation
Since, the FA was depreciated during 8 years. Firstly you have to calculate the amount that can be depreciate on a monthly basis
Amount to be depreciated = (Cost of the FA - Salvage value) = (690.000-48.600) = 641.400
Then calculate the yearly depreciation
Yearly depreciation = ((amount to be depreciated/useful life) * years used) =
(641.400/10*8) = 513.120
then the journal entry to record the monthly depreciation for 8 years is
Depreciation expense 513.120
Acc Depreciation 513.120
* Post the Journal Entry to record the sell of FA
You have to reverse the Acc Depreciation and credit the FA
Cash 152.500
Fixed assets 690.000
Acc depreciation 513.120
Loss on sale of FA 24.380
Answer: d. Net income is part of the computation for ending retained earnings.
Explanation:
In the statement of owner's equity, Retained earnings are calculated and it is done with the Net Income. This is why when the net income is calculated from the Income Statement it is transfered to the SOE and used to calculate Retained Earnings.
Retained Earnings are calculated by the formula,
Ending Retained = Opening Retained Earnings + Net Income (losses) - Dividends
Net income is added to (or subtracted from if it is a Net loss) the Opening Retained earnings balance. Net dividends are also subtracted.
