Answer:
True.
Explanation:
Financial accounting is an accounting technique used for analyzing, summarizing and reporting of financial transactions like sales costs, purchase costs, payables and receivables of an organization using standard financial guidelines such as Generally Accepted Accounting Principles (GAAP) and financial accounting standards board (FASB).
Internal controls can be defined as the policies, set of rules, and procedures implemented or put in place by an organization to protect its assets, boost efficiency, enhance financial accountability, enforce adherence to company policies and prevent fraudulent behaviors among the employees.
The main purpose of internal controls is to guarantee that loss is eliminated by ensuring that there is an accurate and reliable accounting system.
An internal control involves the timely use of both internal and external sources of auditing or financial reporting and as such enhance the maintenance of accurate and proper financial records which would also improve their operational efficiency.
Hence, internal controls if properly executed helps to increase operational efficiency, protect and safeguard assets, provides accurate financial information, prevents fraudulent or unlawful behaviors, timeliness of financial records and reporting.
In conclusion, it's very important that governments receiving federal grants and contract funds have an accounting information system with adequate internal controls capable of delivering reliable information to compare the actual amount spent with budgeted amounts.
Answer:
Option (d) $86,864
Explanation:
Present value = Cash flow × Discounting factor
Here,
Discounting factor = ( 1 + r )⁻ⁿ
n = the year of cash flow
r = discount rate = 12%
Year (n) Cash flow Discount factor Present Value
3 $11,000 0.71178 $7,830
5 $50,000 0.567427 $28,371
6 $1,00,000 0.506631 $50,663
Therefore,
The amount he or she should pay for the investment today
= ∑(Present value)
= $7,830 + $28,371 + $50,663
= $86,864
Hence,
Option (d) $86,864
Answer:
X-bar chart
Explanation:
In industrial statistics, the X-bar chart is a type of Shewhart control chart that is used to monitor the arithmetic means of successive samples of constant size, n. The X-bar chart shows how the mean or average changes over time .For example, one might take a sample of 5 shafts from production every hour, measure the diameter of each, and then plot, for each sample, the average of the five diameter values on the chart. For the purposes of control limit calculation, the sample means are assumed to be normally distributed, an assumption justified by the Central Limit Theorem.
Answer:
a) Employment-at-will is a form of employer-employee relationship which may be terminated by the employer at any time without due consultation with the employee as long as the reason for the termination is not against the law.
b) Work Place Testing: This refers to all the series of tests that an employer can and may administer to a job applicant in order to ascertain their suitability for the role and ensure that they are a culture fit.
Workplace Testing is a fair hiring practice. There is no use hiring an employee only to discover few months later that they cannot do the job as they asserted on their resume. This can be very detrimental to the business as it can leave the business very vulnerable.
e If a candidate is turned down after testing, it doesn't mean they are not capable of being productive at all. It only means that they don't match the person specification for the current job under consideration.
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