All categories

2 years ago

The most important fundamental component of an entity's internal control is:

Business

1 answer:

rosijanka [135]2 years ago

6 0

Answer:

b) People who operate and function within the control system.

Explanation:

Internal controls are the process and mechanisms that an organization puts in place to ensure the integrity of its accounting and financial information. Internal control helps a business achieve operational efficiency and effectiveness. It ensures that a company financial reporting complies with the relevant laws, policies, and regulations.

The people working in internal control determines whether the mechanisms will succeed or fail. Employees assigned in internal control must be of high integrity and be able to discharge their duties without fear or favor. Internal control protects company resources from theft, wastage, or misuse. For internal control to achieve its purpose, the Individuals in that department must not comprise in any situation.

You might be interested in

Wilson Products uses standard costing. It allocates manufacturing overhead (both variable and fixed) to products on the basis of

mrs_skeptik [129]

Answer:

Please see attached solution

Explanation:

a. Total manufacturing overhead costs allocated $356,400

b. Variable manufacturing overhead spending variance $40,500U

c. Fixed manufacturing overhead spending variance $17,600U

d. Variable manufacturing overhead efficiency variance $19,500F

e. Production volume variance $39,200F

Please find attached detailed solution to the above questions

5 0

3 years ago

Unlike consumer credit, trade credit does not involve the use of a

hammer [34]

Answer:

Trade credit means many things but the simplest definition is an arrangement to buy goods and/or services on account without making immediate cash or check payments. Trade credit is a helpful tool for growing businesses, when favorable terms are agreed with a business's supplier.

Explanation:

Trade credit allows businesses to receive goods or services in exchange for a promise to pay the supplier within a set amount of time. New businesses often have trouble securing financing from traditional lenders; buying inventory, for example, on trade credit helps increase their purchasing power.

3 0

2 years ago

Honesty is important to rosa. She bought a sandwich that cost $3.50. However the clerk asked her for only $3. What should rosa d

dsp73

Be honest and pay the 50 cents.

3 0

3 years ago

Read 2 more answers

A business goes to the trouble and expense of segmenting _________.a. its markets when its customers are dissatisfied. b. it exp

malfutka [58]

Answer:

b. it expects that this will increase sales and profits

Explanation:

6 0

3 years ago

It’s the year 2150, and the human race has established a new country on Mars. After a dispute about water rationing, a war begin

Ksivusya [100]

Answer:

Executive order

Explanation:

Executive order - it is referred to order that can only be issued by the president of the United States to the executive body of the state.

it is Refer to official order directly issued by the president to prevent or allow doing something.

As it is mentioned in the information in the given question, in 2150, when people are having a war for water on the new country of Mars, then president of America issued an executive order to notify every executive body not to sell any good and service to a new country of mars

8 0

3 years ago