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3 years ago

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

Business

1 answer:

rosijanka [135]3 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.

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Which of the following statements is false about assessing interests in negotiations? Select one: a. If you don’t ask what the o

Kaylis [27]

Answer:

E) Relational and identity issues are rarely important in negotiations.

Explanation:

Negotiations between conflicting parties involve people, and whenever people are involved, the possibility of personal issues getting involved always exist. Sometimes a good relationship between the negotiating parties can help to solve the problem more swiftly, but bad relationships can result in exactly the opposite.

7 0

3 years ago

Which of the following activities create positive externalities? Group of answer choices An excavation firm pollutes a local str

Blizzard [7]

Answer:

The activities that creates positive externalities among the options include:

Late-night road construction begins on a new bridge. As a consequence, traffic is rerouted past your house while the construction takes place.
You and your friends volunteer to plant wildflowers along the local highway.

Explanation:

Positive Externality occurs when the consumption or production of a good causes a benefit to a third party.

Take for instance, Government grants and subsidies to producers of goods and services that generate external benefits will reduce costs of production, and encourage more supply.

The positive externalities includes supply of merit goods such as healthcare, education, and social housing.

Late-night road construction begins on a new bridge. As a consequence, traffic is rerouted past your house while the construction takes place. The positive externality here is easy access to transport.
You and your friends volunteer to plant wildflowers along the local highway. This will cause your relationship with your friends to blossom and when the plants grow, it will purify the air and beautify the environment.

7 0

3 years ago

b. Prepare the adjusting entry to record Bad Debts Expense using the estimate from part a. Assume the unadjusted balance in the

inessss [21]

Question Completion:

Daley Company estimates uncollectible accounts using the allowance method at December 31. It prepared the following aging of receivables analysis.

Days Past Due

Total 0 1 to 30 31 to 60 61 to 90 Over 90

Accounts

receivable $570,000 $396,000 $90,000 $36,000 $18,000 $30,000

Percent uncollectible 1% 2% 5% 7% 10%

a. Complete the below table to calculate the estimated balance of Allowance for Doubtful Accounts using the aging of accounts receivable method.

Answer:

Daley Company

a. The estimated balance of Allowance for Doubtful Accounts using the aging of accounts receivable method is:

= $11,820.

b. Adjusting Journal Entry:

Debit Bad debts expense $6,420

Credit Allowance for Doubtful Accounts $6,420

To record bad debts expense and bring Allowance balance to $11,820.

c. Adjusting Journal Entry:

Debit Bad debts expense $13,720

Credit Allowance for Doubtful Accounts $13,720

To record bad debts expense and bring Allowance balance to $11,820.

Explanation:

a) Data and Calculations:

Ageing of Accounts Receivable:

Days Past Due

Total 0 1 to 30 31 to 60 61 to 90 Over 90

Accounts

receivable $570,000 $396,000 $90,000 $36,000 $18,000 $30,000

Percent uncollectible 1% 2% 5% 7% 10%

Allowance $11,820 $3,960 $1,800 $1,800 $1,260 $3,000

Bad Debts Expense:

Allowance for Doubtful Accounts:

b. c.

Unadjusted balance $5,400 credit $1,900 debit

Adjusted balance 11,820 credit 11,820 credit

Bad debts expense $6,420 $13,720

8 0

3 years ago

Analysts who follow Howe Industries recently noted that, relative to the previous year, the company's net cash provided from op

tamaranim1 [39]

Answer:

Option B The company made large investments in fixed assets.

Explanation:

The reason is that the reaminder of the options talk about the increase of the cash not a decrease in cash amount. If the company cuts dividend then it is retaining cash, if the company is raising finance then it is increasing cash or if the company is selling its division or assets then it is raising cash.

These things constitutes to increase in cash flow.

The decrease is cash occurs when the company invests (cash outflow). So the company is making cash outflows which means cash level will decrease.

4 0

3 years ago

If joe and mary smith have money market accounts of $100,000, real estate holdings of $300,000, loans of $25,000, and investment

kirill115 [55]

Answer:410,000

Explanation: 100000+300000+10000

7 0

1 year ago