1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
vivado [14]
3 years ago
7

Accounting: explain the weakness in internal control and identify the internal control principle that violated?1. Each week, Kat

ja leaves 100 company checks in an unmarked envelope on a shelf behind the cash register.2. The store manager personally approves all payments before signing and issuing checks.3. The company checks are unnumbered.4. After payment, bills are "filed" in a paid invoice folder.5. The company accountant prepares the bank reconciliation and reports any discrepancies to the owner.
Business
1 answer:
natita [175]3 years ago
7 0

Answer:

1.Each week, Katja leaves 100 company checks in an unmarked envelope on a shelf behind the cash register.

physical controls

2.The store manager personally approves all payments before signing and issuing checks.

segregation of duties

3.The company checks are unnumbered.

documentation procedures

4.After payment, bills are “filed” in a paid invoice folder.

documentation procedures

5.The company accountant prepares the bank reconciliation and reports any discrepancies to the owner.

independent internal verification

Explanation:

1.Each week, Katja leaves 100 company checks in an unmarked envelope on a shelf behind the cash register.

physical controls

2.The store manager personally approves all payments before signing and issuing checks.

segregation of duties

3.The company checks are unnumbered.

documentation procedures

4.After payment, bills are “filed” in a paid invoice folder.

documentation procedures

5.The company accountant prepares the bank reconciliation and reports any discrepancies to the owner.

independent internal verification

You might be interested in
Flower farming is earning popularity day by day in Nepal justify this statement
ankoles [38]

Importance of flower cultivation is increasing day by day in Nepal because they understood the income which can be generated by floriculture and the soil also permits the cultivation of the plants at a large scale.

3 0
3 years ago
Describe your knowledge of accounting principles, auditing techniques, standard tax law and general investigative methods.
LuckyWell [14K]

<u>Explanation: </u>

Accounting principles: It is the general instruction or guidelines and rules that a company has to follow for reporting the company's accounts and financial data. There a five accounting principles, in general, they are Revenue Recognition Principle, Historical Cost Principle,  Matching Principle, Full Disclosure Principle, Objectivity Principle.

auditing techniques: There are 5 steps in auditing techniques to walk through and test each in a controlled place of the service organization. The steps include observation, inquiry, examination or inspection of the evidence,computer-assisted audit technique (CAAT) re-performance.

 standard tax law: The law proposed by the government stating that the portion of income that is not subject to tax is used to reduce your tax bill. The deduction is based on age, filing status, and whether you are disabled or claimed as a dependent on someone else's tax return.

general investigative methods: General investigative methods involve physical evidence examining, gathering data or related information, collect the available evidence,  protection of evidence, interviewing the witness, and suspect interviewing and interrogation.

5 0
3 years ago
Next year Baldwin plans to include an additional performance bonus of 0.25% in its compensation plan. This incentive will be pro
katovenus [111]

Answer:

What Baldwin pays to its employees per hour is $29.63

Explanation:

Consider the following calculations to find the Baldwin pays to its employees.

Total raise = 5% + 0.25% = 5.25%

Present wages = $28.15

Baldwin will pay = $28.15* (1.0525) = $29.63

4 0
3 years ago
Coverage on a One-Vehicle Accident. Bill Converse of Rexburg, Idaho, recently had his truck slide off a gravel road and strike a
Sonbull [250]

Answer:

$17,000

Explanation:

Data provided in the question

Suffered amount in damage = $17,500

Book value of the truck = $40,000

And, the deductible amount = $500

So, the amount reimbursement by his policy is

=  Suffered amount in damage - the deductible amount

= $17,500 - $500

= $17,000

We simply applied the above formula so that the reimbursed amount could arrive

6 0
3 years ago
The market for gasoline in May is in equilibrium, at a market clearing price of $2.50 per gallon. After Memorial Day, the demand
maxonik [38]

Answer:

The demand curve of gasoline to shifts to right, causing market price of gasoline to rise.  

Explanation:

Old equilibrium price = $2 . Memorial day - demand increases i.e shifts rightwards. Increased rightward shifted demand curve creates excess demand of gasoline at old price i.e $2 . This excess demand creates competition among buyers and raises the price of gasoline.

3 0
3 years ago
Other questions:
  • After hearing a knock at your front door, you are surprised to see the Prize Patrol from a large, well-known magazine subscripti
    6·1 answer
  • Matured Water Services had net income for the month of October of $ 50 comma 880. Assets as of the beginning and end of the mont
    14·1 answer
  • When a firm takes existing products and attempts to sell them to new markets, this growth strategy is considered: A. Market deve
    8·1 answer
  • Calculate the price of a 5.2 % coupon bond with 18 years left to maturity and a market interest rate of 4.6 %.(Assume interest p
    5·1 answer
  • Charles lackey operates a bakery in Idaho, Falls Because of its excellent product location, demand has increased by 35% in the l
    12·1 answer
  • The local Harley-Davidson motorcycle outlet has special events on Saturday mornings. Vintage bikes are shown, food is served, an
    12·1 answer
  • Lamping, Inc., is considering the purchase of a machine that would cost $520,000 and would last for 7 years, at the end of which
    5·1 answer
  • Prompt What is an economy?<br><br><br><br>​
    14·1 answer
  • Fill in the Blank
    15·1 answer
  • the promotional mix is a combination of tools. multiple choice question. research segmentation communication analysis
    13·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!