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3 years ago

Internal control systems are:________.

2 answers:

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Answer: Internal control system are required by Sarbanes-Oxley (SOX) to be documented and certified if the company's stock is traded on an exchange (a public company).

Explanation:

Internal controls are the procedures mechanisms and rules implemented by a business to ensure the integrity of its accounting and financial information, promote accountability, and also prevent fraud.

Besides complying with regulations and law and hindering employees from commiting fraud or stealing assets, internal controls can improve operational efficiency through the improvement in the timeliness and accuracy of financial reporting.

Internal controls are a vital business function for every company in the United States since the accounting scandals that occurred in the early 2000s. The Sarbanes Act of 2002 was to improve accuracy of corporate disclosures and protect investors from fraudulent activities.

Luda [366]3 years ago

4 0

Answer:

The answer is A.

Explanation:

Internal control systems are required by Sarbanes-Oxley (SOX) to be documented and licensed if the company's stock is traded on an exchange (a public company).

Internal control system consists of 5 key elements:

Control environment t

Risk assessment

Control activities

Information and communication

Monitoring

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1 year ago

Concord Company has recently tried to improve its analysis for its manufacturing process. Units started into production equaled

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Answer:

the material cost per unit is $4.60 per unit

Explanation:

The computation of the material cost per unit is shown below:

= Total material cost ÷ equivalent units of material

= $86,940 ÷ (18,900 - 1,000) × 100% + 1,000 × 100%

= $86,940 ÷ (17,900 + 1,000)

= $86,940 ÷ 18,900

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Hence, the material cost per unit is $4.60 per unit

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3 years ago

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Emphasizing your qualifications or adding new information.

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4 years ago

Mr. and Mrs. Alvarez paid $130,000 for their home 30 years ago. They recently sold this home and moved into a rented apartment.

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The tax consequences faced by Mr. and Mrs Alvarez for the <em>sale </em><em>of their home</em> are as follows:

a. They have a realized loss of $5,000 for situation A.

b. They have a realized gain of $320,000 for situation B.

c. They have a realized gain of $720,000 for situation C.

Data and Calculations:

Cost of the home 30 years ago =$130,000

a. Realized capital loss = $5,000 ($130,000 - $125,000)

b. Realized capital gain =$320,000 ($450,000 - $130,000)

c. Realized capital gain = $720,000 ($850,000 - $130,000)

Thus, Mr. and Mrs. Alvarez can also claim the full $500,000 exemptions to reduce their <em>capital gain</em> tax burdens in the three situations since they inhabited the home for more than two years. However, their exemptions are limited to the net gain.

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