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padilas [110]
3 years ago
15

Internal control systems are:________.

Business
2 answers:
lakkis [162]3 years ago
4 0

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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The following are common categories on a classified balance sheet. a) Current assets b) Long-term investments c) Plant assets d)
noname [10]

Answer:

Land not currently used in operations - Long-term investments

Notes payable (due in five years) - Long-term liabilities

Accounts receivable - Current assets

Trademarks - Intangible assets

Accounts payable - Current liabilities

Store equipment - Plant assets

Wages payable - Current Liabilities

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8 0
3 years ago
In early July, Damon Rutton purchased a $70 ticket to the December 15 game of the Sarasota Shippers. Parking for the game was ex
Bingel [31]

Answer:

Sunk cost will be = $70

Explanation:

Sunk Cost refers to the cost for which the amount has been already spent, and cannot be recovered. These are generally incurred and then not regarded for decision making as irrespective of decision being viable or not this cost cannot be avoided.

In the given instance, Damon Rutton Purchased the ticket of $70

This is the only cost which has already been incurred, else other costs of parking and food will only be incurred if he visits the game of Sarasota Shippers.

When he spend some time with his wife sunk cost will be = $70

8 0
3 years ago
Copper Corporation, a calendar year C corporation, owns stock in Bronze Corporation and has net operating income of $900,000 for
Olegator [25]

Answer:

$150,000

Explanation:

Copper Corporation

The amount of dividends received deduction will tend to depends upon the ownership percentage by the corporate shareholder.

Therefore in a situation where Copper Corporation is said to owns only 85% of what Bronze Corporation had, Copper Corporation definitely qualify for a percentage of 100 deduction or a total amount of $150,000.if we have to based on the above information given because Bronze Corporation pays Copper Corporation a dividend of $150,000.

6 0
2 years ago
________ is characterized by a low degree of departmentalization, wide spans of control, authority centralized in a single perso
laiz [17]

Answer:

Simple Structure

Explanation:

Im pretty sure!

7 0
2 years ago
Which of these countries have a command economy A.cuba b.united states c.france or d. india
EastWind [94]
The correct answer is A
3 0
3 years ago
Read 2 more answers
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