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3 years ago

Internal control systems are:________.

2 answers:

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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Excise tax is levied in the __ of goods and services

lina2011 [118]

Answer:

its probably buying

Explanation:

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2 years ago

On 12/31/X4, Zoom, LLC, reported a $55,500 loss on its books. The items included in the loss computation were $27,000 in sales r

IrinaVladis [17]

Answer:Ordinary Business income loss =-$20,500.

Explanation:

Ordinary business Expenses are the expenses generally accepted according to the industry standards associated with running of a business.

Here, the ordinary business expenses for Zoom include

cost of good sold= $19,-000

employee wages= $17,000

rent expense = $11,500 and therefore will be deducted from its sales revenue.

charitable contributions and qualified dividends, do not cut across all industries and so are not classified under Ordinary Buisness expences.

Ordinary Business income loss = Sales revenue - cost of good sold, -employee wages- rent expense.

$27,000- $19,000-$`17,000-$11,500= -$20,500. to be reported on its X4 return

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3 years ago

Cryan Jeep Tours operates jeep tours in the heart of the Colorado Rockies. The company bases its budgets on two measures of acti

Jobisdone [24]

Answer and Explanation:

The preparation of the report showing the company revenue and spending variance is shown below:

Cryan Jeep Tours

Revenue and Spending Variances

For the Month Ended May 31

Particulars Actual Results Flexible Budget Revenue & Spending Variances

Guests 507 507

Jeeps 192 192

Revenue $82,854 $104,949 $22,095 U (A)

(507 ×$207)

Expenses:

Tour guide wages $32,357 $31,104 $1,253 U

(192 × $162)

Vehicle expenses $20,140 $25,846 $5,706 F

($5,500 + 507 × $14 + 192 × $69)

Administrative expenses $7,388 $8,591 $1,203 F

($2,000 + 507 × $13 )

Total expense $59,885 $65,541 $5,656 F (B)

Net operating income $22,969 $39,408 $16,439 U (A - B)

We simply deduct all expenses from the revenues so that the net operating income could come

8 0

3 years ago

How do short term goals differ from being long term goals

Alekssandra [29.7K]

Answer:

Explanation:

Short term goals are goals that are set for a short period of time. For instance, a goal to get your homework done. Long term goals are goals that are set for a long period of time. For instance, staying healthy and happy. Hope this helped ya! :)

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3 years ago

A much-used and potent managerial tool for determining whether a company performs particular functions or activities in a manner

Romashka [77]

Answer:

The correct answer is letter "E": benchmarking.

Explanation:

Benchmarking is a continuous process by which products, services or work processes of leading entities are taken to be compared to our company so after the analysis improvements can be made and implemented. Benchmarking is defined as the model of excellence from which the "best practices" can be obtained in favor of our own company.

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3 years ago