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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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Financial statements are prepared: Group of answer choices For corporations, but not for sole proprietorships or partnerships. P
telo118 [61]

Answer:

Primarily for the benefit of persons outside of the business organization.

Explanation:

Financial accounting is an accounting technique used for analyzing, summarizing and reporting of financial transactions like sales costs, purchase costs, account payables and receivables of an organization using standard financial guidelines such as Generally Accepted Accounting Principles (GAAP) and financial accounting standards board (FASB). The financial accounting standards board (FASB) is a private, non-profit organization saddled with the responsibility of establishing and maintaining standard financial accounting and reporting for general guidance of individuals such as investors, issuers and auditors.

Financial reporting can be defined as the formal communication or disclosure of financial information and statements to present and potential users such as investors and creditors.

Financial statements can be defined as a document used for the formal communication or disclosure of financial information and statements to present and potential users such as investors and creditors. Thus, it includes balance sheet, statement of retained earnings and income statement. The information that are found in a financial statement are revenues, expenses, liability, equity and assets.

Hence, the primary objective of financial accounting is to provide accounting information for external users so as to enable them have a good understanding of the financial inclination of a business firm and thus, make an informed decision whether or not to invest in the business firm.

In Accounting, the external users of a financial accounting information includes customers, creditors, investors shareholders and government regulators.

8 0
2 years ago
Consider the following marginal cost function. a. Find the additional cost incurred in dollars when production is increased from
weqwewe [10]

Answer:   (a) $197,500

(b) $ 189,500

Explanation:

Given : The marginal cost function : C′​(x)=4000−0.4x

To find the cost function, we need to integrate the above function with respect to x.

Now, the additional cost incurred in dollars when production is increased from 100 units to 150 units will be:-

\int^{150}_{100}\ C'(x)\ dx\\\\=\int^{150}_{100} (4000-0.4x)\ dx\\\\=[4000x-\dfrac{0.4x^2}{2}]^{150}_{100}\\\\=[4000(150)-\dfrac{0.4(150)^2}{2}-4000(100)+\dfrac{0.4(100)^2}{2}]\\\\=[600000-4500-400000+2000]\\\\=197500

Hence, the additional cost incurred in dollars when production is increased from 100 units to 150 units= $197,500

Similarly,  the additional cost incurred in dollars when production is increased from 500 units to 550 units :-

\int^{550}_{500}\ C'(x)\ dx\\\\=\int^{550}_{500} (4000-0.4x)\ dx\\\\=[4000x-\dfrac{0.4x^2}{2}]^{550}_{500}\\\\=[4000(550)-\dfrac{0.4(550)^2}{2}-4000(500)+\dfrac{0.4(500)^2}{2}]\\\\=[2200000-60500-2000000+50000]\\\\=189,500

Hence, the additional cost incurred in dollars when production is increased from 500 units to 550 units = $ 189,500

4 0
3 years ago
Who would most likely approve the marketing plan for a large business
Alisiya [41]

C) Marketing manager

i hoped this helped


3 0
3 years ago
Read 2 more answers
For the past year, Momsen, Ltd., had sales of $46,382, interest expense of $3,854, cost of goods sold of $16,659, selling and ad
Ivenika [448]

Answer:

Net income= $11,412.2

Explanation:

Giving the following information:

sales of $46,382

interest expense of $3,854

cost of goods sold of $16,659

selling and administrative expense of $11,766

depreciation of $6,415

t=0.35

We need to use the following formula:

Net income= (sales - COGS - selling and administrative expense - interest expense - depreciation) - tax + depreciation

First, we deduct Depreciation to decrease the tax base, but because it is not an actual payment, we have to sum it after tax.

Sales= 46,382

COGS= (16,659)

Gross profit= 29,723

Selling and administrative expense= (11,766)

Interest=(3,854)

Depreciation= (6,415)

EBT= 7,688

Tax= (7,688*0.35)= (2,690.8)

Depreciation= 6,415

Net income= $11,412.2

6 0
3 years ago
Which of the following production costs, if expressed on a per unit basis, would be most likely to change significantly as the p
Romashka-Z-Leto [24]

Answer:

d. Fixed manufacturing overhead.

Explanation:

As we know that

The variable cost would remain the same in case of per unit while it could be changed in values while the fixed cost would remain the same in case of values but could be changed in per unit

But in case of the fixed manufacturing overhead, if the production level varies so it changes significantly and the direct material + direct labor are the direct cost

So the correct option is d.

3 0
3 years ago
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