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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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Place each of the following transactions in one of the four components of expenditure: consumption, investment, government purch

IRISSAK [1]

Answer:

Government purchase;

Net export;

Investment;

Consumption;

Investment.

Explanation:

Government purchases refer to expenditures on goods and services by federal, state, and local governments.

''Apple sells a computer to a public school in Paris, Kentucky'' comes under a government purchase.

Net export is the difference between the value of a nation's exports and imports in monetary terms.

''Apple sells a computer to an accounting firm in Paris, Illinois'' comes under a net export.

An investment is a monetary asset purchased with an objective that it will act as a source of income in the future.

'' Apple sells a computer to a bakery in Paris, France'' and ''Apple builds a computer to be sold next year'' come under-investment.

Consumption refers to the use of goods and services in an economy.

''Apple sells a computer to Paris Hilton'' comes under consumption

7 0

3 years ago

(a) What is the present value of $34,900 due 9 periods from now, discounted at 9%? (Round answer to 2 decimal places, e.g. 25.25

Simora [160]

Answer:

Instructions are listed below.

Explanation:

Giving the following information:

a) What is the present value of $34,900 due 9 periods from now, discounted at 9%

We need to use the following formula:

PV= FV/(1+i)^n

PV= 34,900/1.09^9= $16,068.83

(b) What is the present value of $34,900 to be received at the end of each of 12 periods, discounted at 8%

First, we need to find the final value:

FV= {A*[(1+i)^n-1]}/i

A= annual deposit

FV= {34,900*[(1.08^12)-1]}/0.08= 662,301.71

PV= 662,301.71/(1.08^12)= 263,009.12

7 0

4 years ago

At the beginning of the month, the baking department of Mario Company had no beginning work in process inventory. At the end of

Gnoma [55]

Answer:

<u>1800 units </u>

Explanation:

Equivalent units refer to the number of units which would've been completed if all the efforts were directed at those units which were started during a month, which are of course less than the total units of work in process.

In the given case, equivalent units shall be computed as follows,

Equivalent number of units using weighted average method = Finished goods + Equivalent units in ending work in process

Equivalent number of units = 1200 + 800 × 0.75

Equivalent number of units = 1200 + 600 = 1800 units

4 0

4 years ago

Sheldon and Odessa Sanford are married and elect to file Married Filing Jointly. Sheldon is 73 years old and Odessa is 64 years

Ipatiy [6.2K]

Answer:

True

Explanation:

The Coronavirus Aid, Relief, and Economic Security (CARES) Act made several changes to current policies in order to help American citizens during the current health crisis. One of these changes was to waive the required minimum distributions (RMD). This waive applies to all types of retirement accounts.

8 0

3 years ago

Read 2 more answers

Kara Fashions uses straight-line depreciation for financial statement reporting and MACRS for income tax reporting. Three years

horrorfan [7]

Answer:

A. Credit $5,000

B. Dr Income tax expense $1,005,000

Cr Income tax pay$1,000,000

Cr Deferred tax liability $5,000

Explanation:

Calculation for What is the deferred tax liability to be reported in the balance sheet

Deferred tax liability=[ (400,000-300,000)*.25]-20,000

Deferred tax liability=($100,000*.25)-$20,000

Deferred tax liability=$25,000-$20,000

Deferred tax liability=$5,000 Credit

Therefore the deferred tax liability to be reported in the balance sheet will be $5,000 Credit

B. Preparation of the appropriate journal entry to record income taxes this year.

Dr Income tax expense $1,005,000

Cr Income tax pay$1,000,000

(4million *.25)

Cr Deferred tax liability $5,000

5 0

3 years ago