Answer:
Audit committee
Explanation:
Internal control is a system of ensuring that an organization's policies and procedures are complied with by its staff in order to protect the company's assets, ensure fraud is eliminated and also ensure financial integrity.
The audit committee ensures that the system of internal control implemented by the management is effective, hence its able to manage the risk inherent in the organization. The committee is also responsible for monitoring and evaluating the system of internal control in an organization inorder to ensure its effectiveness.
Answer:
$8,206,673
Explanation:
The computation of the interest expense that should be recognized in the income statement is shown below:
= Bond issue value × effective rate of interest × given months ÷ number of months
= $328,266,900 × 0.10 × 3 months ÷ 12 months
= $8,206,673
Answer:
See explanation section
Explanation:
October 5 Merchandise Inventory Debit $4,700
Accounts Payable - Bramble Company Credit $4,700
<em>To record the merchandise Inventory purchase on account. As the company uses perpetual inventory system, merchandise inventory becomes debit instead of purchase account.</em>
October 8 Accounts payable Debit $720
Merchandise Inventory credit $720
<em>To record the return of defective goods to Bramble Company. (Using perpetual inventory system)</em>