Answer:
1. Once a month, the sales department sends sales invoices to the accounting department to be recorded.
⇒ documentation procedures
Unless all of the company's sales take place only once a month, sales should be recorded as soon as possible. Accounting records must be as precise and accurate as possible, and they must be processed on time. Stacking invoices makes no sense, since sales might be on cash or the collection period might be very short. Who holds the money until the sales records are made?
2. Leah Hutcherson orders merchandise for Rice Lake Company; she also receives merchandise and authorizes payment for merchandise.
⇒ segregation of duties
One single person cannot be responsible for the whole process, since this creates a huge opportunity for fraud. Imagine if the person in charge of the inventory is also in charge of making new purchases, paying for them and reporting ending inventory. No company would be able survive one year, while the person in charge would get rich.
3. Several clerks at Great Foods use the same cash register drawer
⇒ establishment of responsibility
If everyone is allowed to collect money, no one can be responsible for any loss.
Answer: The correct answer is "In the inclusions section of the contract
".
Explanation: The refrigerator and window covers are taken into account in the "contract inclusions" section because this section includes all items included in the sale that do not correspond to be sold as personal property.
Answer:
a) 75600.
Explanation:
Given;
Beginning Work in Process = 19900
Ending Work in Process = 65300
Units Transferred Out Units = 30200
Total units are to be accounted= x
19900 - 30200 + x = 65300
x = 65300 - 19900 + 30200
x = 75,600
The net present value would be zero.
Hope this helped! :)
Answer:
18.49%
Explanation:
The internal rate of return is the discount rate that equates the after tax cash flows from an investment to the amount invested.
The IRR can be calculated using a financial calculator:
Cash flow in year 0 = –$28,500
Cash flow in year 1 = $12,500
Cash flow in year 2 = 15,500
Cash flow for year 3 = $11,500
IRR = 18.49%
To find the IRR using a financial calacutor:
1. Input the cash flow values by pressing the CF button. After inputting the value, press enter and the arrow facing a downward direction.
2. After inputting all the cash flows, press the IRR button and then press the compute button.
I hope my answer helps you
